Watch out for ERC404 liquidity rug pulls today
These are not NFTs with unlocked liquidity, they’re meme coins minted with a picture attached that can be fully rug pulled unlike a traditional NFT mint. Malicious devs will be deploying ERC404’s for free ETH as they gain traction
ERC404 is a bad implementation of ERC721 and ERC20 in a single contract
The inefficient gas consumption is veiled as an “optimized” contract despite using the bloated ERC721 enumerable library
They could reduce gas costs by 75% if they were to rewrite their code
After Azuki, ERC721A was ushered to all mints. Now many projects claims they have their own variation of ERC721. That’s dangerous, they’re not official EIP’s and one bad contract could be spread across to many projects. Let’s avoid making this a thing and stick with 721 or 721A