Teller Finance, a non-collateral lending protocol for the DeFi market, has formally deployed its mainnet on Polygon, marking a major milestone in its quest to supply scalable, user-friendly options.
With the launch of Teller’s Polygon mainnet, customers can start making deposits and funding liquidity swimming pools instantly, the corporate disclosed Tuesday. The Teller protocol continues to be out there to be used on the Ethereum (ETH) mainnet.
Teller’s Polygon deployment is a part of a broader technique to broaden the mainstream enchantment of digital belongings with out the bottlenecks of gradual transaction speeds and better charges. Ryan Berkun, Teller’s CEO, credited the success of DeFi to Ethereum, but additionally famous a direct want to handle a few of the community’s shortcomings. He defined:
“Teller needs to stay blockchain agnostic and [Ethereum Virtual Machine] appropriate, however accounting for quick community points with Ethereum is pivotal for our mission […] Ethereum scaling options like Polygon permit tasks like ours to rapidly port Ethereum options onto a scalable community that solves a lot of our considerations round community prices and rising fuel charges.”
As a part of the Polygon port, Teller has migrated 2,200 NFTs value over $15 million to Polygon. The sale of those so-called Fortune Teller NFTs generated 5,096 ETH from over 1,300 distinctive patrons throughout the month of March.
The NFT market has reached really epic proportions in latest months, with traders shelling out tens of millions of for CryptoPunk collectibles. The most recent craze seems to be pet rock NFTs, with at the least one EtherRock promoting for 45 ETH, value roughly $139,00zero on the time of writing. At the moment, the most expensive EtherRock is listed at an eye-watering $1.9 billion.