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

Teller Finance, a non-collateral lending protocol for the DeFi market, has formally deployed its mainnet on Polygon, marking a big 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 obtainable 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 sluggish transaction speeds and better charges. Ryan Berkun, Teller’s CEO, credited the success of DeFi to Ethereum, but in addition famous a direct want to deal with a few of the community’s shortcomings. He defined:

“Teller desires to stay blockchain agnostic and [Ethereum Virtual Machine] appropriate, however accounting for instant community points with Ethereum is pivotal for our mission […] Ethereum scaling options like Polygon enable tasks like ours to shortly port Ethereum options onto a scalable community that solves a lot of our issues round community prices and rising gasoline charges.”

Associated: Polygon launches blockchain gaming and NFT studio

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 actually epic proportions in current months, with buyers shelling out thousands and thousands of {dollars} for CryptoPunk collectibles. The most recent craze seems to be pet rock NFTs, with not less than one EtherRock promoting for 45 ETH, value roughly $139,000 on the time of writing. At the moment, the most costly EtherRock is listed at an eye-watering $1.9 billion.

Associated: Tales from 2050: A glance right into a world constructed on NFTs