JPEG’d Integrates Chainlink

JPEG’d — a novel protocol bridging the gap between DeFi and NFTs — is secured by Chainlink NFT Floor Pricing Feeds on Ethereum mainnet.

By leveraging floor price feeds across a number of “blue-chip” NFT collections such as Cryptopunks and Bored Ape Yacht Club, JPEG’d enables users to take out loans using their NFTs as collateral. Chainlink NFT Floor Pricing Feeds help provide users with stronger assurances that loan amounts and liquidations will be determined according to highly secure and accurate NFT floor price data.

JPEG’d is a lending platform that accepts NFTs as collateral for Collateralized Debt Positions (CDP). Similar to MakerDAO, when users deposit NFTs they mint either pETH (synthetic ETH) or pUSD( synthetic dollar). JPEG’d Integrates Chainlink, pETH and pUSD holders can deposit these tokens on Curve Finance to earn yield, or they can simply swap them for ETH. This unlocks the capital in NFTs with users still retaining ownership of them.

JPEG’d Integrates Chainlink

The protocol is managing by a governance token, JPEG, which enables holders to oversee, administer, and change parameters to the protocol. Interestingly, the token to unlock extra loan value from the NFTs. Rare NFTs can obtain higher valuations by locking JPEG tokens. These rare NFTs receive valuations that are multiples of the NFT collection floor, which is obtaining from Chainlink oracles. As the floor price moves so does the value of these special NFTs.

NFTs from the following collections can be used on the protocol:

• Cryptopunks
• Bored Ape Yacht Club
• Bored Ape Mutant Club
• Doodles
• Pudgy Penguins
• Azuki
• Clonex
• Moonbirds (soon)

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume. Across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation. Across any blockchain and provides global enterprises with a universal gateway to all blockchains.

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About JPEG’d

JPEG’d is a novel and revolutionary lending protocol that will enable NFT holders an opportunity to obtain credit on their assets while still retaining ownership of them. It will also form several synergistic relationships with other protocols within DeFi to increase the value generated by users. JPEG’d has developed a creative insurance mechanism that will allow depositors to repurchase their NFTs back from the DAO in the event of a liquidation.

Website | Twitter

SOURCE:

https://medium.com/@jpegd/jpegd-leverages-chainlink-nft-floor-pricing-feeds-to-help-power-nft-backed-loans-for-cryptopunks-1635e040741b

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Category: DeFI News

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