On Friday, Injective, a Layer 1 blockchain platform, unveiled the CW-404 standard, modeled after the highly successful experimental token standard ERC-404, for its network. 

1/ Injective today is releasing the CW404 standard in collaboration with @Dojo_Swap

CW404 brings the massively popular ERC-404 standard to the fastest blockchain with the lowest fees, scaling fractional NFT standards to entirely new heights. pic.twitter.com/5cNBLA28Tn

— Injective 🥷 (@Injective_) February 23, 2024

Injective, built on Cosmos, is collaborating with the decentralized exchange DojoSwap to implement the CW-404 standard. This standard, CW-404, merges the functionalities of the CW-20 and CW-721 standards while being inspired by ERC-404.

The introduction of the standard has brought significant value to the Ethereum ecosystem, amounting to millions of dollars. However, it has faced scrutiny for its use of the official “ERC” designation. 

Despite being launched just over two weeks ago, the collective value of ERC-404 tokens stands at over $173 million, according to CoinmarketCap data. The CW-404 serves as a means for Injective to attract investment from Ethereum to its network.

The blockchain currently locks less than $50 million worth of tokens, data shows, a significantly smaller amount than Ethereum, which holds a massive $46 billion.

Also Read: Developers Unveil Alternative ERC-404 called DN-404