SAN FRANCISCO--(BUSINESS WIRE)--On the heels of a successful testnet, Teller Finance, a blockchain project for decentralized lending, today announced its mainnet deployment and live user testing with a public alpha set for April 5th. Teller plans to limit its alpha access to select blockchain wallet addresses, and it will conduct a Fortune Teller Non-Fungible Token (NFT) sale on March 27th to delineate participation. Fortune Teller NFTs will grant early adopters access to unsecured loans in the Teller Protocol Alpha without the need for a U.S.-based bank account.
Teller’s Alpha will cap its liquidity pool to a max of $10 million in total value locked (TVL). Additionally, 50% of all NFT sale proceeds will be deposited to the protocol, with the rest being allocated to resourcing the development of Teller’s mainnet. Deposits will be disabled to protect user funds as the network is stress tested. However, all NFT holders who stake their tokens, borrow, and repay loans to the protocol, will earn a share of the interest accrued over the Alpha's first four weeks.
“During our testnet we witnessed extreme demands for access to the Teller platform,” said Ryan Berkun, Teller Finance CEO. “With our NFT system, we’ve found a way to supply the protocol’s liquidity and reward our early community members while simultaneously offering a unique access mechanism for the early alpha. Teller NFT holders will gain immediate APY benefits and will also have access to longer-term benefits we will reveal at a later date.”
Teller commissioned various well-known artists to create custom NFT artworks that align with the protocol’s brand and mission as a homage to Teller’s early adopters, dubbed Fortune Tellers. The artists, whom Teller will reveal post-sale, have carefully crafted a unique collection of character collectibles expressed in various permutations. All artworks will follow a similar theme but will offer holders a unique artistic style and interpretation per artist.
How will it work?
User deposits will be disabled during the Teller Alpha, with all protocol liquidity being provided by sale proceeds from the Teller NFT sale. The decision to disable user deposits is based on the Teller team’s interest to ensure the security of user funds and further protocol development before releasing their mainnet. Participant rewards will be commensurate to an individual’s use of the Alpha and the total value locked into the protocol.
“Teller’s NFT sale was conceived as a way to offer participants the chance to become active contributors to our protocol’s early development,” explained Ivan Perez, Teller Finance COO. “NFT holders will gain a unique art piece, help fund protocol liquidity while eliminating user risk, stress test our network, and expand development resources as we hurdle safely towards our mainnet. This marks the beginning of a new use case for NFTs within DeFi.”
"Teller Finance is innovating across all fronts," said Michael Anderson, Framework Ventures Co-Founder. "The latest integration of NFTs into their alpha is just another indication of the teams ability to remain innovative and creative while tackling some of the biggest issues in DeFi."
Below is a breakdown of the Teller Alpha's timeline:
Timeline
- March 27th, Public Fortune Teller NFT sale begins
- April 2nd, Fortune Teller NFT sale ends
- April 5th, NFT staking starts for Private Alpha
- May 5th, Participants receive APY rewards
For more information on how to participate in the Teller Protocol Alpha, please join our Discord, visit our NFT sale page, or contact us at hello@teller.finance! We look forward to having you join our team as an early contributor and user.
About Teller Finance:
Teller is an open-source protocol that interacts with consumer data to calculate default risk and offer unsecured crypto-asset loans. Users can supply liquidity to the protocol's lending pools and earn interest from repaid loans. Teller leverages borrowers' credit history to calculate an annual interest rate based on market conditions vs. consumer credit risk, reducing or eliminating the need for collateral to offer unsecured crypto asset loans.
For more information, please visit: https://teller.finance/
Follow us on Twitter: @useteller
Join our community on Discord: https://discord.com/invite/Qeqb7Zp
