重新定义NFT，ERC404生态还有何机会？

Odaily星球日报Published on 2024-02-06Last updated on 2024-02-06

Abstract

介于ERC-20和ERC-721之间，ERC404能否重新定义NFT？还有何机会？

原文作者：Karen，Foresight News

近几日，一个旨在解决 NFT 流动性并且介于 ERC 20 和 ERC 721 的新标准 ERC 404 引发社区关注，基于该标准的首个代币 Pandora 单枚价格续创新高，飙升至 5700 美元。那 ERC 404 从何而来？是什么？还有何机会？

Pandora 和 ERC 404 标准背景

Pandora 是第一个基于 ERC 404 代币标准构建的代币，该 ERC 404 是为创作者和开发者等开源的实验性代币标准，也是混合 ERC 20 / ERC 721 实现，具有原生流动性和碎片化等特点。

Pandora 由 @maybectrlfreak（ctrl）和@searnseele（Searn）共同构建，核心标准 ERC 404 由 Coinbase 前软件工程师 @0x acme（Acme）在 Github 上发布。

@maybectrlfreak：也是投资初创 Syndicate 的天使投资人。Syndicate 推特 Profile 页面显示， Syndicate 首条推特发布于 1 月 22 日，对 BRC 20 和 Ordinals 交易终端 BeFi Labs 进行了早期投资。此后，除与 BeFi Labs 相关内容之外，暂未发布其他内容。
@searnseele（Searn）
@0x acme（Acme）：Acme 未在推特简介中提及 Pandora，不过，其在 Github 上发布了 ERC 404 标准（https://github.com/0x acme/ERC 404）。Acme 曾任职于 Coinbase。

谈及 ERC 404 的来源，就不得不提及之前 EMERALD 合约被攻击。据 ctrl 描述，当时，任何人都可以从任何预定义的池中转移和耗尽紫菜。如果从池发送，则将绕过转移检查。这是代码中一个明显缺陷，看起来像是一个伪装成漏洞的 rug。再加上，代币转移逻辑非常复杂，导致 ERC 20 和 ERC 721 余额不匹配。ctrl 还因为此损失了 3 万美元，但其认为这个概念很有前景，并且确实有机会将其作为一种代币标准而存在。

因此，ctrl 和 Acme 在商量之后给 EMERALD 开发者提供了问题修复建议，但 EMERALD 开发者说其不是开发人员，而是使用了 ChatGPT。在沟通过程中，EMERALD 开发者表明自己很穷，并且想要先快速启动一个 rug 续集。在这之后，ctrl、Acme 以及 Searn 决定自己重新推出，这也是 Pandora 的由来。

ERC 404 是什么？

根据 @0x acme 发布的 ERC 404 标准，ERC 404 试图「融合」ERC-20 标准和 ERC-721 标准的部分特性，通过结合 ERC-20 标准的代币可拆分性增加 ERC-721 标准 NFT 的流动性。目前，ERC 404 尚未审计，是一种实验性的测试。

不过，ERC 404 标准文档也指出，这里的 ERC 721 实现略微有些不标准，代币会根据底层 / 碎片化的转移而反复被销毁和铸造，目的是创建一种具有原生碎片化、流动性并鼓励交易来培育具有独特特征集的 NFT。即，如果出售 NFT，就不再拥有代币，如果出售代币，就不再拥有 NFT。

Pandora 是什么？

Pandora 在 2 月 2 日推出，是首个基于 ERC 404 代币标准构建的代币，并引入了与 Pandora 代币绑定并基于 ERC 404 的生成 Avatar NFT「Replicants」，在给定时间内最多可以存在 10, 000 个 Replicants。也即，Pandora 既可以在 Uniswap 上交易，也能在 OpenSea 等 NFT 市场上交易。

如下图所示，该系列存在五个稀有度等级，根据颜色区分。当用户与 Pandora ERC 404 代币（而非 Replicant NFT）交互时，Replicant NFT 可能会被销毁，也可能随后重新生成。从流动性池购买的每个 Pandora 代币都会生成一个新的 Replicant。当 Pandora ERC 404 被出售或转移时，其相应的 Replicant 将被销毁，并在接收地址生成一个新的 Replicant。每次 Replicant NFT 再生时，稀有度都会随机化。

重新定义NFT，ERC404生态还有何机会？

也就是说，Replicant NFT 的这种稀有度等级、销毁和重新生成特点，能够激励用户在流动性池之外的第三方市场上进行交易，或者直接通过转账来刷新稀有度等级。

当用户与 Pandora ERC 404 代币（而非 Replicant NFT）交互时，Replicant 可能会被销毁，也可能随后重新生成。从流动性池购买的每个 Pandora 代币都会生成一个新的 Replicant。当 Pandora ERC 404 被出售或转移时，其相应的 Replicant 将被销毁，并在接收地址生成一个新的 Replicant。此外，Pandora 还将发布一项功能，允许用户存储 Replicant，这样以来，在转移 Pandora ERC 404 时不会销毁或重新生成 Replicant。

