The Ethereum network has seen a surge in gas fees, with prices reaching the highest level in eight months.
Gas prices have reached an average of 70 gwei or $60 for a standard transaction on February 9, while they have peaked at 377 gwei.
The spike in costs coincided with the rise of interest in a new, unofficial token called ERC-404.
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This experimental standard, which was launched by Pandora on February 5, has gained over 6,100% and a volume of $474 million.
Its goal is to link ERC-721 NFTs to ERC-20 tokens, allowing for fractionalized ownership and easier trading and staking.
Despite its name, ERC-404 is not an official standard and the team behind the project is focused on reducing gas fees.