Teller Finance – the decentralized lending protocol for unsecured crypto-asset loans- has just announced a target date of April 5th for their public alpha mainnet deployment. Initially, only whitelisted addresses will be able to access Teller.
“Ayy, ya heard about the good news?” Our protocol’s Alpha Launch is almost here! 🚀🚀🚀 Oh, and we’ve got an NFT sale to boot. Get reading and get ready. https://t.co/h5aHR4ma3L
— Teller Finance (@useteller) March 23, 2021
On March 25th, Teller will be conducting an NFT sale, these unique NFTs will give holders early access to access to unsecured loans in the Teller Protocol Alpha without the need for a U.S.-based bank account.
50% of the proceeds from the NFT sale will be deposited into the protocol whereas the other 50% will be allocated for protocol development by the core team. NFT holders who stake, borrow, and repay loans to Teller in the public alpha, will earn a share of the interest accrued over the Alpha’s first four weeks.
During the alpha stage, user deposits will be disabled, instead, all supply-side funds will be coming from the by sale proceeds from the Teller NFT sale. The Teller team made this decision based on security considerations with the ultimate goal of making sure user funds are as safe as possible.
“Teller’s NFT sale was conceived as a way to offer participants the chance to become active contributors to our protocol’s early development.” “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.”- Ivan Perez, Teller Finance COO
See below to find a timeline of the alpha launch and corresponding deadlines:
- 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
To keep up with Teller, follow them on Twitter.
Business Development and Operations at TrustToken – TUSD. Jack is a startup generalist and DeFi enthusiast. Stay connected with him by following @HHJackSun on Twitter.