Сreate Your Own ERC404 Token Without Coding in Five Minutes

In the dynamic world of cryptocurrency, a new trend is shaking things up: the ERC404 token standard.

Tokens built on this standard are rapidly gaining popularity, exemplified by PANDORA’s astounding 12,000% surge within a week of launch. Moreover, several projects latched onto the ERC404 narrative, collectively spurring more than $200 million market cap in a few days, and causing Ethereum gas fees to hit an 8-month high.

So what exactly is ERC404, and how can you harness its potential? Let’s explore.

What is ERC404?

ERC404 is a new form of digital asset that blends the features of Non-Fungible Tokens (NFTs, ERC721) with the liquidity of Fungible Tokens (like ERC20 tokens).

In simple terms, it can be thought of as combining tokens and NFT ownership in a way that can create liquid markets for a project’s tokens and related NFT collections.

Why is there an appetite for a new ERC404 token standard?

• It’s innovative: ERC404 introduces a novel token standard with an innovative transaction format that hasn’t been utilized before.
• It’s very early: While still under development, ERC404’s potential applications, from lending and borrowing to GameFi, highlight its versatility and the exciting prospects for growth and innovation in the space.
• It’s high-potential: The price discrepancy between NFTs and fungible tokens presents lucrative opportunities through arbitrage.

Why should you explore ERC404 token opportunities?

As this new token standard is experimental and has its drawbacks, it opens up numerous possibilities.

From developing dApps that can use its unique features to creating unique hybrid tokens with diverse properties. The full impact of ERC404 is yet to be fully realized.

Even @Hohenheim0x, an ERC404 developer “supports the ecosystem of builders that have rapidly formed to take advantage of this new tech” and “called on the developer community to review and contribute their ideas”.

Ready to start?

Even if you are a no-coder, Graphlinq will seamlessly walk you through the process of deploying your own ERC404 token, providing the tools and resources you need to bring your ideas to life.

Here are 9 easy steps on how to create your first ERC404 token without having any coding background:

Before starting make sure you are signed in and your Metamask wallet is connected (you can do it with the “Connect To Wallet” button at the top right side of the IDE).

Step 1: The first step is to create your managed wallet. Follow these steps:

• Navigate to the “My Wallets” section in the menu.
• Choose a name for your wallet to create a new one. Ideally, the name should be relevant to your project.
• Your private key will be provided to you only once during creation.

Caution: Remember to save it for future use.

Step 2: After setting up a managed wallet, you’ll need to transfer some ETH to cover the gas fee for broadcasting your transaction.

For added security, you can deposit extra funds to ensure your transaction goes smoothly. Stay assured that only the required amount will be used for your transaction.

Step 3: On the left side you have the Toolbox where you can find all available logical blocks that you can use to create your graph.

Search for “ERC404” and choose two of them: Select “Deploy ERC404 Token” and “Create ERC404 Token”.

Step 4. Provide to this block what it needs: String “Create ERC404 Token”’ OUT with IN of “Deploy ERC404 Token”. String their ERC404 Tokens.

Step 5. In the toolbox, choose the “Get personal managed wallet” block. Make sure to choose the managed wallet with the right name as your wallets will be linked. Then link its Managed Wallet to the Wallet of the “Deploy ERC404 Token” block.

Step 6. In the toolbox, choose the “On Graph Start” block. Link its OUT with IN of the “Create ERC404 Token” block.

Step 7. In the toolbox, choose the “String” block. You will need 5 of them. Connect their Value with the “Create ERC404 Token” block in the following way:

• String 1: Value — Name
• String 2: Value — Symbol
• String 3: Value — Owner
• String 4: Value — TotalSupply
• String 5: Value — BaseTokenURI

Step 8. In the toolbox, choose the “Integer” block and link it to Decimals of the “Create ERC404 Token” block.

Step 9. Finally, choose the “Print” block and link its IN to “Deploy ERC404 Token’ OUT; Also link its Contact Address and Message.

Additionally, watch our 2-minute tutorial on YouTube and good luck in building the next Pandora using GraphLinq!

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