Teller Finance Migrates 2,200 NFTs to Polygon

Teller Finance announced its mainnet deployment on scaling solution Polygon. Now, users can make deposits and fund liquidity pools within Teller’s Polygon mainnet. Teller’s protocol is also live on the Ethereum mainnet.

Teller is an open-source protocol that interacts with consumer data to calculate default risk. In addition, it offers unsecured crypto-asset loans. Users can supply liquidity to the protocol’s lending pools and earn interest from repaid loans. The protocol leverages borrowers’ credit history to calculate an annual interest rate. This interest rate is based on market conditions vs. consumer credit risk.

Polygon ecosystem is booming

Ethereum gas fees are rising since DeFi summer 2020. Polygon is a popular and scalable alternative for developers. Because Polygon is EVM compatible!

Developers do not have to sacrifice decentralization and security for scalability. As a result, the Polygon network currently hosts more than 350 projects. 

Teller CEO Ryan Berkun stated:

“Teller wants to remain blockchain agnostic and EVM compatible, but accounting for immediate network issues with Ethereum is pivotal for our mission. (…) Ethereum scaling solutions like Polygon allow projects like ours to quickly port Ethereum solutions onto a scalable network (…). Moreover, the Polygon network is still nested within the Ethereum environment and transactions are secured on the Ethereum blockchain.”

Teller CEO Ryan Berkun

Fortune Teller NFT Sale

Teller Finance already launched its Fortune Teller NFT initiative. The “Fortune Teller” system unlocked a way to supply the protocol’s liquidity. Besides, it rewards early community members. Simultaneously, it offers a unique access mechanism for the early Alpha mainnet. Teller Alpha participants gained immediate access to unsecured loans by staking their NFTs.

Fortune Teller NFT sales generated 5,096 ETH in March (the equivalent of over $11 million at the time of writing). Holders of the Fortune Teller NFTs can seamlessly bridge their NFTs from Ethereum to Polygon.

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