JPEG'd is a project bridging the gap between DeFi and NFTs enabling Cryptopunk holders to open NFDPs using their punks as collateral. Users will deposit their Cryptopunks into a smart contract and be able to mint a synthetic stablecoin, PUSd (pronounced: PUSS — dee) effectively giving them liquidity on their punks and able to earn yield in DeFi. This transforms cryptopunks from static investments, into yield-earning products. The protocol will be managed by a governance token, JPEG, that will oversee, administer, and change parameters to the protocol.

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. 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.