Cross-chain DeFi provider Cryptex Finance today will launch its JPEGz token, an index token based on the market capitalization of some of the hottest NFT collections, the company said.
The index comprises 10 notable NFT collections including Yuga Labs’ Bored Ape Yacht Club and CryptoPunks, and others such as CloneX, Cool Cats, Doodles, Vee Friends and World of Women, Cryptex said.
The token will be directly available on the Cryptex Finance decentralized application, and may be swapped across Uniswap and Slingshot via the Layer 2 scaling network Arbitrum, Cryptex added.
Each collection’s floor prices are fed into the index via Chainlink’s NFT Floor Price Feeds oracle architecture featuring Coinbase Cloud’s aggregation algorithm.
“For the first time, users can mint price exposure to track 10 popular NFT collections using ETH or DAI without the need to hold the underlying NFT’s themselves,” said Cryptex Finance co-founder Joe Sticco.
Cryptex Finance launched its TCAP token, an index token based on over 2,000 cryptocurrencies, in 2021.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.