The JPEG Index and iJPEG
Use JPEG'd without owning a bluechip NFT
The JPEG Index offers a unique and inclusive platform where users of any size can gain exposure to blue-chip NFTs. It also leverages the JPEG'd protocol in order to provide ETH yield to iJPEG stakers.
Currently, the JPEG Index is comprised of one NFT from each blue-chip collection:
- CryptoPunk #8671
- Bored Ape Yacht Club #3634
- Ringers #362
- Fidenza #378
- Squiggle #9185
- Azuki #8310
The iJPEG token was airdropped to participant of the index donation event. The token is also used to govern the Index, and can be staked in the JPEG Index page to earn a share of the ETH yield generated by the NFTs.
To facilate liquidity of the donators, a pool was seeded by the JPEG'd DAO and is now another source of revenue for the JPEG'd DAO.
A community-driven proposal, PIP-40, introduced the idea of a donation event in order to acquire NFTs and create the JPEG Index. A total of 240 ETH was contributed. The donated amount was used to purchase the initial NFTs, and any excess ETH was set aside for future acquisitions of other NFTs. The JPEG'd DAO contributed 70ETH to the donation event.
Then, a proposal was passed to create non-liquidating vaults for the NFTs in order to borrow pETH, which was then deposited into The Citadel to earn yield. This yield is shared with iJPEG stakers and opens the protocol’s benefits to users not holding any bluechips.
Donators were airdropped the equivalent of their ETH donation in iJPEG tokens.