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Layer 1 blockchain Injective introduced the CW-404 standard, a replica of the wildly popular experimental token standard ERC-404, for its network on Friday.
The Cosmos-based Injective is teaming up with decentralized exchange DojoSwap to offer the CW-404 standard. CW-404 is a port of the ERC-404 and combines the CW-20 and CW-721 standards.
ERC-404 is an unofficial Ethereum standard that allows multiple wallets to directly own a single non-fungible token (NFT) and gives its holders the ability to create a use case where that specific exposure can be tokenized and used to take out loans or stake holdings.
The standard brought in millions of dollars worth to the Ethereum ecosystem but has also been criticized for referencing the official “ERC” name. As a category, ERC-404 tokens are collectively worth over $173 million, data from CoinMarketCap shows, despite having been released just over two weeks ago.
The CW-404 is a way for Injective to bring some of the investment from Ethereum to its own network.
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