ERC404 的爆火让 NFT 再次伟大

币圈资讯 阅读:46 2024-04-22 04:37:40 评论:0
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作者:ZAN Team

本文仅作为技术解析,不构成任何投资建议,请谨慎阅读。

什么是图币二象性?

币一般指链原生 Token 或者类似 ERC20 协议的同质化 Token,常见的比如 BTC、ETH、USDT 等。

图指的是符合 ERC721 协议的非同质化 Token(NFT),比如 CryptoPunks、无聊猿、mfers 等,国内的数字藏品平台(比如鲸探)发行的 3D 模型资产也认为是图。

Token 和 NFT 都有它自己的局限,比如 Token 的流动性比较强,但其本身没有炒作价值,NFT 有稀有性和独特性,但往往流动性很差,而且大多是蓝筹项目或集中于地板价。

1709790679070-1630af84-ceb5-4e58-b96c-0ffaf90d4b60.png

某 NFT 项目的流动性深度图

图币二象性是指通过某种方式将 Token 和 NFT 混合的规范。

我们以 Ethereum 为例,一个支持图币二象性的项目,它应该即是同质的也是非同质化的,它既可以享受到 Token 所带来的高流动性,又能实现稀有性和独特性,具备炒作价值。

但这样的东西真的存在吗?NFT 的价格和它的稀有度是挂钩的,为什么可以做到同质?

bvkLNsTifXvfq8JiLGQwjfnq65jXfjs1R8cYD1ic.png

ERC404 打开了潘多拉魔盒

2024 年春节期间,一个名为 ERC404 的实验性协议和其第一个项目 Pandora 迅速的火出圈。

1709804154416-4f8e4e64-c566-4758-b57a-b05583868337.png

批评的声音

1709804667573-d07ab741-f082-430f-843a-9aa0cc10772b.png

赞美的声音

ERC404 独创了一种图币混合的方式,简单描述就是:

  • 买入 1 Pandora Token,就会自动获得 1 Pandora NFT

  • 余额不足 1 Pandora Token,你的 NFT 就会自动销毁

  • 买入 1 Pandora NFT,你钱包里就会自动多 1 Token,同理卖出自动减少

用一张图表达目前 ERC404 的混合逻辑:

1709792457912-3e22467c-a1e5-425e-a74b-a6ccc5a75339.png

ERC404 游戏规则

以下就是目前的 5 种潘多拉魔盒,它们有不同的稀有度,根据合约实现(https://etherscan.io/address/0x9e9fbde7c7a83c43913bddc8779158f1368f0413#code#F1#L43)我们可以算出来概率:

aSZL0E4riUnI5T6xNWzcTUXbTHDmdfjezzTvKwMu.png

实现一个 ERC404

ERC404 的第一版代码写的并不好,或者说非常的差强人意。但它解决了一个最主要问题 —— 如何在一个合约内同时实现 ERC20 和 ERC721 的接口。

1709799358730-2b8c193f-52b1-46a1-9b6d-7fd6e33c1b4a.png

三种协议的对比

我们把两个接口定义中不相关的部分屏蔽,对比下哪些接口是交叉或冲突的:

dYyIYtLtT7xBpcIyqWMaFTAKHmREYsnBWLxRMylN.jpeg

SxZkxPR2N8gxRKtEZbstboCY9Nxe7orATVJM712c.jpeg

可以发现,四个有冲突的接口都是转账相关,在 ERC20 中最后一个参数的语义是 amount,也就是 token 的额度,而在 ERC721 中参数的语义是 tokenId,代表 NFT 的编号。

在 ERC404 的合约实现中,这个参数的语义被修改为 amountOrId,区分什么时候是 amount 什么时候是 tokenId 的方法也很简单:根据值的大小。

类似 1 BTC = 10^9 Sats,在 ERC404 世界里,我们说的 1 Token 实际对应的值是 10^18,而 NFT 的 tokenId 一般是从 1 开始的自增整数,所以 amount 和 tokenId 虽然都是整数,但实际的数量级差很多。

比如 Pandora 合约是记录了当前已经 mint 了多少个 nft(目前是 68180),当 amountOrId 的值小于等于它时认为是 tokenId,否则认为是 amount。

这逻辑有用吗?有用。它合理吗?