安全方面，Pandora 未经审计。不过，今日早间，Pandora 宣布为其金库创建了一个新的 2/4 多签，之后会将 PANDORA、LP 所有权以及金库中有价值的资产转移过去，以在扩展和构建实践的过程中进一步增强安全性。四名签名者都设置了干净的硬件钱包，专门用于通过多签执行交易。

综上，ERC 404 标准可以达到碎片化 NFT 所有权的效果，不仅可以解决 NFT 低流动性的痛点，还可以通过借贷、衍生品等金融方式来进一步解锁 NFT 的流动性，值得我们进一步观察。

ERC 404 生态

ANON：受 ERC-404 启发的 NFT 代币，包括 350 件艺术品。

Vector Reserve：通过利用 EigenLayer 和 Superfluid Staked LPD：vETH 提供链上收益。vETH 通过利用 EigenLayer 的 Superfluid Stake 产生收益，这意味着 vETH 允许对 ETH LP 进行重新质押。

今日凌晨，Pandora 宣布与 Vector Reserve 建立战略合作伙伴关系，双方都将在各自的金库中添加各自的代币，进一步推动生态系统价值方面的一致性，并探索 ERC 404 和流动性扩展衍生品可以相互受益的新方式。

Palette（@iamcfw）：ERC 404 标准上的第一个艺术收藏品。

Wasabi Protocol：是一个链上杠杆协议，通过向 Pandora 引入永续交易来支持创新的 ERC 404 标准。Wasabi Protocol 表示，Wasabi 的可组合架构除了 ERC 20 和 721 之外，从第一天起就能够支持 ERC 404 等新标准。

Froggy Friends：NFT 项目 Froggy Friends 宣布战略性地购买了一些 PANDORA 代币，以增强其资产负债表。

此外，目前，OpenSea、Blur、LooksRare 均已支持 Pandora Replicants。

一如既往，本文不代表任何投资意见，DYOR。

SpaceX, AI, and XRP: Why the Next Wealth Transfer Might Be Different?

The article posits that the global economy is transitioning into a new phase of infrastructure investment. Capital, facing slowing traditional growth engines, is flowing towards emerging foundational systems. This includes space infrastructure (exemplified by SpaceX), AI computing power, satellite networks, data centers, and global payment systems. A key driver is a potential new commodity supercycle fueled by industrial demand from these sectors. Concurrently, the role of blockchain is evolving from speculative assets to a critical settlement layer for the future economy. Digital assets like XRP and XLM, focused on payments and interoperability, are highlighted as potential rails for cross-border settlement, tokenized assets, and machine-to-machine (AI Agent) transactions. The narrative connects figures like Ripple's Jed McCaleb to space ventures, suggesting convergence. The argument emphasizes a shift from speculative narratives to utility-driven value. As AI and space commerce generate new economic activity, and regulatory clarity improves, blockchain networks may underpin real-time value transfer. The conclusion urges investors to consider which networks will form the backbone of this integrated next-generation economic infrastructure.

marsbit11m ago

SpaceX, AI, and XRP: Why the Next Wealth Transfer Might Be Different?

marsbit11m ago

GPT-5.6 Countdown: Abandon the Illusion of a Single API, Computational Iteration Can't Outpace a Single Page of Compliance

In mid-June, three seemingly independent industry events—the compliance-driven throttling of Fable 5, the open-sourcing of GLM-5.2, and the leaked release timeline for GPT-5.6—are pushing the global AI industry toward a watershed moment. These shifts signal a fundamental restructuring of the industry's underlying logic. First, **"usability" has substantially overtaken "advanced capabilities"** as the primary weight, pushing the global large language model (LLM) supply chain into a "dual-track" phase of controlled closed-source and local open-source coexistence. Second, **the competitive moats of closed-source giants are shifting**. Their technical focus is moving from "language intelligence" toward "spatial intelligence (world models)"—a domain heavily reliant on computing power. Third, faced with常态化 transnational compliance risks, **a "model-agnostic" decoupled design has become a survival necessity for application-layer developers to maintain business continuity.** The article details how Anthropic's Fable 5, despite its advanced engineering feats, was restricted for non-U.S. citizens within 72 hours of launch, highlighting how geopolitical compliance can instantly limit even the most advanced models. In response, the open-source camp, exemplified by Zhipu AI's MIT-licensed GLM-5.2, is gaining market share by offering stable performance improvements and significant cost advantages (up to 70% savings for enterprises), while achieving full adaptation with domestic semiconductor platforms. Meanwhile, closed-source leaders like OpenAI are pivoting. The anticipated GPT-5.6 reportedly shifts focus from language to spatial intelligence and world models, aiming to rebuild a generational gap in areas like 3D understanding, simulation, and industrial design that demand immense compute. The core conclusion is that the LLM supply chain's logic has changed. Enterprises must now evaluate infrastructure based on a composite of technical performance and policy compliance. For developers, complete reliance on a single closed-source API poses unacceptable risk. Implementing a truly model-agnostic architecture—enabling swift switches to compliant, locally deployable open-source alternatives—is no longer just good practice but a fundamental baseline for business continuity.

marsbit1h ago

GPT-5.6 Countdown: Abandon the Illusion of a Single API, Computational Iteration Can't Outpace a Single Page of Compliance

marsbit1h ago

Is the 'Token Subsidy War' Among AI Giants Almost Over?

