On the 2nd of March, Pancake Games‘ X account suddenly revealed the new token, GCAKE404. While it excited Pancake users, details about it remained largely unknown. This article aims to shed some light on GCAKE404 by detailing the information that Pancake Games has shared. The posts suggest that PGIB holders may receive GCAKE404, making it particularly interesting for PGIB holders!
What is GCAKE404?
GCAKE404 is a token under the new token standard ERC-404, which combines the characteristics of fungible tokens such as ERC-20 with those of NFTs governed by standards such as ERC-721. According to the posts, holding a certain amount of these tokens automatically mints an NFT in the holder’s wallet, and if the holding falls below a certain threshold, the NFT is automatically burned. This new token standard is expected to energize the NFT trading scene, attracting significant attention from related projects.
The Mechanism of GCAKE404 NFTs
GCAKE404 introduces a different mechanism for NFTs. For example, one NFT will be issued for every 100 GCAKE404s held, with a cap of 10,000 NFTs, some of which will be high rarity. This allows for the NFTs to be burned in liquidity pools, potentially creating a more liquid market environment compared to traditional NFTs.
In addition, unlike before, it will be possible to trade NFTs on DEX, increasing the attractiveness of this venture. Importantly, transaction fees generated from NFT trades will also be shared among users.
Differences Between GCAKE404 and Traditional NFT Projects
The traditional NFT market, while offering proof of ownership and investment opportunities in digital art, has faced several challenges such as liquidity issues, high transaction fees, and the difficulty of dividing ownership. GCAKE404 aims to address these issues by offering:
- Benefits of ownership
- Ease of buying and selling
- Innovative fractional ownership
Owners can receive a regular share of the transaction fees, directly contributing to and benefiting from the success of the project.
In addition, the ability to trade NFTs on DEX at any time allows owners to transact at their convenience. In particular, fractional ownership, enabled by the innovative ERC404 standard, allows multiple individuals to own a portion of an NFT that is divided into multiple tokens.
Bonuses for Existing Users
Existing GCAKE and PGIB holders will benefit from GCAKE404.
For example, the administration plans to use 30% of the transaction fees generated by GCAKE/MATIC trades on Uniswap to buy back GCAKE. This means that the more GCAKE404 is traded, the more the value of GCAKE is expected to increase.
Additionally, another 30% of the fees from Uniswap transactions will be allocated to those holding PGIB. Should there be $100,000 in transaction fees, a sum of $30,000 would be earmarked for distribution among PGIB holders.
GCAKE404 NFT holders will regularly receive 20% of the transaction fees.
In summary, the distribution of fees from a hypothetical $100,000 of transaction fees would be as follows:
- $30,000 distributed to PGIB holders
- $20,000 distributed to GCAKE404 NFT holders
- An additional $30,000 used to buy back GCAKE
If you’re interested in taking advantage of GCAKE404, consider becoming a holder now!
GCAKE404 Overview
GCAKE404 is a new token that Pancake Games plans to launch that will be both cryptocurrency and NFTs.
Transaction fees generated from GCAKE404 trades on Uniswap will be used to buy back GCAKE and distribute it to PBIG holders, making the benefits of GCAKE404 available to everyone.
With the potential for new benefits to be announced, keep an eye on X’s posts!