除此之外,Transfer >= 1 Token 时,NFT 的逻辑并不是转移,而是原账户销毁、新账户铸造。这么操作的好处是匹配流通性而且实现起来简单(思考转移 token 不足 1 的情况),但却带来了夸张的 GAS 消耗。

参考这笔交易(https://dashboard.tenderly.co/tx/mainnet/0xa46511e53da28839dd701315c500495565d9d66d59cd25bf178eedc76842e1da)

转移 4 Token 的同时产生了 4 个 NFT 的销毁和 4 个 NFT 的铸造:

1709798065318-59bc824e-5fcf-4234-80be-842e0c0b3de2.png

交易消耗了 $64 的 GAS

新叙事和新机会

ERC404 的玩法带来了几个隐性的规则:

  1. Token 在 DEX 的价格与 NFT 在 Marketplace 的价格不会差太多。

  2. NFT 被铸造只有一种情况:收取了 1 Token。换言之,把稀有度低的 NFT 置换成稀有度高的唯一方法就是不停的交易 Token。

  3. Pandora Token 的总供应量为 10,000 枚,代表着 NFT 的最大数量为 1w 个,而且会随着 holder 数量的增加而减小(holder 越多,不足 1 Token 的情况会越常见)。

如果我掌握了稳定铸造「红色潘多拉魔盒」的魔法,在交易所买入 Token,然后在 NFT 市场高价卖掉,是不是可以无限套利?

先看看 Pandora 的价格,这些数据提供了套利的理论基础:

1709800270244-1afa89c6-2e94-4dcc-acd3-43d56a4400c7.png

4.7E 买入 Token

1709800446241-e4f0228a-7389-45bc-a945-79dc78df2139.png

NFT 近一周的地板价均大于 5E

以上数据并没有筛选 NFT 的稀有度,这种情况下减去磨损的利润在 0.2E 左右。参考上文的隐形规则,如果我们能做到 mint 的永远都是稀有度高的红色潘多拉,是不是利润空间更大了?

我们来看下 Pandora 的合约,看看在众多 KOL 笔下的「随机生成」到底是如何实现的:

RPo08uUvkF8j2Vvj1cUUT1GMHT21nNIol9M8OHg6.jpeg

通过阅读合约实现可得,Pandora Box 的稀有度是伪随机,跟我们之前实现的 CryptoFish 项目类似,tokenId 是自增的,所以下一个 mint 出来的 NFT 稀有度是完全可预测的。

我们通过一段 JavaScript 脚本就可以纯本地推测,经验证这段逻辑是完全正确的:

1X4h70yzcLFrVdbBCkV6ieMdONpJthx0NnI3BUak.jpeg

1709802001200-4b2e9b4a-41db-4adf-b4df-1b856378bf74.png

目前 Pandora 的 minted 自增值为 68180,也就是我们推测未来 100 个 NFT 中,命中红色稀有度的 ID 为:

68186/68201/68213/68227/68228/68257/68259/68262

如果不考虑当前 Pandora 项目的流动性降低,这会是一个非常热门的金融行为。

总结

ERC404 和 Pandora 并不是第一个探索 NFT 流动性的协议项目,很早之前就有 NFT 碎片化的讨论,包括 ERC1155 也是对 NFT 的一种创新。

但为什么 ERC404 这次大家情绪如此高涨?我认为是 —— 名字起得好

无奈 ERC404 第一版合约的实现非常差,所以官方也在积极推动 V2 版本(https://github.com/Pandora-Labs-Org/erc404)、社区也有第三方实现 DN404(https://github.com/Vectorized/dn404),更有甚者搞了个新的协议叫做 ERC911,起名属性拉满了。

1709802473176-91c656bc-b7fe-4bd5-b1ea-1a2a437de0c5.png

流动性过年期间达到巅峰,目前回落明显

Pandora V1 的故事可能很快就大结局了,当前的版本有无数的缺陷足够击垮它,流动性和 Holders 也回落明显。但目前有越来越多的项目方在尝试 ERC404 模式,CoinMarketCap 上可统计的就有 25 个。

