Shiba Inu has taken a bold step into the future by being one of the first mainstream crypto project to adopt the DN404 token standard.
Blockchain project Shiba Inu is carrying on its record of experimenting with new technologies, especially those associated with the cryptocurrency ecosystem. This weekend, the Shiba Inu ecosystem team revealed that it has become one of the first projects to adopt the DN404 token standard.
The popular blockchain project described the move as another bold step towards the future. It also cited the adoption of the DN404 standard as another evidence of Shiba Inu’s commitment to innovation in the crypto space.
Years ago, #ShibToken marked the beginning of an adventure, pushing us beyond the boundaries of decentralization. We're excited to step into the experimental test of our DN404 standard, another bold step towards the future. 🌐
CA👇
0x5dE869E3E62B0FB2c15573246BA3Bb3Fd97a2275— Shib (@Shibtoken) February 24, 2024
What is the DN404 Standard?
The DN404 standard is a new protocol designed by Ethereum developers to power non-fungible tokens (NFTs). Precisely, the standard integrates features of fungible tokens (ERC-20) with the functionalities of NFTs (ERC-721) to create a new hybrid token model.
The benefit of the new model is that it enables the fractionalization of NFTs and lowers transaction fees for trading these assets. The concept of frationalization, especially, enhances liquidity and brings more value to the NFT ecosystem.
In the case of Shiba Inu, the project has adopted the DN404 standard for the Sheboshis collection. As The Crypto Basic recently reported, the Sheboshis collection sold out instantly. Hence, the adoption of the DN404 standard evidently will allow more investors to own a piece of the pie.
Shiba Inu Embraces Innovation
The adoption of trending technologies is not entirely new for the Shiba Inu community. The project has increasingly sought new AI-related partnerships to help onboard users to the Shiba Inu ecosystem.
Additionally, Shiba Inu has leveraged the increased interest in L2s. Shiba Inu’s layer-2 network, Shibarium has already gotten off to a nice start and continues to attract value to the project’s community.
The optimism among investors is that these Shiba Inu-focused initiatives Inu will boost the adoption of the project’s native SHIB token. SHIB is trading at $0.000009645 at the time of writing, having lost 1.6% of its value in the past week.
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