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Traits Boost

Unlock extra credit limit for rarer NFTs
JPEG boosts are a novel system introduced by JPEG'd, allowing users to lock $JPGD to increase their borrowing power, get more value from their rare NFTs and more.
Traits Boost allows users to increase the credit limit of NFTs with rare traits that trade multiples above the collection floor. These multipliers are determined by governance and fluctuate based on floor price. These newly boosted NFTs still move along with the floor, with an added boost from a set multiplier. Current trait multipliers can be viewed here.
To enable the Traits boost, $JPGD tokens need to be locked on a per position basis. The credit limit can be boosted up to 10x the current floor value depending on the collection.
Once activated, the boost effects are perpetual, until the boost owner requests the withdrawal of the associated $JPGD. At the end of the withdrawal processing period, the NFT will go back to floor price, which can possibly trigger a liquidation.
Traits boosts can be combined with LTV Boost and the Cigarette Boost.

The Cost

In order to unlock the traits boost for a specific NFT, the user must lock JPGD tokens. The cost will be 15% of the increased credit limit in $JPGD tokens.
The exact formula to calculate the amount of $JPEG tokens to lock for Traits Boost is the following:
AmountOfJPGDToLock = (boostedCreditLimit - baseCreditLimit) * lockRate / jpgdPriceInEth

Example

If a Tiara Cryptopunk is deemed to be worth $1m by governance, the user will have to lock up $90,000 worth of JPGD.
$1m (collateral value) *60% (max loan amount) * 15% = $90,000 worth of JPGD.
The Traits boost modal

Withdrawal

Once created Boosts can be managed from the "Boosts" tab. Boost owners can request a withdrawal at any time. The processing period is of 7 days, after which the boost associated to the position will be disabled and the $JPGD will be available for withdrawal.
Locked JPGD always remain the possession of the boost owner. In case of transfer of the NFT, the associated JPGD boost remains active for any future owner of the NFT until disabled by the boost owner.

Liquidation

In case of Liquidation the locked JPGD get burned.

Legacy boosts

All boost created prior to the application of PIP-58 have been marked as having a withdrawal requested and unlock time will be the current unlock time set when creating the boost. Users can cancel the withdrawal request anytime.