Gas Fees on the Ethereum Network hit an 8-month-High amid Interest in the New Experimental Token Standard ERC-404
Last Friday, on February 9, gas prices on the Ethereum network spiked to an average of 70 Gwei (equaling to a standard transaction $60), with peak gas cost rising to 377 Gwei, the highest level since May 12, 2023.
While the reason for the gas price increase can be attributed to a variety of factors, the price increase comes on the heels of the newly introduced ERC-404 token standard gaining momentum across the crypto industry. ERC-404 is a smart contract template that combines ERC-20 and NFT (ERC-721). This standard was introduced to solve the growing liquidity problem of the ERC-20-based NFT collections and expanded the use cases in the DeFi ecosystem.
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