Consider the following statements regarding the recent developments in oxygen electrocatalysis:

1. The Centre for Nano and Soft Matter Sciences (CeNS) developed an iron-doped nickel selenide catalyst that improves both Oxygen Evolution Reaction (OER) and Oxygen Reduction Reaction (ORR).

2. The catalyst developed by CeNS relies on expensive precious metals like platinum and ruthenium to enhance reaction efficiency.

3. Metal-Organic Frameworks (MOFs) were used as the precursor material, which was converted to carbon-rich materials through pyrolysis to improve electrical conductivity.

4. The new catalyst demonstrated superior stability and lower energy consumption compared to traditional catalysts in water splitting and hydrogen peroxide production.

How many of the above statements are correct?