Solv Protocol, the pioneer of financial non-fungible tokens (NFTs), introduced the Initial Voucher Offering (IVO) at the end of the previous year. With this move, the platform turned into the earliest project based on Web3 technology to introduce the concept of the semi-fungible token within the DeFi ecosystem. On 3rd September, this year, the conclusive publicity period of the standard draft of ERC-3525 ended, signifying its adoption across the industry.
ERC-3525 of Solv Protocol Approved Today to Provide More Options Post-Merge
It is also considered that the initial token standard approved following Ethereum’s upcoming upgrade will be ERC-3525. It will represent semi-financial bonds – which are suitable for vesting plans, insurance policies, bonds, and financial instruments. Today, ERC-3525 got approved. Dissimilar to the majority of the unique specialized and little standards, the span of ERC-3525 is bigger and has been structured by the team of Solv Protocol.
ERC-3525 counts as an exclusive asset class, semi-fungible tokens, having the same scale as ERC-721 and ERC-20, along with FT assets. It is presently available for many billion dollars. In 2018, a non-fungible token market was initiated by ERC-721 and the valuation of the NFT those NFT assets is nearly billions of dollars. The fungible tokens are interchangeable based on their identical nature.
This term is straightly linked to the physical world-based value units such as common stocks and currencies. In 2015, at the point of the establishment of Ethereum, the founder of the platform – Vitalik Buterin – suggested the fungible tokens’ implementation via smart contracts. Then in November of the same year, the ERC-20 standard was proposed by Fabian. In the next year, the status of being the most broadly utilized and renowned standard for digital tokens was occupied by ERC-20, starting a wide industry of several hundred billion dollars.
Apart from that, the non-fungible tokens (NFTs) are not identical to FTs. Each of them has unique characteristics and is irreplaceable. Fungible tokens represent abstract quantity units whereas the non-fungible tokens denote concrete digital items like game equipment, music, domain names, virtual artwork, and so on. To signify distinctiveness, a unique ID is possessed by each NFT based on the serial number and address of the contract as well as metadata.
ERC-721 is considered to be the chief standard for non-fungible tokens, proposed on the behalf of William Entriken along with 3 others in January 2018. The earliest 3 years after the start of the non-fungible token industry were probably of obscure support. Until the previous year, the crypto artworks’ progress let the NFT market surge rapidly. The initial 5 months of this year witnessed the incorporation of up to $36B via non-fungible tokens.
ERC-3525 Standard Can be Easily Split, Calculated, and Merged with Flexibility
ERC-3525 is specified for the construction of diverse innovative financial assets like asset-backed securities, fund shares, insurance contracts, swap contracts, futures, options, bonds, exchange bills, deposit certificates, and so on. These tokens can be easily calculated, merged, and split, with flexibility just like a fungible token.
