- Anonymous developers have launched a new blockchain token standard, DN404.
- The new standard will reportedly solve the complications of the newly popular ERC404 standard.
- According to a team rep, DN404 handles all the logic, storage, and permissions but only exposes an ERC20 interface.
A team of anonymous developers has announced the launch of a new blockchain token standard, DN404. In a post on X (formerly Twitter), the team’s representative noted that the novel protocol aims to solve the critical issues arising from the newly popular “ERC404” tokens.
According to the anonymous team representative, ERC404 integrated functionalities from ERC20 and ERC721. However, it harbors complications from functions shared between the two standards, exposing the design to critical vulnerabilities. The team’s rep cited a situation where the ERC404 standard differentiates which token path to use (ERC20 or ERC721) based on the number, noting that protocols can’t know that.
ERC404 was introduced on February 2 by the Pandora team as a token standard that allows NFT fractions to be freely split and merged. It also allowed users to execute novel applications like NFT indexes, tokens with changing supplies, and dynamic NFTs.
The DN404 development team’s rep explained that its novel token standard solves the identified problem by separating the functionalities of the ERC20 and ERC721 standards into distinct contracts. According to the rep, DN404 handles all the logic, storage, and permissions but only exposes an ERC20 interface. He cited the introduction of DN404Mirror, which serves as a passthrough, describing it as an ERC721 interface that “defers all logic to DN404 but emits its own events.”
According to the DN404 development team’s rep, they have “successfully returned everything to how it should be.” The new standard allows the ERC20 and ERC721 to exist and function as standalone contracts. However, that happens under the hood, where they run on shared 404 rails.
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