Ethereum Has Gatekeepers (for Good Reason)

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The ERC-404 token, initially thought to be a joke referencing the "page not found" error, is a real project that has stirred controversy due to its unconventional launch. The token aims to create "semi-fungible" tokens by combining ERC-20 and ERC-721 standards, which could improve liquidity and ownership division for non-fungible tokens (NFTs). However, the project bypassed the usual community vetting process and documentation required by Ethereum standards, leading to criticism from the Ethereum community. Critics argue that the project undermines the established development process and could be unsafe due to lack of auditing. Despite this, the first ERC-404 token, Pandora, achieved a $188 million market cap, and prominent exchanges like OKX and Binance have supported the classification.