Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Polygon allows Teller Finance to port its solutions onto a scalable network, thereby overcoming many of the current challenges associated with Ethereum.

Teller Finance, a non-collateral lending protocol for the decentralized finance (DeFi) market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest to offer scalable user-friendly solutions. 

With the launch of Teller’s Polygon mainnet, users can begin making deposits and funding liquidity pools immediately, the company disclosed Tuesday. The Teller protocol continues to be available for use on the Ethereum (ETH) mainnet.

Teller’s Polygon deployment is part of a broader strategy to widen the mainstream appeal of digital assets without the bottlenecks of slow transaction speeds and higher fees. Teller’s CEO, Ryan Berkun, credited the success of DeFi to Ethereum, but also noted an immediate need to address some of the network’s shortcomings. He explained:

“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.”

Related: Polygon launches blockchain gaming and NFT studio

As part of the Polygon port, Teller has migrated 2,200 nonfungible tokens, or NFTs, worth over $15 million to Polygon. The sale of these so-called Fortune Teller NFTs generated 5,096 ETH from over 1,300 unique buyers during the month of March.

The NFT market has reached truly epic proportions in recent months, with investors shelling out millions of dollars for CryptoPunk collectibles. The latest craze appears to be pet rock NFTs, with at least one EtherRock selling for 45 ETH, worth roughly $139,000 at the time of writing. Currently, the most expensive EtherRock is listed at an eye-watering $1.9 billion.

Related: Tales from 2050: A look into a world built on NFTs

Publication date: 
08/10/2021 - 20:20
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