相信未来 NFT 流动性问题会有更多的解法,ERC404 也能真正的带来下一个 NFT summer。


The author's article only serves as a technical analysis and does not constitute any investment suggestions. Please read carefully what is a binary coin? Generally speaking, it refers to the homogeneity of the original chain or similar agreements. Common ones, such as Isograph, refer to the non-homogeneity that conforms to the agreement. For example, domestic digital collection platforms, such as Boring Ape, such as the model assets issued by Whale Exploration, are also considered to be maps and have their own limitations. For example, some of them are relatively liquid, but they are rare and unique in their own value, but they are often very poor in liquidity, and most of them are blue chips. The depth of liquidity of a project or a project focused on the floor price refers to the specification that it will be mixed in some way. We think that for example, a project that supports the duality of graphics and coins should be homogeneous and non-homogeneous. It can not only enjoy the high liquidity brought by it, but also realize the rarity and uniqueness, which has hype value. But does such a thing really exist? The price is linked to its rarity. Why can it be homogeneous? Pandora's Box was opened during the Spring Festival in 2008. The experimental agreement named and its first project, the voice of rapid fire and criticism, and the voice of praise have created a unique way of mixing pictures and coins. The simple description is that if you buy, you will automatically get the balance, and if you don't have enough money, you will automatically destroy it. If you buy it in your wallet, you will automatically sell it in the same way, and you will automatically reduce it. Use a picture to express the current rules of the mixed logic game. The following are the current Pandora's Box. They have different rarity. According to the contract realization, we can calculate the probability to realize a new version. The code is not well written or very satisfactory, but it solves the most important problem of how to realize the comparison of the three protocols of the interface between and in a contract. By shielding the irrelevant parts of the two interface definitions and comparing which interfaces are cross or conflict, we can find that the four conflicting interfaces are all transfer-related, and the semantics of the last parameter in the contract is the limit, while the semantics of the parameter in the contract is the number represented. In the implementation of the contract, the semantics of this parameter is modified to The method of distinguishing when it is yes is also very simple. According to the size of the value, similar to what we say in the world, the actual corresponding value is yes, so it is generally an increasing integer from the beginning. Although it is an integer, the actual order of magnitude is different. For example, the contract records how many times it has been recorded. If the current value is less than or equal to it, it is considered yes. Otherwise, is this logic useful? Is it reasonable? Besides, the logic is not to transfer, but to destroy the original account and cast the new account. The advantage of the game is to match the liquidity and realize it simply by thinking about the situation of insufficient transfer, but it has brought exaggerated consumption. With reference to the transfer of this transaction, it has produced a new narrative and new opportunities, and the gameplay has brought several hidden rules. The existing price is not too different from the existing price, and only one situation is collected. In other words, the only way to replace the low rarity with the high rarity is to keep the total supply of transactions as the most represented. If I master the magic of casting a red Pandora's Box stably and then sell it at a high price in the market, can I arbitrage the price indefinitely? These data provide the theoretical basis for arbitrage. The floor price bought in the past week is greater than the above data, and there is no rarity of screening. In this case, the profit from wear and tear is subtracted. Refer to the invisible rules above for reference if we can do it forever. Far from being a red Pandora with high rarity, is it more profitable? Let's take a look at the contract and see how the random generation in many works is realized. The rarity achieved by reading the contract is pseudo-random and similar to the project we realized before, so the rarity of the next one is completely predictable. We can speculate purely locally through a script and verify that this logic is completely correct, that is, we speculate on the future life. If we don't consider the liquidity reduction of the current project, it will be a very popular financial behavior summary and not the first agreement to explore liquidity. The project has been fragmented for a long time, including an innovation, but why is everyone in such a high mood this time? I think it's a good name, but the implementation of the first version of the contract is very poor, so the official is also actively promoting the version community to have a third party to achieve it, and what's more, a new agreement is called naming genus. Sex is full of liquidity, and the story of obvious decline during the Chinese New Year may soon come to a big conclusion. The current version has countless defects enough to crush it, and the liquidity has also dropped significantly. But at present, there are more and more project parties trying the model, and one of them can be counted. I believe that there will be more solutions to the liquidity problem in the future and it will really bring the next one. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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