Ever been on a rollercoaster that took an unexpected twist? That’s the vibe with JPEG’d right now, the NFT-backed loans protocol. Grab your popcorn ’cause this is one intriguing tale.
So, here’s the tea: JPEG’d, our NFT-collateralized crypto lending buddy, faced a hiccup. They lost $12 million in crypto during a recent exploit on Curve. Ouch, right? But wait, there’s a twist! They negotiated and paid a bounty of 611 ETH to regain 90% of the lost amount. Talk about a comeback!
But here’s where it gets spicy. With the recovery, there’s still a gap – the 611 ETH bounty they paid. Who’s gonna foot that bill? Enter the JPEG’d DAO, the democratic heart of the protocol. They’ve got six proposals on the table, and it’s voting time!
The frontrunner? Option D. This proposal is like splitting the dinner bill with a twist. It suggests that JPEG’s non-paying customers and the DAO share the loss. So, if you parked your pETH (a derivative of ETH) in Curve via JPEG’s Citadel service, you’re in luck! You get your total amount back. But if you didn’t use Citadel, you might feel a pinch. The DAO isn’t left out either; they’ll lose 484 ETH and 861 million JPEG tokens. Oof!
But hey, every cloud has a silver lining. Regardless of which proposal wins the vote, there’s a treat in store for all holders. The DAO plans to roll out a new derivative token, which they’ll airdrop to everyone. Sweet, right?
A little birdie (or a user experience developer named 0xtutti) mentioned that Option D is the middle ground. The community’s vibe? Protect the paying customers. Fair enough!
So, as JPEG navigates these choppy waters, it’s a stark reminder of the wild, unpredictable, yet utterly fascinating world of crypto. Hold tight, folks; it’s all part of the ride!
