Injective Releases “CW-404” Inspired by the “ERC-404” Experimental Token Standard on Ethereum
Injective, a Cosmos-based blockchain platform, launched the CW-404 token standard. This move mimics the experimental ERC-404 standard on Ethereum, aiming to fuel innovation within the Injective ecosystem.
The CW-404 standard, built in collaboration with decentralized exchange DojoSwap, combines existing Injective token standards for fungible (CW-20) and non-fungible tokens (CW-721). This unique combination allows for fractional ownership of NFTs, enabling multiple wallets to co-own a single NFT and participate in financial activities like borrowing or staking.
While unofficial, the ERC-404 standard has gained significant traction within the Ethereum ecosystem, attracting over $173 million in investment despite its recent launch. Injective hopes to capitalize on this momentum by adopting a similar standard, potentially bridging the gap between the two blockchain networks.
This move aims to capture investment flowing into the ERC-404 space, and stimulate the creation of novel decentralized applications (dApps) that leverage the unique functionalities of CW-404, functionalities unavailable elsewhere. The Sushi Fighter NFT collection serves as the first real-world application of the CW-404 standard on Injective. This collection features unique characteristics like generative profile pictures and custom minting logic, showcasing the potential for innovative NFT applications within the Injective ecosystem.
