Tell us about yourself, what you are building, and why you chose to work on it.
Our team has been working hard on TrashNFTs, an innovative project built on Base that leverages the unique properties of the ERC404 token standard. Trash NFTs is an art product that combines some of the unique traits of web3 technology, such as governance, decentralized markets, and internet value transfer with high-quality artwork. We chose to build TrashNFTs on Base because we believe in the future of the Superchain and the supportive community of builders it fosters.
Our team is a lean, hungry team of close friends who were brought together by ATX DAO and wanted to build something fun and new as a crew. We had the idea for Trash NFTs as a way to combine artichokelord’s incredible artwork with powerful tech to create something fun that pushed the boundaries of what’s possible for a memecoin.
Team:
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Jesse, realitycrafter.eth - UX Engineer
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Kathleen, artichokelord - Artist & Designer
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Mason, 512mace - Community & Marketing
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Willy, willywonka.eth - Product
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Jacob, hotmanics - Engineer
What is ERC404?
ERC404 is an experimental token standard pioneered by Pandora on February 2, 2024. ERC404 tokens embrace characteristics of both ERC20 and ERC721 tokens:
They are “semi-fungible,” enabling both highly liquid markets and uniqueness within a single asset. This allows collectors to sell their tokens when they want and in pieces, if they’d like, as well as introduces the ability to reroll your NFT traits by making more transactions.
ERC404s are inherently fractionalized and designed to work natively with existing DeFi protocols. While innovative, it’s important to note that ERC404 is also experimental.
Unlike most ERCs, ERC404 is technically not an ERC as it skipped the formal Ethereum Improvement Proposal (EIP) & Ethereum Request for Comments (ERC) processes.
In other words, TrashNFTs is a memecoin, artwork, and governance token all in one. And also trash!
How has the last month been? What did you learn? How has your idea evolved?
The last month has been intense but rewarding. We launched social media, a website, and testnet in early February, followed by mainnet launch, audits, art finalization and a hype video by Feb 9. We participated in ETH Denver and learned a lot about teamwork, setting manageable deadlines, and the importance of carefully scoping efforts before committing to ship dates.
When we first launched Trash, we forked Pandora’s contract and raced to be one of the first, if not the first project to deploy an ERC404 on Base. Pandora’s contract was limited to 5 variations of artwork, but we wanted at least 10,000 generative variations. So, we came up with the idea to create a new contract where you could stash your Trash and mint a Dumpster Diver. This contract is named The Dumpster. It is open source and available to any other ERC404 token that wishes to fork it to enable their holders to redeem their ERC404 token for an ERC721.
In addition to the ability to mint an ERC721 by depositing an ERC404, the Dumpster contract enables holders of Dumpster Divers PFP tokens to burn their ERC721 to redeem the original ERC404 that the ERC721 was minted with (retaining the rarity and token ID). A small cleaning fee (0.00042069 ETH, updatable by governance) is charged, and this mechanism can also be used for regenerating/rerolling or ‘recycling’, Dumpster Diver PFPs to get the perfect traits.
The Trash team developed the contracts and UI and launched the Dumpster contract and Dumpster Diver PFPs at ETHDenver from the Base booth during a live stream on unlonely.app.
What does the product/idea look like today? Share videos, images, demos, and anything else that helps people see what you are working on.
This is what the ERC404 token looks like:
This is what the PFPs look like:
Demo video: https://www.youtube.com/watch?v=KORe_xnJx1w
Video of artichokelord drawing the first Dumpster Diver PFP: Warpcast
Looms showing how to mint and trash Dumpster Divers:
[
How to Mint Dumpster Divers - Watch Video
](https://www.loom.com/share/9f816866d81042d294b4c782a3cd0227)
[
Trash Your Dumpster Diver NFT and Get Your Original Token Back - Watch Video
](https://www.loom.com/share/a3078eb205084d368816f0d648b2e081)
We were also a finalist in Backdrop Build V3:
Tell us about any traction / adoption you’ve had over the last month.
