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    5 Best New BSC Cryptocurrencies To Invest In 2023

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    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

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    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

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    XRP Whales Accumulate Massive Tokens

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    Solana Rally Could Gather Pace above $30

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    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Best Crypto Exchange Affiliate Programs in 2023

    Best Crypto Exchange Affiliate Programs in 2023

    What does Crypto Index fund Means and How to Invest?

    What does Crypto Index fund Means and How to Invest?

    Who Will Reach $1 First In 2023?

    Who Will Reach $1 First In 2023?

    5 Best New BSC Cryptocurrencies To Invest In 2023

    5 Best New BSC Cryptocurrencies To Invest In 2023

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    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

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    5 Reasons Why Shiba Inu Will Rule The Crypto Market In 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

  • Analysis
    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

    Ethereum Price Holds Ground And Sees Fresh Rally, Bulls Are Not Done Yet

    Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

    Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

    Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

    Ethereum Price Another Rejection Signals Risk of Bearish Reaction

    Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

    Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

    Rallies 10%, Polygon Bulls Aim Big

    Rallies 10%, Polygon Bulls Aim Big

    XRP Whales Accumulate Massive Tokens

    XRP Whales Accumulate Massive Tokens

    Solana Rally Could Gather Pace above $30

    Solana Rally Could Gather Pace above $30

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CryptoPunks as collateral? How Chainlink and JPEG’d are doing just that

2021-10-21
in DeFi
0
CryptoPunks as collateral? How Chainlink and JPEG’d are doing just that
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Deposit and Earn Up to $3000 Bonus

Chainlink value feeds can be used to energy DeFi providers on JPEG’d, a lending protocol that allows NFT holders a possibility to acquire credit score on their belongings whereas nonetheless retaining possession of them.

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Chainlink oracle networks present good contracts with a option to reliably hook up with any exterior API and leverage safe off-chain computations for enabling feature-rich functions. The protocol at the moment secures tens of billions of {dollars} throughout DeFi, insurance coverage, gaming, and different main industries.

Turning to Chainlink

As per a launch shared with Crypto, JPEG’d is merging the time-tested Collateral Debt Place (CDP) mannequin with NFT collateral to allow a brand new DeFi primitive known as Non-Fungible Debt Positions (NFDPs). Although JPEG’d, customers will be capable to mint a decentralized stablecoin known as PUSd that’s totally collateralized by their NFTs. 

Like all lending and borrowing platforms, upholding the solvency of the platform requires a safe decentralized oracle resolution to precisely value the NFTs used as collateral. As a result of their distinctive non-fungibility, the character of NFT liquidity (or typically lack thereof) is totally different from fungible ERC20 tokens.

To bridge the 2 ecosystems, JPEG’d is working with Chainlink to launch a customized decentralized oracle resolution for pricing NFT belongings, beginning with CryptoPunks.

This Chainlink Value Feed shall be foundational to the JPEG’d platform, which serves as a brand new DeFi primitive that enables customers to leverage their current NFTs as collateral to acquire loans, all in a trust-minimized and permissionless method. 

The way it works?

For the preliminary integration, the Chainlink Value Feed will quantify the Time-Weighted Common Value (TWAP) of each gross sales and flooring costs to create a blended value that shall be used to worth flooring punks. This oracle excludes wash-sales, outliers, and shall be periodically written on-chain by Chainlink’s community of decentralized Node Operators. 

Utilizing a TWAP helps mitigate outlier occasions by taking the common of a number of gross sales over a predefined time frame, making manipulation considerably tougher and costly to tug off. 

Moreover, by solely monitoring the common value of the lowest-priced flooring CryptoPunks (in different phrases all the pieces however apes, aliens, and zombies), the protocol can assist stop the problem of customers borrowing extra in funds than their NFT is definitely value. 

This helps to resolve the problem of variable pricing for various NFTs in a set through the use of the least widespread denominator. Extra particulars to be offered at launch.

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