The recent surge in popularity of ERC-404 tokens has led to a significant increase in Ethereum gas fees, reaching levels not seen since March 2023.
Ethereum Gas Fees Skyrocket
On February 9, 2024, Ethereum gas fees reached an average of 71.4 Gwei, with a maximum of 59,956 Gwei and a minimum of 34.4 Gwei. This is the highest average gas price since May 2023, when it reached 155.8 Gwei.
ERC-404 Token Standard
The ERC-404 token standard was launched on February 5 and has gained immense traction in the crypto market. These experimental tokens bridge the gap between fungible and non-fungible tokens, allowing for better liquidity and fractionalization.
Popularity of ERC-404 Tokens
The popularity of ERC-404 tokens can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Various cryptocurrency traders have also shown interest in the new token, aiming to capitalize on its potential.
Impact on Ethereum Gas Fees
The hype surrounding ERC-404 tokens has led to a substantial increase in Ethereum gas fees. The co-founder of Gaslite GG, ‘Pop Punk’ on X, has predicted that introducing ERC-404 tokens will lead to a continuous daily rise in the average Ethereum gas price.
The ERC-404 token standard has gained significant traction in the crypto market, leading to a surge in Ethereum gas fees. While these experimental tokens remain unofficial, their unique approach to bridging the gap between fungible and non-fungible tokens has attracted the attention of investors and traders.