We have grown to 194 holders and have generated $1.4M of volume, $14k of revenues from trade fees, and 1,654,148 DEGEN (~$45k) from liquidity mining rewards. We were also a finalist in Backdrop Build V3 (top 5% of applicants). Trash NFTs have built an effective machine: by owning the LPs that facilitate the swaps into $TRASH we capture 1% of the volume and store that in our treasury. We have two liquidity pools: 1) TRASH/ETH and 2) TRASH/ DEGEN, the rapidly growing meme token with utility in the Farcaster network and beyond. This exposes Trash NFTs to volatility, which generates more revenue because arbitrage bots stabilize the price across pools. With the recent increase in DEGEN trading over the past few days, the DAO has been generating ~$1K/day.
Is your product Optimism/Superchain native and will it continue to be?
Yes, TrashNFTs is native to Base and the Superchain, and has primarily focused community-building efforts on Farcaster. We are committed to highlighting the unique benefits of ERC-404 and building with the ethos of community ownership. This is the foundation for future projects in the ecosystem.
How will your product/idea move the Optimism ecosystem forward?
TrashNFTs is the most comprehensive use of ERC404 on the Superchain to date. By pioneering new mechanics around ERC404 and empowering the community through our DAO (Waste Management), we are pushing the boundaries of what’s possible on Optimism. If we can invest resources into this, we will be able to use what we have built to support other people interested in exploring 404s (and other cool new tech), and a launchpad for onchain art.
What’s the big vision of your product/idea beyond what it is today?"
TrashNFTs is already a profitable, revenue-generating DAO with a strong and growing community. The vision for TrashNFTs is ultimately up to them, and ideas being discussed are funding public goods (like an upcoming community clean up in Venice Beach for Farcon), incubating new technologies (particularly related to ERC404s like the Dumpster contract), and funding and executing other ideas proposed by the community to proliferate to Trash meme.
If you win, how will you use the funding?
Funding would be allocated in three key areas:
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Development to refine and optimize the minting/trashing experience on our website
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Marketing support to amplify awareness of TrashNFTs and all the innovative things the project is doing.
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Funding and executing ideas proposed and ratified by the community
If you win, what are you focused on over the next three months? What do you want to accomplish?
Over the next three months, we will focus on refining our messaging, building out the DAO, and investing in efforts to grow the TrashNFTs community and brand.
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Rebuild the website: right now The Dumpster is not optimized and the information about what the project is, is not communicated correctly.
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Farcon event: by hosting a beach part that doubles as a clean-up day, we will
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Marketing push: we rushed the release of the PFP collection, which we believe is strong enough to be its own project. The art deserves a stronger marketing push, and when people hear about Trash NFTs, they like it - so we owe it to the DAO to get the word out.
Share links to any updates, forum posts, tweets, etc. that document your active work over the last month.
Announcement cast: Warpcast
Explainer frame: Warpcast
Hype video: Warpcast
First community proposal: Warpcast
First community meme: Warpcast
Trash Day Livestream: Warpcast
Stickers: Warpcast
PFP Launch Announcement Video: Warpcast
Announcing our status on DEGEN LP leaderboard: Warpcast
Start of ETH Denver sprint to finish PFPs and Dumpster: Warpcast
Hacking in the ETH Denver arena: Warpcast
Hacking in the ETH Denver arena some more: Warpcast
PFP Launch Hype Video: Warpcast
Base Booth Announcement: Warpcast
Minting Live: Warpcast
10K revenue milestone: Warpcast
Backdrop Build Demo Video: Warpcast
Backdrop Build Finalist: Warpcast
$onchain partnership: Warpcast
Vesting schedule activated: Warpcast
First X space: Warpcast
Share any links to your website, socials, etc.
Warpcast: Warpcast
Telegram channel: Telegram: Join Group Chat
Discord: TrashNFT
Website: www.trashnfts.com
X: https://twitter.com/trashnfts404
Snapshot: Snapshot
Forum: https://metaforo.io/g/dumpsterdivers
Dumpster Divers OpenSea: https://opensea.io/collection/dumpster-divers
Dumpster Divers PFP OpenSea: https://opensea.io/collection/dumpster-divers-pfp
Anything else we should know? Share it here.
We’re committed to the Base/Optimism ecosystem and excited to keep building. Receiving this grant would empower us to double down on development and go even bigger with our vision.