OPtion to optimize your JPEG. An oracle-free NFT-investment protocol.
OPJEG aims to be a web3 native financial instrument generator. Starting off as a Call/Put option generator for NFT, the technology behind has bootstrapped OPJEG to offer robust NFT lending and collateralized services, and much more. The key enabler for those use-cases is that it is an oracle-free protocol. For OPJEG as an option to optimize your JPEG, the protocol allows users to write call and put options right in the platform. Users can determine their strike prices and preferred holding period (this replaces the use of oracle). Once submitted, OPJEG will mint the user 2 NFTs (1 as an option to be sold in Opensea, the other as a non-transferable ticket for the user to utilize the NFT's perks i.e. joining the discord server). Another party can browse Opensea (OPJEG platform) and purchase to hold such an option. Holder of option can choose to exercise from the inception until the option expiry date. This oracle-free option has opened doors for NFT traders to make yields, protect losses, gear their investment, and mix exotic NFT-trading strategies altogether. For the future plan, OPJEG's oracle-free feature is the key "Bootstrap" feature that will enable NFT lending without an oracle or relying on any floor prices. After we launch OPJEG (as an option to optimize your JPEG) onto mainnet, NFT lending powered by OPJEG will be up next.
How it's made
Our protocol smart contract utilize Openzeppelin’s ERC-721. Our v3 version also enables gasless minting of our Call and Put options utilizing EIP-712 structured data signing. By minting the options as NFTs, these options become a DeFi primitive that can be bought and sold on NFT marketplaces and/or utilized by other platforms. Our frontend uses React.js and NextUI for our frontend framework. We use web3-react to connect with Metamask and ethers.js to interact with our smart contracts and building transactions. Overall, this project used 5 pints of beer and 2 bottles of wine.