- Trader Joe’s has introduced a token based on the DN-404 standard.
- It is an analog of ERC-404, which combines NFT and interchangeable tokens.
- The entire supply of the new asset was distributed to the wallets of active users of the Trader Joe’s community.
The decentralized Trader Joe’s exchange introduced a token based on the DN-404 standard called SHOE. Like ERC-404, it combines the advantages of interchangeable tokens and NFT.
Unveiling: $SHOE 👞
Trader Joe is a Decentralized Exchange (DEX) that offers instant, low-cost token swaps, founded with the mission to build the best DeFi trading platform through innovation at the forefront of DeFi.
Today, Trader Joe unveils $SHOE. A token based on the DN404… pic.twitter.com/raJqPcAmuC
- Trader Joe (@TraderJoe_xyz) February 14, 2024
We previously detailed this standard in a separate article:
Note, it combines ERC-20 and ERC-721 into a dual contract. This allows to attract additional liquidity while preserving the features inherent in NFT. Such tokens can be traded on both decentralized exchanges and marketplaces.
“Trader Joe’s believes this contract can form the basis for further development of DEX, covering a larger token variation and broader audience, as well as providing new opportunities,” the platform said in a statement.
SHOE’s offering is limited to 19,404 tokens. They were fully distributed to the 22,140 wallets of active users of the Joepegs marketplace and holders of Joe Studios gas pedal NFT projects.
The exchange noted that it has no plans to support the asset, and it allegedly carries no value.
Judging by the platform’s data, SHOE has a minimum value of 1.22 AVAX ($51.8 at the time of writing). The trading volume for this position is 821.55 AVAX ($34,948.73 at the time of writing).
