ERC-404 Surge Sends Ethereum Gas Fees to Unseen 8-Month High

According to PopPunk, co-founder of gas-auditing firm Gaslite, an ERC-404 transaction requires approximately three times the gas typically used for an average NFT transaction.

The surge in network activity on February 9th was largely fueled by heightened trading volumes on the decentralized exchange protocol Uniswap. A big portion of this activity can be attributed to the trading frenzy surrounding ERC-404 projects, including Pandora and DeFrogs, among others.

Collectively, these projects have amassed a staggering trading volume exceeding $600 million in the past week, as reported by Cointelegraph.