Pandora is a cryptocurrency project that utilises the ERC-404 token standard, combining features of ERC-20 and ERC-721 tokens. It represents a collection of 10,000 unique "Replicant" NFTs, each linked to a fungible token. The primary goal of Pandora is to provide a hybrid token model that integrates the liquidity of ERC-20 tokens with the uniqueness of ERC-721 NFTs.
Pandora operates using a unique ERC-404 token standard, which allows each PANDORA token to be associated with a "Replicant" NFT. This system merges the fungible properties of ERC-20 tokens and the non-fungible characteristics of ERC-721 NFTs. When a PANDORA token is purchased, a corresponding NFT is minted. Conversely, when the token is sold, the associated NFT is burned. This enables fractional ownership and a dynamic system of rarity and value for digital assets.
The potential use cases for Pandora include:
Pandora originated from a previous, unsuccessful project called EMERALD, which attempted to combine ERC-20 and ERC-721 tokens but failed due to security exploits. A team comprising 0xacme (an ex-Coinbase engineer), ctrl, and searnseele developed Pandora to successfully implement this concept. Pandora was launched on February 2, 2024, quickly reaching a market capitalisation of over $100 million. It employs the ERC-404 protocol to manage token and NFT interactions and is integrated with various trading platforms. Major updates or forks have not been noted in the available information.