Juggernaut (JGN) DeFi - An Overview Next-Gen DeFi With NFT Network
Have you ever thought of putting together Decentralized Finance (DeFi) and Non Fungible Tokens (NFTs) ? That’s what Juggernaut Brings out! No Doubt, NFTs are fabulous but certain things like Liquidity, Utility are still a question mark and juggernaut provides solutions to those issues by making use of Defi Protocols at its best.
What is Juggernaut / JGNDeFi ?
Juggernaut is a decentralized platform built on Binance Smart Chain that offers Defi and NFT Infrastructure which is commenced in the year 2020 by three founders Nacho Llanillo, Girish Kamsali and Mohamed Timbo. With full compatability of BSC, others are allowed to use NFT games, collectibles, JGN NFT, etc,
Juggernaut states that its ultimate mission is to make Defi and NFTs accesbible to anyone and make everyone a part of the Defi Revolution.
Let’s make things simple
Juggernaut is Defi + NFT
Decentralized Protocols widens the gateway of NFTs by enhancing interoperability which empower NFTs to transfer between varies NFT Marketplaces, games and also minted via yield farming
Components of Juggernaut
The Components of Juggernaut are
- NFT Exchange
It is an open Binance Smart Chain Powered NFT Exchange where one can Create, Store, Trade NFTs. Their they have listed collectibles like Juggernaut, Dego, Boundly, Alice, etc, One can also create single and multiple collectibles with BEP- 721 and BEP 1155. There is a separate section called my collection, where the list of NFTs we like are displayed so that we can buy it later based upon our wish.
Juggerswap is on its Beta version now. It is designed as the synth Marketplace and swapping center which offers features like Farming, Staking , NFT Staking and LP staking. It collects the data of NFT owners to provide ultra secured transactions.
They currently offer
- JGN Pool
- JGN/ ETH pool
- jXP Mining
- SKM Pool
Juggerdraw is a kind of NFT lucky draw platform where one can win exclusively big prizes ! Only JGN holders alone can participate in Juggerdraw. Per play, the platform charged 5 JGN. If the player wins the NFT card, that specific card has sent to players wallet and can be available for future trading on JGN NFT Marketplace
JGN - The Native token of Juggernaut, JGN and BNB is used to purchase NFTs in Juggernaut. This JGN token is now listed in various exchanges like Pancakeswap, Uniswap, etc, to increase the supply.
- The Total Supply of JGN is 150 Million
- 42 M JGN is minted on BSC
- Currently 30% of JGN is on Binance Smart chain
- 28% of JGN is on Ethereum
- 2% is burnt
It adopts a deflationary model, it keeps on Burning the tokens to increase the scarcity and to achieve a remarkable increase in the price of JGN. The more the stability increases, the more the people attracted towards JGN token. They have applying both traditional and trending crypto strategies like percentages fee, token burning, staking on BSC, etc,
NFT Token Standard
Juggernaut supports two kinds of BEP- 20 tokens as follows
- BEP - 721 - Single Token
- BEP - 1155 - Multiple Tokens
Why the Combo of Defi and NFT ?
NFTs are initially attractive but they got lagged in three essential things like
When it comes to liquidity, NFTs are not that easy to buy and sell with international exposure, the trading happens automatically in NFT Marketplaces, DeFi Protocols can provide incentives to NFTs like let them working on different protocols, Creation of staking incentive system, enlarging the use cases, offering rewards, etc, They intend to expand the potential of NFT with the spirit of Defi by incorporating entertaining and gaming experience.
What’s Unique in Juggernaut ?
- Fully Decentralized
- Free NFT Minting (small amount BNB as a Transaction fee)
- BSC providers ultra speed and low cost
- Sales directly goes to artists upto 97.5 %
- Supports all kinds of file type like PNG, JPEG, GIF, WEBP, MP3 and MP4
- Royalty feature to provide profit to the creator
- Exclusive Collectible stores
- Supports BNB and JNG for Payments
- Supports BEP-1155 token
How to mint an NFTs on Juggernaut ?
In Juggernaut, NFT minting is simple and easy thus it supports all kinds of files like PNG, JPEG, GIF, etc and the maximum file size is sized as 30 MB.
1. At first, select Mint NFTs
2. Go with single when you want your collectibles to be one Or choose multiple if you want to sell your collectibles multiple times.
3. Upload the file, preview option is available to see the view
4. The creator needs to enter the desired price for NFT
5. The creator should name and have to provide suitable description for uploaded NFT
6. Choose the Royalties percentage
7. And finally, the NFT is created
Decentralized Data Storage
Juggernaut exclusively partnered with File coin node to provide full Decentralized data storage. Cloud storages are prone to centralization issues whereas Filecoin's decentralized nature safeguards the location of data. It lets users be their own custodians of data. The Distributed storage technology of Filecoin provides accurate data about true ownership.
Investors of Juggernaut
Investment is the backbone to any business. it ‘s clever to know about the investors which indirectly tell us the future scope of the particular brand. Some of its investors are
- Binance Smart Chain
- Goldman Sachs
- LD Capital
- UK Softbank
- Trust Wallet
Is juggernaut Safe to use ?
The smart contracts are securely audited by third parties and have incorporated decentralized storage mechanism which ensures top-tier security. The concluded that they have work with the service providers used by world popular crypto exchanges Binance, Huobi and Okex
We can’t predict how far this combo of DeFi and NFT can go but Juggernaut came with a unique ideology and has powerful investors as their backend. Their precise features and diverse services makes them stand out of the crowd! Hope for the next trend of the crypto economy!