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

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

October 1, 2021
Best Crypto Guide for Beginners | #shorts #crypto

Best Crypto Guide for Beginners | #shorts #crypto

May 23, 2022
Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.

Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.

May 23, 2022
Ripple to Pak Rupee on February 03, 2022

Ripple to Pak Rupee on May 23, 2022

May 23, 2022
Martin Shkreli Says He Toyed With Crypto, Vitalik Buterin Reacts

Martin Shkreli Says He Toyed With Crypto, Vitalik Buterin Reacts

May 23, 2022
terminal wave may be a headwind [Video]

Lure fools into crappy Altcoins for profit

May 23, 2022
Top cryptocurrency prices today: Bitcoin, Ethereum, Solana, Avalanche gain up to 5%

Top cryptocurrency prices today: Bitcoin, Ethereum, Solana, Avalanche gain up to 5%

May 23, 2022
Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

May 23, 2022
Blockchain Technology In Bfsi Market Biggest Innovation with Top Key Players -IBM, Microsoft, Amazon – The Daily Vale

Blockchain Technology In Bfsi Market Biggest Innovation with Top Key Players -IBM, Microsoft, Amazon – The Daily Vale

May 23, 2022
Are we afraid to work in crypto sector?

Are we afraid to work in crypto sector?

May 23, 2022
Google Betting Big On This EXPLOSIVE Altcoin (Theta Price Prediction)

Google Betting Big On This EXPLOSIVE Altcoin (Theta Price Prediction)

May 23, 2022
Is there any future for algorithmic stablecoins?

Is there any future for algorithmic stablecoins?

May 23, 2022
Cryptocurrency Prices Today Surge. Bitcoin Above $30,000; Terra Rallies Over 70%

Cryptocurrency Prices Today Surge. Bitcoin Above $30,000; Terra Rallies Over 70%

May 23, 2022
OOF CRYPTO
  • Home
  • Bitcoin
  • Ethereum
  • Solana
  • Altcoins
  • Market & Analysis
  • ICO
OOF CRYPTO
No Result
View All Result

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

by oof_pj
October 1, 2021
in Chainlink
0


Bybit Welcome Bonus: Up to $600 in Rewards

Chainlink price feeds can be used to energy DeFi companies on JPEG’d, a lending protocol that permits NFT holders a chance to acquire credit score on their belongings whereas nonetheless retaining possession of them.

Chainlink oracle networks present sensible 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 presently secures tens of billions of {dollars} throughout DeFi, insurance coverage, gaming, and different main industries.

Turning to Chainlink

As per a launch shared with CryptoSlate, JPEG’d is merging the time-tested Collateral Debt Place (CDP) mannequin with NFT collateral to allow a brand new DeFi primitive referred to as Non-Fungible Debt Positions (NFDPs). Although JPEG’d, customers will be capable to mint a decentralized stablecoin referred to as PUSd that’s absolutely 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. Because of their distinctive non-fungibility, the character of NFT liquidity (or usually 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 present 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 ground costs to create a blended value that shall be used to worth ground 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 typical of a number of gross sales over a predefined time period, making manipulation considerably tougher and costly to tug off. 

Moreover, by solely monitoring the typical value of the lowest-priced ground CryptoPunks (in different phrases every thing however apes, aliens, and zombies), the protocol can assist forestall the difficulty of customers borrowing extra in funds than their NFT is definitely price. 

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

Get an edge on the cryptoasset market

Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.

On-chain evaluation

Value snapshots

Extra context

Join now for $19/month Explore all benefits

YOU MAY ALSO LIKE

Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.

Expedient Jig Lets You Crank Out Chain Link Fence

Bybit Welcome Bonus: Up to $600 in Rewards

Like what you see? Subscribe for updates.



Source link

Tags: ChainlinkcollateralCryptoPunksJPEGd
ShareTweetPin

Search

No Result
View All Result

Recent News

Best Crypto Guide for Beginners | #shorts #crypto

Best Crypto Guide for Beginners | #shorts #crypto

May 23, 2022
Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.

Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.

May 23, 2022
Ripple to Pak Rupee on February 03, 2022

Ripple to Pak Rupee on May 23, 2022

May 23, 2022

Recent News

  • Best Crypto Guide for Beginners | #shorts #crypto
  • Five Additional Grayscale Products Now Trading on OTC Markets – El Paso Inc.
  • Ripple to Pak Rupee on May 23, 2022

Categories

  • Altcoins
  • Bitcoin
  • Blockchain
  • Chainlink
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • ICO
  • Litecoin
  • Market & Analysis
  • Rippl
  • Videos

Follow Us

Find Via Tags

Altcoin Altcoins analysis Analyst Bitcoin blockchain BTC Buy Cardano Chainlink coin Crypto Cryptocurrencies Cryptocurrency DeFi Digital DOGE Dogecoin ETH Ethereum exchange Heres Inu Investors launches Litecoin Market Markets metaverse news NFT NFTs Price Prices rally Ripple Ripples Shiba Solana Today token Top Trading Week XRP
  • Privacy & Policy
  • About Us

© 2021 oof Crypto

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Solana
  • Altcoins
  • Market & Analysis
  • ICO

© 2021 oof Crypto