Layer 1 blockchain Injective introduced the CW-404 standard, a replica of the wildly popular experimental token standard ERC-404, to its network on Friday.
Cosmos-based Injective has partnered with decentralized exchange DojoSwap to offer the CW-404 standard. CW-404 is a port of 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 pay off loans assets to be closed or deployed.
The standard brought millions of dollars to the Ethereum ecosystem, but was also criticized for referencing the official name ‘ERC’. As a category, ERC-404 tokens are collectively worth more than $173 million, CoinMarketCap data shows, despite being 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.