Cryptex Finance Integrates Chainlink NFT Floor Price Feeds to Launch the JPEGz NFT Market Cap Index Token
We’re excited to announce that Cryptex Finance — a multi-network DeFi protocol that provides Web3 users with broad market exposure to the NFT market through a decentralized index token — has integrated Chainlink NFT Floor Price Feeds to help access accurate and reliable NFT floor price data for leading NFT collections. This data is then used within JPEGz, the first NFT market index token tracking the following projects:
- Azuki Official
- Bored Ape Yacht Club
- CloneX
- Cool Cats
- CrypToadz
- CryptoPunks
- Doodles
- Mutant Ape Yacht Club
- Vee Friends
- World of Women
For users who want to mint JPEGz, visit the Cryptex Finance dApp on Arbitrum. To swap for JPEGz, visit Uniswap on Arbitrum.
Securing JPEGz With Chainlink NFT Floor Price Feeds
The NFT market has seen extreme success despite its volatility, hitting over 200,000 NFT sales at its peak. And it’s only getting bigger. With growing adoption from global brands and strong communities bolstering the longevity of top NFT collections, there was a clear need for an NFT market index token. JPEGz is that token.
We chose Chainlink as our go-to oracle solution due to its main benefits, including:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by the data provider or the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Additionally, our first integration with Chainlink oracle services was with TCAP, a cutting-edge index token for the total crypto market cap, and we used Chainlink Price Feeds — the industry standard for digital asset market data — to help underpin TCAP. Using Chainlink NFT Floor Price Feeds for JPEGz felt natural, given Chainlink’s past history of proven reliability and security.
“Cryptex is thrilled to announce the creation of JPEGz, a fully collateralized, data-backed index token providing market cap exposure to the NFT sector. The robust calculation and secure delivery of NFT floor price data by Coinbase Cloud and Chainlink helps support the growth of this unique asset class .”
— Joe Sticco Co-Founder, Cryptex Finance
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Cryptex Finance
Innovative, open-source index tokens that empower the crypto and NFT community.
Cryptex Finance is a multi-network DeFi protocol that provides Crypto and NFT users easy access to fully-decentralized index tokens. The protocol uses Ethereum smart contracts, over-collateralized vaults, and Chainlink data oracles to create indexes for users around the world in a trustless way.
Learn more about Cryptex Finance by visiting cryptex.finance.
