JPEG'd (OLD) JPEG Price

Launched in September 2021, JPEG'd entered the decentralized finance (DeFi) and non-fungible token (NFT) space with the ambitious goal of connecting these two rapidly expanding domains. The project, founded and advised by The Chad Council, boasts notable figures such as Tetranode, Dopex, The LAO, DC Investor, and Carson Cook among its advisors.

JPEG'd introduces a unique concept: the creation of non-fungible debt positions (NFDPs), enabling NFT holders to use their assets as collateral. This novel approach extends to musical artists, allowing them to tokenize their music and obtain a line of credit in $PUSd.

The financial model within JPEG'd includes a loan interest rate of approximately 2% APY, dynamically adjusted to stay competitive. Users face a 0.5% withdrawal fee, which aids in powering the treasury and incentivizing liquidity provision. Interest accumulates as long as users maintain open debt positions, requiring full repayment for NFT retrieval.

The project received significant backing, securing $2 million in funding for 5% of its supply from angel investors in February 2022. JPEG'd expanded its offerings in October 2022 by opening vaults for Azuki and Pudgy Penguins, featuring a 2% borrow rate on PUSd and 5% on pETH.

In July 2023, JPEG'd faced a setback when 5,495 ETH were stolen from Curve Finance. The project, however, took an unconventional route by rewarding the hacker with 610.6 ETH, considering the incident a "white-hat rescue." The funds were subsequently returned to the decentralized autonomous organization multisig wallet associated with JPEG'd.

Addressing the aftermath of the exploit, JPEG'd initiated a PIP-74 snapshot voting, resulting in the distribution of recovered funds through new pools for the pETH/WETH and JPEG/pETH pairs. A 24-hour window was granted for open positions to repay their debt before the resumption of liquidations.

At the core of JPEG'd is its native utility and governance token, $JPEG, with a total supply of 69,420,000,000. Initially designed as a governance token with no intrinsic value, $JPEG allows token holders to actively participate in governance decisions. This includes adjusting protocol settings, vault debt limits, interest rates, and granting higher credit limits for specific NFTs based on community approval.

In conclusion, JPEG'd navigates the intersection of DeFi and NFTs, offering a unique financial model and governance opportunities through its $JPEG token. Despite facing challenges, the project continues to evolve, driven by its commitment to innovation and community engagement in the dynamic landscape of decentralized finance and non-fungible tokens.

In July 2023, JPEG'd faced a security breach when 5,495 ETH were stolen from Curve Finance. The project, in an unconventional move, returned the stolen funds, awarding the hacker with 610.6 ETH, deeming the incident a "white-hat rescue." The funds were subsequently returned to the decentralized autonomous organization multisig wallet associated with JPEG'd.

What is unique about JPEG'd (OLD) (JPEG)?

JPEG'd stands out for its innovative approach in bridging DeFi and NFTs, allowing users to create non-fungible debt positions (NFDPs) using their NFTs as collateral, while also enabling musical artists to tokenize their music and obtain a line of credit in $PUSd.

Who are the founders of JPEG'd (OLD) (JPEG)?

JPEG'd was founded and is advised by The Chad Council, a group comprising influential figures in the DeFi and NFT space, including Tetranode, Dopex, The LAO, DC Investor, Carson Cook, and others.

Who are the backers/investors of JPEG'd (OLD) (JPEG)?

In February 2022, JPEG'd secured $2 million in funding for 5% of its supply, primarily from angel investors who recognized the project's potential and value in the evolving DeFi and NFT landscape.

Where can I buy JPEG'd (OLD) (JPEG)?

You can buy JPEG'd (OLD) (JPEG) on Sushiswap cryptocurrency exchanges.