OKX will develop a new token standard

OKX has entered into partnerships with Biconomy, ZeroDev and Rhineston. Together, the platforms will create a new token standard, ERC-7579. This is stated in the official press release trading platform.

Another token standard, but for wallets

It is reported that ERC-7579 will simplify the management of modular smart accounts, a component of account abstraction technology. With its help, smart contracts gain functionality similar to modules.

Special plugins allow developers to implement advanced functionality, including automatic transactions or improved security protocols.

Smart accounts, for example, can be configured in such a way that you can create a crypto wallet without a seed phrase. Only email is required. However, managing them will not be easy – this is precisely why the developers came up with a new standard.

ERC-7579 will be created to achieve two main technical goals:

• provide a minimal and standardized approach to working with modular smart accounts;
• increase interoperability of modular smart accounts across different crypto wallet providers.

OKX previously announced that it will begin supporting four Ordinals label standards. According to the developers of the crypto exchange, they have a beneficial effect on the ecosystems of the largest cryptocurrencies.

Two new standards are taking over the market

In early February, the market was captured by ERC-404 assets. This is an unofficial, experimental token standard that combines the characteristics of ERC-20 and ERC-721. It allows the creation of fractional non-fungible tokens (NFTs). Thanks to this, several wallets can own part of one NFT at once.

The trading volume of ERC-404 in the first week exceeded $200 million. According to Dune, the figure has now almost reached $700 million. The first and most popular project with tokens of this standard was Pandora (PANDORA).

However, the hype around the innovative technology has led to the fact that the average commission on the Ethereum network has become too expensive. Gas bills have risen to an eight-month high. In response to this, the developers introduced another standard – DN-404.