- Injective Protocol and DojoSwap launch CW-404 standard, revolutionizing DeFi by enabling semi-fungible tokens on an efficient blockchain.
- The Sushi Fighter NFT collection, the first to use CW-404 in Injective, promises to drive global acceptance of INJ-based NFTs.
This February marked a pivotal month for Injective Protocol and DojoSwap as they teamed up to introduce the CW-404 standard, inspired by ERC-404, aiming to improve the decentralized finance industry (DeFi) with a focus on interoperability.
CW-404: A Bridge to Innovation in DeFi
This announcement was echoed on X (previously Twitter), highlighting that CW-404 serves as an adapted version of ERC-404, providing users with access to “semi-fungible” tokens. This new standard promises to transform the fractional NFT market by being implemented on the most agile and cost-effective blockchain to date.
1/ Injective today is releasing the CW404 standard in collaboration with @Dojo_Swap
CW404 brings the massively popular ERC-404 standard to the fastest blockchain with the lowest fees, scaling fractional NFT standards to entirely new heights. pic.twitter.com/5cNBLA28Tn
— Injective 🥷 (@Injective_) February 23, 2024
ERC-404, initially launched via the Pandora NFT collection on Opensea, represents an experimental breakthrough that blends the features of ERC-20 tokens (divisible and fungible) with ERC-721 tokens (unique, like NFTs) .
It thus introduces the concept of “semi-fungible” tokens, enabling fractional ownership of NFTs and opening up new avenues of liquidity and opportunity at DeFi, with collections already accumulating values in excess of $100 million.
CW-404, derived from ERC-404, aligns more closely with the existing CW20 and CW721 standards and has been seamlessly integrated into Injective, the only blockchain designed specifically for finance.
Injective: Defining the Future of Decentralized Finance
Injective is part of the most efficient and least expensive Layer 1 blockchain, enabling CW-404 transactions at a significantly reduced cost compared to other networks. This advantage is poised to catalyze the development of new decentralized applications (dApps) and unique propositions within Injective.
The CW-404 standard unlocks extensive possibilities for DeFi, facilitating the ownership of parts of NFTs, the mobilization of liquidity into digital collectibles and their trading as conventional fungible assets. This allows Web3 users to explore the combined benefits of both token standards in a single environment.
Injective Protocol anticipates that this standard will drive the birth of unpublished dApps outside of its network. Thanks to Cosmos’ Tendermint consensus mechanism, Injective provides unmatched transaction speed at minimal costs.
Backed by industry titans such as Binance and Pantera Capital, the platform offers a space in which to develop and use elite Web3 applications.
Sushi Fighter NFT: Pioneer of the CW-404 Standard
Injective Protocol, seeking to solidify the position of CW-404, launched the Sushi Fighter NFT collection , the first to adopt the new standard within Injective. The Sushi Fighter NFT team maintains that this collection will be key to promoting global acceptance of Injective-based NFTs.
Meanwhile, the ERC-404 standard continues to garner attention, still in an experimental phase. Binance, the world’s largest cryptocurrency exchange platform, supports digital assets operating under ERC-404 and has added 24 new dApps to its Wallet Web3 service.
This progress comes on top of the debut of the Binance Enrollment Marketplace for trading NFTs. In turn, the NFT market maintains a robust interest in this digital asset segment, with a current value in excess of $7.5 billion.
With projects on the Ethereum blockchain such as BAYC and PudgyPenguins leading the way, Injective’s entry introduces a new contender in a highly competitive arena.
