Milady Fumo Baby 404
| Milady Fumo Baby 404 | |
|---|---|
 | |
| Parent group | Remilia Corporation |
| Supply | 397 |
| Contract | 0x5751...0413 |
| Website | https://blog.remilia.org/fumo-404 |
Milady Fumo Baby 404 is a DN404 hybrid NFT collection created as a hard fork of the original Milady Fumo Baby NFT collection following a security breach that compromised Remilia Corporation in March 2024.[1] The collection implements the DN404 standard developed by Vectorized, combining both ERC-20 fungible token and ERC-721 NFT functionality in a self-fractionalizing model.[2]
Background
The original Milady Fumo Baby collection launched in June 2023 as part of Remilia Corporation's $FUMO token project, which operated on a Uniswap v2 bonding curve mechanism.[3] Users could burn whole $FUMO tokens to redeem Milady Fumo Baby NFTs and, until October 31, 2023, receive a redemption ticket for a physical MegaSize Alien Milady Fumo plush.[4]
On March 16, 2024, Remilia Corporation's wallets were compromised in a security breach that resulted in the theft of cryptocurrency and NFTs valued at several million dollars.[5] The attacker drained the $FUMO liquidity pool from Uniswap and threatened to execute a mass mint attack on the Fumo NFT collection.[3]
Hard fork implementation
In response to the security breach, Remilia deployed a new canonical Milady Fumo NFT collection in April 2024 using the DN404 standard.[6] The solution forcibly redeemed all existing $FUMO tokens into corresponding Fumo NFTs while excluding tokens held by the attacker's address, essentially forking the collection away from the hacker's control.[3]
The DN404 implementation solved the problem of users holding fractional amounts of $FUMO tokens by creating a self-fractionalizing NFT model.[3] Based on Vectorized's DN404 contract, the system produces an asset that can be traded as both an ERC-20 fungible token and an ERC-721 NFT.[2] When a user obtains one whole unit of the ERC-20 token (ticker: $FUMO404), an ERC-721 NFT is automatically minted for them. Conversely, when a user trades away one of the ERC-721 NFTs, one whole unit of the ERC-20 token is also transferred.[3]
Distribution
New versions of all original Alien Fumo Baby NFTs were airdropped to their owners as Milady Fumo Baby 404 NFTs.[3] $FUMO404 token holders received twice the amount of $FUMO404 tokens to account for the original conversion rate of one token to two NFTs.[3] The airdrop snapshot covered the top 250 $FUMO404 token holders, as holders below this threshold possessed effectively dust amounts (less than 0.02 $FUMO), and specifically excluded the hacker's address.[3]
The project was distributed as a 100% community-owned airdrop, with Remilia Corporation not allocating any $FUMO404 tokens to itself.[3]
Design features
To commemorate the March 16 security breach, a special bloody overlay was applied to 25% of newly minted Fumo NFTs that were force minted following the hack, providing an additional rarity element to the collection.[3] The migration also addressed community feedback regarding art quality issues in the original collection, where some 3D assets had clipping errors.[3]
The collection maintains Remilia's stated goal for Milady Fumo NFTs to be rigged as metaverse and VTube-ready interoperable models.[3]
Technical implementation
The DN404 standard represents an improvement over earlier experimental ERC-404 implementations by using a dual-contract architecture.[7] The system employs a base ERC-20 contract for fungibility paired with a mirror ERC-721 contract for non-fungibility, maintaining full compliance with both the ERC-20 and ERC-721 specifications while enabling seamless transfers between the two token types.[2]
This architecture allows the collection to be traded on both NFT marketplaces like OpenSea and decentralized exchanges that support ERC-20 tokens, introducing native fractionalization and enhanced liquidity to the NFT format.[8]
See also
References
- ↑ "Milady $FUMO Redux: $FUMO404 Hard Fork". Remilia Corporation. Retrieved December 11, 2024.
- ↑ 2.0 2.1 2.2 "dn404: Implementation of a co-joined ERC20 and ERC721 pair". GitHub. Retrieved December 11, 2024.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 "Milady $FUMO Redux: $FUMO404 Hard Fork". Remilia Corporation. Retrieved December 11, 2024.
- ↑ June 26, 2023. "Remilia Corporation Launches MegaSize Alien Milady Fumo". PR Newswire. Retrieved December 11, 2024.
- ↑ March 16, 2024. "Remilia Founder Claims Hack After NFTs, ETH Transferred To Asset Liquidation-Linked Wallet". International Business Times. Retrieved December 11, 2024.
- ↑ "FUMO - Know Everything about The Cryptocurrency". HTX Exchange. Retrieved December 11, 2024.
- ↑ 0xShakib (2024). "DN404 solves the Erc404 problem by using two smart contract standard". Medium. Retrieved December 11, 2024.
- ↑ February 2024. "Following ERC-404, Here Comes DN404 + More NFT News". Cryptonews. Retrieved December 11, 2024.