Setter

What is DN-404 and Why Should You Care About Hybrid DeFi?
TL;DR: It’s an NFT that’s also a token!

A DN-404 is a dual token combining fungible ERC20 tokens and non-fungible 721 NFTs. Minted via Ethereum’s DN-404 standard, each NFT in a DN-404 collection represents x number of tokens. The exact number of tokens per NFT can vary based on the collection’s unique tokenomics—rarity can also affect the token allotment per NFT.

Why Does This Matter?
DN-404 brings the best of both worlds, blending fungible tokens and non-fungible tokens:
Fungibles:
	•	Instant liquidity
	•	Lower barrier to entry
	•	Larger community
	•	Attracts interest from DeFi/Crypto natives
Non-fungibles:
	•	Unique art and traits
	•	Brandable PFPs
	•	‘Re-roll’ for rare traits
	•	Huge potential for in-game items & lootboxes

Official Setter account, /setter channel — backed by @a16z @a16zcrypto

Learn More About Dual Tokens
The DN-404 token sits at the heart of the Setter ecosystem, offering the perfect hybrid of fungible and non-fungible elements. This includes the $STR token (ERC-20) and the Setter Pass NFT (ERC-721), which provide both utility as rewards and essential access within the Setter network.

Dynamic Ownership
The DN-404 token can adjust based on user actions:
	•	If your DN-404 amount is less than x, it behaves like a fractional ERC-721, allowing you to trade partial ownership.
	•	If the DN-404 amount equals or exceeds x, you receive full NFT benefits alongside ERC-20 functionality.

Why It’s Flexible
DN-404 extends traditional tokens’ capabilities with features like:
	•	Direct Token Transactions: Send and receive DN-404 like any ERC-20 or ERC-721 token.
	•	Fractional and Full Ownership: Buy, sell, or trade fractional parts of DN-404, or own the full NFT for complete ownership.
	•	Cross-Platform Utility: Use DN-404 across different platforms and exchanges, maximizing its utility within the Setter ecosystem and beyond.

The Setter Pass & $STR Token
The Setter Pass DN-404 token can dynamically change based on $STR holdings:
	•	If the DN-404 amount is less than $STR 100,000, it behaves as ERC-20 token(s), allowing trading.
	•	If the DN-404 amount is $STR 100,000 or more, you receive full NFT and ERC-20 benefits.

How Do I Swap?
You can trade your DN-404 NFT just like any other NFT on a marketplace. The fungible side, $STR, can be traded on any DEX that supports ERC-20 tokens. Both the Setter Pass and $STR Token are instantly tradeable, giving users the flexibility to engage with web3 technologies seamlessly.

The Future of Digital Assets
Dual tokens like DN-404 are reshaping digital asset engagement, offering more flexibility, accessibility, and personalization. Whether through DeFi, NFTs, or hybrid models, users can now interact with web3 in ways that better suit their needs and goals.