Teller Finance Goes Live on Polygon & Shifts 2,200 NFTs
Teller Finance, a non-collateral lending framework for the DeFi industry, has officially launched its mainnet on Polygon, representing an important step forward in its mission to provide scalable, client-friendly services. Users may instantly start making deposits and financing liquidity pools with the debut of Teller’s Polygon mainnet, the firm said Tuesday.
The Teller covenant is still accessible on the Ethereum (ETH) mainnet. Teller’s Polygon implementation is one of the initiatives among the larger effort to increase the public adoption of cryptocurrencies without the obstacles of sluggish processing rate and increased costs.
Teller’s CEO, Ryan Berkun, praised Ethereum for DeFi’s performance, but also highlighted an urgent need to fix some of the ecosystem’s flaws. “Teller want to stay blockchain neutral and [Ethereum Virtual Machine] interoperable, but accounting for urgent network problems with Ethereum is critical to our objective,” he said.
Polygon and other Ethereum scaling solutions enable ventures such as these to rapidly transfer Ethereum solutions onto a scalable platform, alleviating several of our worries about network expenses and increasing gas fees.”
Teller has moved 2,200 NFTs valued more than $15 million to Polygon as portion of the Polygon port. During March, the sale of the so-called Fortune Teller NFTs earned 5,096 ETH from over 1,300 distinct purchasers.
In the past few months, the NFT market has hit really monumental levels, with investors forking over millions of dollars for CryptoPunk artifacts. Pet rock NFTs seem to be the new fad, with a minimum of one EtherRock being sold for 45 ETH, or approximately $139,000 while writing this article. The priciest EtherRock is now priced at a jaw-dropping $1.9 billion.