头等仓研报：基于ERC404代币标准的Pandora

Odaily星球日报Publicado a 2024-02-08Actualizado a 2024-02-08

Resumen

Pandora是新发布的ERC404标准的首个项目，该标准融和了碎片化的理念，机制设计富有创意。

精简解读

Pandora 是 2 月 2 日上线的 NFT 碎片化项目，其核心技术是 ERC 404 代币标准。用户可以在 Uniswap V3购买项目同名代币 PANDORA 以获得 ERC 404 代币，相当于碎片化持有其 NFT——Pandora Replicants，此外也可以直接在 OpenSea 购买 Pandora Replicants。目前 PANDORA 币价 2, 375.76 美元， 24 小时交易量 536.5 万美元；Pandora Replicants 的交易量 48 ETH。

注：本文于 2024-02-05 首发于 https://d1x7dwosqaosdj.cloudfront.net/images/2024-02-08/bfb220d3f5c560d372e55127d755ffda。本文发表时$PANDORA 价格为 2376 。

基本面简介

团队：Pandora由匿名团队开发，团队成员数量未知。目前从公开信息能找到 3 名开发展 Acme、ctrl 和 Searn。Acme 是 Pandora 项目的 GitHub[ 1 ]运营者，从他的社交账号[ 2 ]来看他是 Coinbase 的工程师。另一名开发者网名 ctrl[ 3 ]，是 Syndicate 的投资人之一，他运营着自己的Web3社群。还有一位开发者 Searn[ 4 ]的公开信息较少。

资金：Pandora 项目并未公开融资信息。

业务机制

碎片化机制

Pandora 是一个 NFT 碎片化的项目，其核心是ERC 404 代币标准，这是一种介于 ERC 20 和 ERC 721 之间的试验性的代币标准。ERC 404 代币可以在 Uniswap 等平台进行交易，类似于同质化代币。同时， 1 枚 ERC 404 代币可以对应 1 枚 NFT（被称为 Replicant NFT）。他们之间的数学关系如下：

nReplicant NFT = [nERC 404 ]

其中 nReplicant NFT 表示 Replicant NFT 的数量，nERC 404 表示 ERC 404 代币的数量，[n]表示不大于该数的最大整数。

简单来讲，凑齐一整枚代币即可持有一个 NFT。例如，用户持有 0.5 个代币，他拥有 0 个 NFT；用户持有 1 个代币，他拥有 1 个 NFT；用户持有 1.5 个代币，他拥有 1 个 NFT；用户持有 2 个代币，他拥有 2 个 NFT；用户持有 2.5 个代币，他拥有 2 个 NFT，以此类推。

在 Pandora 项目中，它的 ERC 404 代币是 PANDORA，它的 Replicant NFT 是 Pandora Replicants。用户首先可以在 Uniswap V3上使用 ETH 等代币兑换 PANDORA 代币，用户持有 PANDORA 代币就相当于碎片化的持有 Pandora 的 NFT（Pandora Replicants），持有的代币数量决定了用户所拥有的 NFT 数量。

通过 ERC 404 标准，Pandora 实现了类似 NFT 碎片化的效果。在看好某个 NFT 系列时，用户可以选择持有一定量的代币而非完整的 NFT，这对于资金配置而言更加灵活，同时也降低了参与 NFT 投资的金额门槛。

NFT 燃烧和重新铸造机制

但是 Replicant NFT 与常见的 ERC 721 格式的 NFT 不同，Replicant NFT 有着燃烧和重新铸造的机制，当用户对 ERC 404 进行转账或交易等操作时即会触发。前文提到整数的 ERC 404 代币会与 Replicant NFT 绑定，因此当 ERC 404 代币发生变动时，Replicant NFT 也会发生变动。这里有两种情况：

1）当用户出售 ERC 404 代币时，用户钱包中的 Replicant NFT 会被燃烧（销毁）。

2）当用户转账时，Sender 钱包中的 Replicant NFT 会被燃烧，然后在 Receiver 钱包重新铸造出新的 Replicant NFT。

每一次重新铸造，Replicant NFT 的特征都会重新刷新，稀有度也可能随之发生变化。因此，如果用户对他的 NFT 不满意，他可以将其不断的进行转账以刷新 NFT 直至获得喜欢的 NFT。如果用户不想改变其 Replicant NFT（不想燃烧和重新铸造）又想将其出售或者发送给别的用户，那么他可以在 OpenSea 上出售 Replicant NFT 或将其发送到另一个地址。简单而言，如果用户希望 Replicant NFT 产生变化，并对 ERC 404 代币做操作；如果用户不希望 Replicant NFT 产生变化，则对 Replicant NFT 做操作。

Pandora Replicants[ 5 ]

Pandora Replicants 是 Pandora 项目的 Replicant NFT，是五种不同颜色的箱子，且五种颜色分别代表了不同的稀有度。官方目前并未公开每种稀有度的具体数量，但是稀有度顺序从高到低为：红、橙、紫、蓝、绿。未来箱子可能会开出新的 NFT。

业务数据

Pandora 于项目 2 月 2 日上线，目前PANDORA币价 2, 375.76 美元， 24 小时交易量 536.5 万美元。

头等仓研报：基于ERC404代币标准的Pandora

图 1 PANDORA 价格，来源：DEX Screener

目前 Pandora Replicants 地板价 1.2 ETH，总交易量 48 ETH，有 670 名持有者。

头等仓研报：基于ERC404代币标准的Pandora

图 2 Pandora Replicants 交易数据，来源：OpenSea

经济模型

Pandora 并没有公开经济模型，但是可以看到 PANDORA 代币和 Pandora Replicants 一样总量都是 10, 000 枚。目前流通中的代币大概有 5000 枚，团队在上线初期从市场买走 5000 枚，用于项目运营团队奖励之类的。此外，团队保留了 700 个代币使用 Sablier 线性释放，一个月内释放完。团队在上线的第一天内使用了大概 400 ETH 回购了代币，主要原因是他们在 Uniswap V3上不同价位分布流动性，在价格变化后需要对其 LP 进行调整。

综合评价

1.Pandora 通过 ERC 404 的形式实现了 NFT 碎片化的效果，其机制比较新颖。

2. ERC 404 代币还为 NFT 提供了较好的流动性，用户可以在 DEX 直接出售 ERC 404 代币，而不用在 NFT 交易市场等待买家。

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