Decentralized exchange (DEX) Trader Joe has unveiled a new token called SHOE, based on the DN-404 standard. This standard combines the features of fungible tokens and non-fungible tokens (NFTs). The supply of SHOE tokens is limited to 19,404, distributed among active users of the Joepegs marketplace and holders of NFT projects of the Joe Studios accelerator.

Trader Joe, a leading DEX offering instant, low-cost token swaps, aims to innovate in the DeFi trading platform space. The platform recently introduced $SHOE, a token based on the DN-404 standard.

While Trader Joe has stated that it does not plan to support the asset and claims it carries no value, the minimum cost of SHOE is 1.14 AVAX ($48.6 at the time of writing), with a trading volume of 833.20 AVAX ($35,603 at the time of writing).

The DN-404 standard, which combines ERC-20 and ERC-721, allows for the creation of dual contract tokens that attract liquidity while retaining NFT features. These tokens can be traded on both decentralized exchanges and marketplaces.

Recently, the ERC-404 standard gained attention with the launch of the Pandora project, achieving a trading volume of over $200 million in less than a week. The price of the Pandora token surged to $22,900 on Feb. 8 and is currently trading at around $16,800.

On Feb. 9, the Ethereum network experienced a surge in gas prices, with an average of 70 Gwei ($60 for a regular transaction) and a peak of 377 Gwei, driven by increased demand for ERC-404 tokens.

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