- ERC-404 tokens plunged sharply, with PANDORA and DEFROGS suffering significant declines in the past 24 hours.
- Pullix (PLX) is approaching the launch of its hybrid exchange, and the PLX presale has exceeded $5.3 million.
While crypto markets have warmed after recent gains, the ERC-404 token ecosystem experienced a steep sell-off. Over the last 24 hours, tokens such as PANDORA, DEFROGS and RUG posted double-digit losses. Outside of this experimental Ethereum token standard, the new platform Pullix (PLX) is moving closer to launch.
PANDORA leads the ERC-404 decline
ERC-404 is an experimental token standard on the Ethereum blockchain designed to increase liquidity and enable fractionalization by bridging fungible tokens with non-fungible tokens (NFTs).
On Monday, CoinGecko data showed tokens in this category—PANDORA, DeFrogs, RUG and CRYSTAL—fell by more than 20% over 24 hours. PANDORA dropped around 30%, DeFrogs about 33%, RUG 28% and CRYSTAL 23%. The sector’s market capitalization declined roughly 37% to $152 million.
Last week PANDORA briefly climbed above $32,000, but it has lost more than half of that value in the past three days. The pullback came after the sector drove Ethereum gas fees toward eight-month highs, similar to NFT-driven congestion during the 2021 bull market. On-chain data showed average ETH gas fees reached roughly $60 per transaction as trading activity surged.
It is important to note that ERC-404 is not an official Ethereum token standard.
Pullix (PLX): A new hybrid exchange
Pullix (PLX) is a hybrid exchange designed to appeal to DeFi traders by blending features of centralized and decentralized exchanges. The platform is currently in presale, and once launched it plans to offer a trading environment combining the best attributes of CEXs and DEXs.
The exchange’s native utility token is PLX.
Traders will reportedly gain access to a wide range of assets, including commodities, forex and cryptocurrencies, while benefiting from institutional-level liquidity. The platform aims to support non-custodial trading alongside deep liquidity, and its profit-sharing model stands out as a trader-focused incentive. The revenue-sharing mechanism will provide PLX holders with an additional stream of passive income.
Additional features such as a DeFi swap, copy trading, yield farming and staking position PLX as a token with stronger holder incentives than many conventional exchange tokens.
Pullix token set for a potential 40% jump
Before launch, Pullix has raised more than $5.3 million from early participants. The presale has progressed to Stage 7 and will soon enter the final Stage 8, when the price is slated to rise from $0.10 to $0.14. That change implies a potential 40% upside for buyers who enter at the current stage.
Having grown from an initial presale price of $0.04, some market analysts suggest that the exchange launch could elevate PLX considerably, with long-term observers envisioning substantial upside if adoption accelerates.
To learn more about Pullix and its presale, visit the Pullix website or join the ongoing presale.