JPEG’D is a decentralized lending protocol for NFTs. It is a lending protocol on the Ethereum blockchain that allows users to use NFT as collaterals. Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (JPEG/USDT – Trade it here) on our Assessment Zone, check it out now!
How Does JPEG’D Work?
JPEG’d is an Ethereum blockchain-based decentralized lending protocol. It allows non-fungible token (NFT) holders to open collateralized debt positions (CDPs) using their NFTs as collateral. Now, users can mint PUSd and pETH and obtain leverage on their NFTs. Meanwhile, PUSd is the protocol’s native stablecoin and pETH is the protocol’s native Ethereum derivative.
JPEG’D is independent of any central entity. It is fully permissionless and decentralized. Furthermore, their governance token JPEG oversees, administers, and modifies protocol parameters. Currently, they are aiming to bridge the gap between NFTs and DeFis. They hope to create a system where users can obtain a line of credit on the protocol using their NFTs as collateral.
Which Collection does JPEG’D Support?
JPEG’D will only support collections that the governance community approves. Currently, they are already supporting multiple big-name NFTs. Among the list, they support the popular Bored App Yacht Club and Mutant Ape Yacht Club. Furthermore, they support CryptoPunks, EtherRocks, and many more.
They also understand that certain characteristics in NFT collections make certain items uncommon in comparison to the rest of the collection. Therefore, they are adding trait multipliers for CryptoPunks and Bored Apes to help them correctly assess the value of rare items. Check it out now at their whitepaper!
How Does JPEG’D Lending Mechanism Work?
JPEG’D employs a peer-to-peer lending mechanism. Therefore, liquidity or external factors does not affect the protocol. Now, borrowers can benefit from several methods and powerful options. For example, Chainlink Oracles that secures the NFT Floor pricing, liquidation insurance, boosting positions, and many more.
Users can also borrow pUSD or pETH against their supported NFT stored in a JPEG-encrypted vault. PUSd, the protocol’s native stablecoin, is minted against each borrow position at a 2% borrow rate and burned when the position is closed. Furthermore, the Curve PUSd/3CRV pool allows exchanges for any other major stablecoin such as DAI, USDC, and USDT. Users can easily accomplish these swaps using the dApp’s swap tab.
On the other hand, users can also borrow the protocol’s native Ethereum token, pETH with a 5% interest rate. However, a user cannot borrow both PUSd and pETH from the same vault.
Where to buy JPEG Token
You can find JPEG here at MEXC! We are listing JPEG/USDT in our Assessment Zone!
What is the Price of JPEG Token?
JPEG is currently trading at $0.001239 per unit. It has a market cap of $25,811,628 and a fully diluted market cap of $86,082,393. It also has a 24-hour trading volume of $1,779,573. You can check the live price of their token right here!
How to buy JPEG Token
You can buy JPEG Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “JPEG” using the search bar to see the available trading pairs. Take JPEG/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of JPEG you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy JPEG] to confirm your order. You will find the purchased JPEG in your Spot Wallet.
You can find a detailed guide on how to buy JPEG Tokens here.
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