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We are proud to announce a Token Generation Event (TGE) for the JPEG token (a valueless governance token) that will be used to provide liquidity to the DAO and help secure the protocol. The TGE will take place in the next few weeks, the exact date will be announced shortly. All participants will receive the same token price regardless of when coins were sent. In other words, you gain nothing from sending early and are not penalized for sending late. Bots have no advantage in the TGE. Funds swapped for JPEG tokens will be sent to the DAO Treasury.
The JPEG’d protocol is already live on the Kovan Network. This launch signifies an official product release for JPEG’d and a transfer of control to the token holders. You can read more about it in this Medium post.
Tokenomics
As stated earlier, JPEG is a valueless governance token that has no economic value. It’s sole purpose is a utility token to govern the protocol. In exchange for swapping tokens to the DAO you will receive a valueless governance token with zero expectation of profit. The total supply of JPEG will be 69,420,000,000. And the token split is presented in the diagram below:
Team and advisor tokens are vested 2 years linearly with a 6 month cliff. Tokens from the donation event are fully unlocked. Holders of JPEG can create or vote on governance proposals that shape and oversee the protocol. Such proposals may include, but are not limited to, changing debt limits on vaults, changing deposit, interest fees, insurance, or any other type of fees, approving increased credit limits for certain NFTs, etc.
Stay tuned for our next post. I will be expecting you…
About JPEG’d
JPEG’d is a novel and revolutionary lending protocol that will enable NFT holders an opportunity to obtain credit on their assets while still retaining ownership of them. The protocol is completely decentralized and is governed by token holders of the native platform. JPEG’d will also form several synergistic relationships with other protocols within DeFi to increase the value generated by users. JPEG’d has developed a creative insurance mechanism that will allow depositors to repurchase their NFTs back from the DAO in the event of a liquidation.
