Team PS4NoBd, led by developer CelesteBlue, have released PS4Brew 4.74, a port of the 5.05 Jailbreak, for firmware 4.74. The hacker credits a huge chunk of the work to famous PS4 developer SpecterDev (4.74 JOP chain + ROP Kdumper), as well as from Zecoxao (code + 4.74 patches implementation).

If you’re familiar with the PS4 scene, you already know that the latest exploitable firmware is firmware 5.05. In general, at this point we recommend users on a firmware below that to simply upgrade to 5.05, and Jailbreak the PS4 from there.
But it turns out that folks with a broken BluRay drive cannot upgrade past their current firmware (in this case, 4.74). Error code CE-35888-2 has been mentioned as one of the errors you can get that indicates a broken (or improperly “married”) Blu Ray drive.
PS4Brew 4.74 is therefore here to help these folks enjoy the kernel exploit nonetheless.
If you are on an already hackable firmware such as 4.55, or 5.05, CelesteBlue recommends staying on your current firmware.
The hacker also hinted at more features to come for people with BD drive issues.

If you have a 4.74 PS4 with a broken BD drive that’s preventing you from upgrading, you can now Jailbreak your console: point your PS4’s browser to or to and you’ll run the exploit. As to how to use the exploit once it’s loaded, you can check details on our PS4 Jailbreak page.
Sources will follow shortly, according to CelesteBlue.
Please note that I do not have a PS4 running 4.74 and I haven’t tested this release.
Source: CelesteBlue