Welcome, Anon.
We are proud to announce a Token Generation Event (TGE) that will launch a new DeFi primitive: NFDPs (non-fungible debt positions). The pillar of DeFi is the permissionless and trustless collateralized debt position, enabling users to obtain liquidity using their capital as collateral. This model has proven to be resilient, scalable, and the cornerstone of DeFi. The center of NFTs are Cryptopunks with the most liquid market and highest capitalization.
Very shortly we are bridging the gap between DeFi and NFTs enabling Cryptopunk holders to open NFDPs using their punks as collateral. Users will deposit their Cryptopunks into a smart contract and be able to mint a synethtic stablecoin, PUSd (pronounced: PUSS — dee) effectively giving them liquidity on their punks and able to earn yield in DeFi. This transforms cryptopunks from static investments, into yield-earning products. The protocol will be managed by a governance token, JPEG, that will oversee, administer, and change parameters to the protocol. More details on collateralization limits, oracles (this is a good one), and liquidations will be shared in a future post.
In the future we will horizontally expand to all NFTs, including EtherRocks, Art Blocks, Dino Pals, Autoglyphs, Bored Ape Yacht Club, etc., but not Penguins because those are worthless.
Our vision for the future sees the NFT space expanding to music royalties and albums. We envision that one day musical artists will be able to own the rights to their music as an NFT and obtain a line of credit in the form of PUSd.
We have onboarded the most well respected and knowledgeable members of both the DeFi and NFT community to help advise the project. We will be sharing more details of the protocol, including lending mechanics, oracles, insurance, etc. in another blog post. U.S. residents or citizens will not be allowed to participate.
Stay tuned for our next post. I’ll be expecting you…
