ETHITEM aims to be a new superstandard for tokens building on Ethereum, it fuses all the functions found in ERC20s, ERC721s, and ERC1155s into one. Essentially, providing a token standard for use in crypto art, games, DeFi, or any other dApp universally.
What is ETHITEM?
ETHITEM is a platform in active development by DFOhub for building ITEMs on top of Ethereum. Currently, we find three classic token standards on Ethereum: ERC20 for tokens, ERC721, and ERC1155 for everything non-fungible token (NFTs) related. As a result, ITEMs are a token standard that is the synthesis of all three together.
It’s a design that’s portable across the whole network and will not face any compatibility issues for any existing DeFi apps or wallets. Excitingly, it means an NFT can now become an ERC20 token. Furthermore, you can use ETHITEM to sell fragments of your collectible.
Advantages of ETHITEM
You now have a token standard that is interoperable across the whole Ethereum universe.
- Auctionable via OpenSea or Rarible.
- Swappable via Uniswap or any other DEX.
- Arbitrage between NFT marketplaces and DEXs!
- Can be pool as liquidity on Balancer or any AMM.
- Compatible with any yield farming operation.
- More gas efficient as it supports batch sending.
- Compatible with all tracking services such as Etherscan and Coingecko.
It opens up a world of possibilities! For example, imagine putting up half of your Aavegotchi on NFTfi for a collateralized crypto loan. Or depositing the art you farmed via MEME in the pool to earn trading fees. Essentially, the ecosystems of collectibles and ERC20 tokens can merge into one with full DeFi integrations. To summarize, you can use ITEMs everywhere!
ETHITEM protocol is community-driven and operates as a Decentralized Flexible Organization (DFO). Essentially, all governance happens 100% on the chain by holders of the equity token ARTE. Currently, the details around farming ARTE tokens are not live – so watch closely!