First-class warehouse research report: Pandora based on ERC404 token standard

Simplified interpretation

Pandora is February The core technology of the NFT fragmentation project launched on the 2nd is the ERC404 token standard. Users can purchase the project's token of the same name PANDORA on Uniswap V3 to obtain ERC404 tokens, which is equivalent to holding its NFT in fragments - Pandora Replicants. In addition, users can also purchase Pandora Replicants directly on OpenSea. The current price of PANDORA is US$2,375.76, with a 24-hour trading volume of US$5.365 million; the trading volume of Pandora Replicants is 48 ETH.

When this article was published, the price of $PANDORA was 2376

Fundamental introduction

Team:Pandora is developed by an anonymous team, and the number of team members is unknown. Currently, 3 name developers can be found from public information Acme, ctrl and Searn.Acme is the GitHub[1]Operator, from his social account [2]He is an engineer from Coinbase. Another developer's screen namectrl[3], is one of the investors in Syndicate and runs his own Web3 community. There is also a developerSearn[4] has less public information.

Funding:< span lang="EN-US" style="mso-font-kerning: 0pt;">The Pandora project has not disclosed financing information.

Business mechanism

Fragmentation mechanism

Pandora is a NFT fragmented project, the core of which is the ERC404 generation currency standard, which is an experimental token standard between ERC20 and ERC721. ERC404 tokens can be traded on platforms such as Uniswap, similar to fungible tokens. At the same time, < span lang="EN-US">1ERC404 token can correspond to1NFT (called Replicant NFT). The mathematical relationship between them is as follows:

n_{Replicant NFT} = [n_ERC404]

Where n_{Replicant NFT}  represents the quantity of Replicant NFT, n_ERC404  represents the number of ERC404 tokens, [n]Represents the largest integer not larger than this number.

Simply speaking, gathering a whole token is One NFT can be held. For example, if a user holds 0.5 tokens, he owns 0NFT; the user holds 1 tokens, He owns 1NFT; the user holds 1.5 span> tokens, he owns 1NFT; the user holds 2 tokens, he owns 2NFT; the user holds < span lang="EN-US">2.5 tokens, he owns 2NFT, and so on.

In the Pandora project, its ERC404 token is PANDORA and its Replicant NFT is Pandora Replicants. Users can first use ETH and other tokens to exchange Uniswap V3 >PANDORA tokens, users holding PANDORA tokens are equivalent to fragmented holdings of Pandora's NFT (Pandora Replicants), the number of tokens held determines the NFT owned by the user. span lang="EN-US">NFT quantity.

Passed ERC404 standard, Pandora Achieving an effect similar to NFT fragmentation. When optimistic about a certain NFT series, users can choose to hold a certain amount of tokens instead of the complete NFT, which is more flexible for capital allocation and also lowers the amount threshold for participating in NFT investment.

NFTBurning and recasting mechanism

But Replicant NFT is different from common ERC721 format NFT is different, Replicant NFT It has a burning and recasting mechanism, which will be triggered when the user transfers or trades ERC404. As mentioned above, the integer ERC404 tokens will be bound to Replicant NFT, so when ERC404 tokens occur When it changes, Replicant NFT will also change. There are two situations here:

1) When a user sells ERC404 tokens, the Replicant in the user's wallet NFT will be burned (destroyed).

2) When the user transfers money, Replicant in Sender wallet The NFT will be burned and then re-minted as a new Replicant in the Receiver wallet NFT.

Each time it is re-minted, the characteristics of the Replicant NFT will be refreshed, and the rarity may also follow. changes occur. Therefore, if the user is not satisfied with his NFT, he can continuously transfer it to refresh NFT Until you get your favorite NFT. If a user does not want to change his Replicant NFT (does not want to burn and recast it) and wants to sell or send it to another user, then he can Replicant NFT on -US">OpenSea or send it to another address. Simply put, if the user wants to make changes to Replicant NFT and perform operations on ERC404 tokens; if the user If you do not want Replicant NFT to change, then perform operations on Replicant NFT.

Pandora Replicants[5]

Pandora Replicants is the Replicant NFT of the Pandora project, which is available in five different colors boxes, and the five colors represent different rarities. The official has not disclosed the specific quantity of each rarity, but the order of rarity from high to low is: red, orange, purple, blue, green. Future boxes New NFT may be issued.

Business Data

Pandora was launched on the project 2 month 2 and is currently PANDORA currency price2,375.76 US dollars, 24 hourly trading volume5.365 million US dollars.

Figure 1 PANDORA price, source: DEX Screener

CurrentlyPandora Replicants floor price 1.2 ETH, total trading volume 48 ETH, with 670 holders.

Figure 2 Pandora Replicants transaction data, source: OpenSea

Economic Model

Pandora does not disclose its economic model, but you can see the PANDORA tokens and Pandora Replicants< /span>The sametotal amount is 10,000 pieces. There are currently about tokens in circulation 5000 coins. The team bought 5000 coins from the market in the early stage of launch and used them for project operation team rewards. In addition, the team retained 700 tokens will be released linearly using Sablier and will be released within a month. The team used it within the first day of going online About 400 ETH repurchased the tokens, mainly because they distributed liquidity at different price points on Uniswap V3 , its LP needs to be adjusted after the price changes.

Comprehensive evaluation strong>

1.Pandora The fragmentation effect of NFT is achieved in the form of ERC404, and its mechanism is relatively novel.