Lending protocol platform Teller Finance has launched its mainnet on Polygon, thereby overcoming many of the current challenges associated with Ethereum.
Teller Finance, a non-collateral lending protocol for the DeFi industry, has launched its mainnet on Polygon, marking an important step forward in the company’s mission to provide scalable, user-friendly solutions.
Users may instantly begin making deposits and establishing liquidity pools with the debut of Teller’s Polygon mainnet, the business announced Tuesday. On the Ethereum (ETH) mainnet, the Teller protocol is still available for use.
Teller’s Polygon implementation is part of a larger plan to make digital assets more mainstream by removing the barriers of sluggish transaction speeds and excessive fees.
Teller’s CEO, Ryan Berkun, hailed Ethereum for DeFi’s success, but also underlined the need to solve some of the network’s flaws right away. He elaborated:
“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 has moved 2,200 NFTs valued at over $15 million to Polygon as part of the Polygon port. During the month of March, the sale of these so-called Fortune Teller NFTs generated 5,096 ETH from over 1,300 distinct customers.
In recent months, the NFT market has grown to epic proportions, with investors pouring millions of dollars into CryptoPunk items.
Pet rock NFTs appear to be the latest rage, with at least one EtherRock selling for 45 ETH, or about $139,000 at the time of writing. At the moment, the most expensive EtherRock is valued at $1.9 billion.