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- ERC-404 tokens have plummeted, with PANDORA and DEFROGS seeing huge declines in the past 24 hours.
- Pullix (PLX) is getting closer to its hybrid exchange launch and the PLX presale has surpassed $5.3 million.
While crypto markets heat up amid recent gains, the ERC-404 token ecosystem has experienced a significant decline. In the past 24 hours, PANDORA, DEFROGS and RUG have all seen double-digit losses. Meanwhile, and away from the experimental token standard on Ethereum, new platform Pullix (PLX) is edging closer to its launch.
PANDORA leads ERC-404 slump
As noted above, ERC-404 is the experimental token standard on the Ethereum blockchain aimed at enabling more liquidity and fractionalization by bridging fungible tokens and non-fungible tokens (NFTs).
On Monday, data from CoinGecko showed that tokens in this category – Pandora, DeFrogs, Rug and Crystal – had all plummeted more than 20% in 24 hours. PANDORA was down 30%, DEFROGS 33%, RUG 28% and CRYSTAL 23%. The sector market cap was down 37% to $152 million.
Last week, PANDORA price surged past $32k. However, it has pared more than 50% of that in the past three days. The declines came as the sector, more like NFTs during the last bull market 2021, drove Ethereum gas fees to eight-month highs. Per on-chain data, ETH gas fees averaged about $60 per transaction as the market rose.
It should be noted that ERC-404 is not an official Ethereum token standard.
Pullix (PLX): The new hybrid exchange
Pullix (PLX) is a hybrid exchange whose design could be the perfect fit for traders in the DeFi industry. The platform is in presale, but when it launches, will offer access to a trading environment that boasts of the best of CEXs and DEXs.
The exchange’s native utility token is PLX.
Traders will access all asset types, including commodities, forex and crypto – all without the problem of liquidity. While users will access non-custodial trading, and tap into institutional-level liquidity, the platform’s innovative profit sharing model stands out as one tailored for the trader. The revenue-sharing mechanism will offer an extra passive income opportunity to PLX holders.
Other features such as DeFi swap, copy trading, yield farming, and staking put PLX right at the top of tokens with a greater incentive outlook for holders than most other exchange tokens.
Pullix token set to jump 40%
Ahead of its launch, Pullix has raised more than $5.3 million from early adopters. The presale has reached stage 7, and will soon hit the final stage 8 with price jumping from $0.1 to $0.14. This indicates a potential 40% return for participants who join the current stage.
Having seen PLX price during the presale rise from $0.04, market analysts are predicting the exchange’s launch could see its native token stand out as the next 100x gem.
The post Pullix (PLX) solid as ERC-404 tokens Pandora, DeFrogs plummet appeared first on CoinJournal.
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