Chainlink price feeds would be used to power DeFi services on JPEG’d, a lending protocol that enables NFT holders an opportunity to obtain credit on their assets while still retaining ownership of them.
Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. The protocol currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries.
Turning to Chainlink
As per a release shared with CryptoSlate, JPEG’d is merging the time-tested Collateral Debt Position (CDP) model with NFT collateral to enable a new DeFi primitive called Non-Fungible Debt Positions (NFDPs). Though JPEG’d, users will be able to mint a decentralized stablecoin called PUSd that is fully collateralized by their NFTs.
Like all lending and borrowing platforms, upholding the solvency of the platform requires a secure decentralized oracle solution to
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