- Binance has recently integrated the ERC-404 token standard into its Web3 Wallet, expanding its support for different cryptocurrencies.
- Decentralized exchanges witnessed a trading volume of $105 million for assets based on this token standard.
- Prior to this integration, Binance had already incorporated 19 decentralized applications (dApps) and connected with five different networks on its Web3 Wallet.
Binance, the renowned cryptocurrency exchange, has announced the addition of the ERC-404 token standard to its Web3 Wallet. This move aims to enhance the functionality and compatibility of the wallet.
The ERC-404 token standard, built on the Ethereum network, combines the features of both ERC-20 and ERC-721 tokens. Its primary objective is to bridge the gap between fungible and non-fungible tokens, integrating the qualities of both types into a single asset.
An intriguing aspect of this news is that the trading volume for ERC-404 tokens on decentralized exchanges and NFT platforms has reached a staggering $105 million. The recent launch of the Replicants collection by Pandora sparked significant interest among traders.
This development follows Binance’s earlier integration of 19 new dApps into its Web3 Wallet. The integration enables Binance users to engage with various applications from projects such as Dodo, Maverick, Radiant Capital, and more.
In November 2023, Binance introduced the Web3 Wallet, which allows users to have self-custody of their assets and utilizes multi-party computing (MPC) technology. Additionally, Binance expanded its list of supported networks by including Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and Sei in its Web3 Wallet.