Teller Finance is a non-collateral lending protocol for the Decentralized Finance market. This protocol has officially launched its mainnet on Polygon. It is a milestone in its search for offering users a scalable and user-friendly solution. The company on Tuesday said that with the launch of Teller’s mainnet on the Polygon network, the users can now immediately start depositing and funding liquidity pools. However, the Teller protocol can still be used on the Ethereum (ETH) mainnet. Teller’s Polygon launch is part of a broader strategy aimed at making digital assets more attractive without the bottlenecks associated with slower transaction speeds and much higher fees. Teller’s CEO, Ryan Berkun, attributed the success of DeFi to Ethereum but also pointed out that there is an urgent need to address some of the shortcomings of the network. The CEO said:
“Teller wants to remain blockchain agnostic and [Ethereum Virtual Machine] 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 that solves many of our concerns around network costs and rising gas fees.”
Teller transferred more than $15 million worth of NFTs, about 2,200 NFTs to Polygon as part of the Polygon port. In March, the sale of these so-called NFT fortune-tellers brought in a whopping 5,096 ETH. They brought this from more than 1,300 unique buyers. In the past few months, the NFT market has truly reached an epic scale. The investors are now spending millions of dollars on CryptoPunk collections. The latest NFT hype is the sale of pet rock NFTs, with at least one EtherRock selling for 45 ETH. It is worth approximately $139,000 at the time of writing. The most expensive EtherRock is currently trading at $1.9 million.