The article discusses the ongoing "token subsidy war" among AI giants like OpenAI and Anthropic, questioning whether it's nearing its end. It reveals that current AI subscription prices are heavily subsidized, with some plans offering tokens at up to 70 times the actual cost to attract and retain heavy users, especially developers and enterprises. This strategy mirrors past internet-era subsidy battles, but with a key difference: AI tokens lack "lock-in" effects. Unlike ride-hailing or food delivery apps, users can easily switch between AI providers as APIs become standardized, making it difficult for companies to raise prices post-subsidy. The piece highlights a structural asymmetry in the competition. Giants like Google, with massive advertising revenue, can afford to subsidize tokens indefinitely, akin to using "tokens as a weapon." In contrast, venture-backed companies like OpenAI and Anthropic face pressure to become profitable, especially as they approach IPO. The article cites Google Ventures founder Bill Maris, who suggests Google could slash token prices by 80%, putting immense pressure on competitors. Two potential endgames are presented: the "internet service" model (subsidize, monopolize, then raise prices) and the "utility" model (tokens become a standardized, low-margin commodity like electricity). Given the low switching costs, the latter seems more likely. The competition may not have a single winner but could instead accelerate AI's evolution into a foundational, infrastructure-level technology, akin to a public utility. For now, users continue to benefit from heavily subsidized token costs.

marsbit2h ago

Is the 'Token Subsidy War' Among AI Giants Almost Over?

marsbit2h ago

Beyond the Stadium: The Profitable Games Surrounding the World Cup

"Beyond the Pitch: The Profit Game Around the World Cup" The FIFA World Cup transcends being a sporting spectacle, evolving into a massive global arena for speculation and profit-seeking. The 2026 tournament has amplified this dynamic, creating a multi-layered ecosystem of financial opportunism alongside the football. **Prediction markets** have surged into the mainstream. Platforms like Polymarket and Kalshi saw trading volumes for World Cup contracts soar, attracting new users with their financial trading model and high-profile, chain-based wealth stories that overshadow traditional sports betting in terms of growth and narrative. However, **traditional sportsbooks** remain the dominant force, leveraging established user habits, legal markets, and comprehensive product offerings to handle the vast majority of speculative wagers, with projections suggesting record-breaking betting volumes. Capital markets also react. **"Concept stocks"** in countries like South Korea and Japan experience volatile price swings based on team performance and anticipated fan spending on items like chicken, beer, and viewing parties, effectively becoming a stock market reflecting fan sentiment. The **ticket resale market** has become a sophisticated arena for arbitrage. Prices fluctuate wildly based on team draws and star power, with sellers sometimes listing tickets they don't yet own in a practice akin to short-selling, while FIFA's own "Right to Buy" tokens add another layer of speculative trading. **Collectibles and merchandise** offer another avenue. Panini sticker albums, with their inherent scarcity and nostalgic value, can become high-value collectibles. Limited-edition or locally themed jerseys command significant premiums on secondary markets, and even counterfeit vendors profit from fans' desire for affordable match-day identity. The **cryptocurrency** space has seen a frenzy of speculative, unauthorized World Cup-themed meme coins on chains like Solana. These tokens, often exploiting team names and player imagery, experience extreme pump-and-dump cycles, creating stories of massive gains for a few early entrants and steep losses for many others. Finally, an entire industry thrives on **providing information and tools** to other speculators. Developers create platforms like SeatSidekick to track ticket inventory and prices, while paid Telegram groups and subscriptions sell betting tips and predictions, monetizing the widespread desire for an informational edge. In essence, the World Cup has become a compressed, global laboratory for speculation. While the games determine champions on the field, a parallel, complex network of financial transactions—spanning prediction contracts, bets, stocks, tickets, collectibles, crypto, and information services—settles its own scores in the global market.

marsbit2h ago

Beyond the Stadium: The Profitable Games Surrounding the World Cup

marsbit2h ago

Hyperliquid ETF Claim Draws Attention As HYPE Narrative Builds On X

A social media claim has brought attention to Hyperliquid (HYPE) and the growth of its related ETF products. According to a June 20 post on X by AlphaOnChain, three Hyperliquid ETFs launched in May 2026 have collectively amassed $158 million in assets under management, led by a Bitwise fund with $88 million and a 21Shares fund with $66 million. The article notes this claim is from social media and not verified by official issuer data, advising caution. Nonetheless, the report highlights that HYPE is gaining traction as a notable altcoin narrative. Its focus on on-chain perpetual trading and exchange infrastructure places it at the intersection of DeFi and derivatives, attracting traders looking for high-conviction plays beyond Bitcoin and Ethereum. The key takeaway is that while social momentum can influence short-term markets, sustainable growth for HYPE would require confirmed demand, liquidity, and continued ecosystem development.

bitcoinist4h ago