TokenInsight news, the decentralized lending protocol JPEG'd will kick off a 3-day token donation campaign on February 23rd. All participants will receive $JPEG tokens at the same rate based on the total amount donated to DAO, participants can donate $ETH or $USDC with an initial price of $0.00057. A total of $2,082.6 million $JPEG (30% of the total supply) will be used for this donation campaign. $JPEG is a valueless governance token that has no economic value. Holders of $JPEG can create or vote on governance proposals, such as changing debt limits on vaults, changing deposit, interest fees, insurance, or any other type of fees, approving increased credit limits for certain NFTs, etc. JPEG'd aims to bridge the gap between DeFi and NFT, enabling NFT holders to receive credit for their assets while retaining ownership. JPEG’d has developed an insurance mechanism that will allow depositors to repurchase their NFTs back from the DAO in the event of a liquidation. It is said that the first NFT collection supported by the protocol will be Cryptopunks, which will be extended to all NFTs in the future, including EtherRocks, BAYC, Art Blocks, etc.Source
Get the most concise crypto news, research, and insights by subscribing to our free newsletter.