Injective Collaborates with DojoSwap to Introduce CW-404 Standard, Based on ERC-404

On February 23, Injective Protocol revealed a strategic alliance with DojoSwap to introduce the CW-404 standard, an innovative token standard influenced by ERC-404. This partnership is designed to promote creativity and interoperability within the decentralized finance (DeFi) sector.

‘Semi-fungible’ Tokens Discover a Niche

Injective shared this news in a message on X (formerly Twitter), indicating that the CW-404 standard serves as a portable adaptation of the experimental ERC-404 token standard, granting users access to ‘semi-fungible’ tokens.

1/ Injective today is unveiling the CW404 standard in collaboration with @Dojo_Swap

CW404 brings the widely popular ERC-404 standard to the fastest blockchain with the lowest fees, elevating fractional NFT standards to unprecedented levels. pic.twitter.com/5cNBLA28Tn

— Injective (@Injective_) February 23, 2024

Similar to ERC-404, CW-404 merges two existing token types – the CW-20 (fungible assets, divisible like currency) and CW-721 (non-fungible tokens, unique and rare items) token standards.

4/ The CW404 standard is an advanced adaptation of the original ERC404, aligning more closely with the signatures of the current CW20 and CW721 standards.

CW404 has found its ideal environment on Injective, the first and only blockchain designed specifically for finance.

— Injective (@Injective_) February 23, 2024

The CW-404 token standard presents numerous opportunities for the Decentralized Finance (DeFi) arena. Users can possess fractional shares of NFTs, unlock liquidity in their digital collectibles, and trade them as standard fungible assets. This enables Web3 users to leverage the distinctive features of both token standards in a single platform.

Discussing the potential of the token standard, Injective Protocol emphasized that it would facilitate the creation of a multitude of new decentralized applications (dApps) that cannot exist outside its ecosystem.

5/ Injective today is the fastest L1 with the lowest fees, allowing CW404 transactions to occur at costs that are less than 1000X lower than on other networks.

CW404 is poised to generate a multitude of new dApps and innovations that are simply not feasible anywhere else but on Injective.

— Injective (@Injective_) February 23, 2024

The Injective blockchain represents a new generation of decentralized solutions that utilize Cosmos’ Tendermint Consensus mechanism to deliver unmatched transaction speed at a minimal cost.

The platform, backed by major industry players such as Binance and Pantera Capital, enables users to develop and access high-quality Web3 applications all in one location.

Sushi Fighter NFT Collection Will Be First CW-404

To maintain its relevance, Injective Protocol introduced a specialized NFT collection to accompany the CW-404 announcement and ensure the new token standard gains essential momentum.

Truly honored to be the inaugural NFT project for this new standard on @Injective_ .

We will challenge and elevate INJ NFTs to new heights with a blend of charm and ferocity.

HYAH! https://t.co/18sQyjYVpi

— Sushi Fighter on Injective (CW404) (@SushiFighterNFT) February 23, 2024

The collection, titled the Sushi Fighter NFT collection, will be the first digital collectible to utilize the CW-404 token standard on Injective.

The Sushi Fighter NFT team stated that the digital collectible will assist in advancing Injective (INJ) based NFTs into the global blockchain arena for widespread acceptance.

Conversely, the ERC-404 token standard is gaining significant traction despite still being in its experimental phase. In a post on X, Binance, the world’s largest crypto exchange, announced support for ERC-404 powered digital assets and 24 new dApps on its Web3 Wallet service.

We’ve had some significant #Binance Web3 Wallet updates in 2024!

Introduced the Binance Inscriptions Marketplace
Semi-custody wallets can now be upgraded to self-custody
Support for ERC404 & 24 new dApps

More on the updates here https://t.co/NgC1le5ue2

— Binance Web3 | NFT | Inscriptions (@Web3WithBinance) February 23, 2024

This advancement follows the introduction of the Binance Inscriptions Marketplace for trading NFTs on the platform.

Meanwhile, in the wider NFT market, there remains strong interest in this digital asset subsector. Data from CoinMarketCap indicates that the NFT market is currently valued at over $7.5 billion and continues to expand.

As anticipated, Ethereum blockchain projects like BAYC and PudgyPenguins are leading the way. Injective’s entry into the market could introduce another competitor into a highly competitive environment.

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