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Trending Project: JPEG'd

1. Ticker: JPEG 2. Sector: NFTs - Financialization 3. Network: Ethereum 4. Fully-Diluted Valuation: $241M 5. Total Value Locked: n/a 6. Hotness Rating: 🔥🔥🔥🔥 Analysis A new DeFiGod and Tetranode backed project that lets you borrow against your NFTs JPEG’d is a new protocol that allows users to borrow against their NFTs. Similar to CDP protocols like Maker, holders can deposit their NFTs — currently limited to CryptoPunks — to mint a stablecoin, PUSD. JPEG’d is currently live on the K

Ben Giove
Feb 2, 2023 • 1 min read

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A new DeFiGod and Tetranode backed project that lets you borrow against your NFTs

JPEG’d is a new protocol that allows users to borrow against their NFTs. Similar to CDP protocols like Maker, holders can deposit their NFTs — currently limited to CryptoPunks — to mint a stablecoin, PUSD. JPEG’d is currently live on the Kovan testnet. The project is backed and advised by a litany of DeFi and NFT heavyweights including Tetranode, DeFiGod, DC Investor, Santiago Santos, and others.

The protocol recently held its three-day-long uncapped ‘token donation event,’ in which donors could exchange ETH or USDC for the project's native governance token, JPEG. JPEG’d raised $72.4 million at a $241.4 million FDV through this mechanism, with 30% of the total token supply allocated to event participants.