Teller Finance Announces Mainnet Launch With Fortune Teller NFT Sale
- The NFTs will be used to provide liquidity to the protocol.
- Users that stake their NFTs will be able to earn APYs.
Deck of old Tarot of Marseilles cards in Tel Aviv, Israel, 13 October 2019. Shutterstock
According to the company’s press release, the mainnet launch will come after a Fortune Teller Non-Fungible Token (NFT) sale, scheduled for 27 March, which will grant early adopters access to unsecured loans on the Teller Protocol Alpha without the need for a U.S.-based bank account. The company said it commissioned various “well-known” artists to create custom NFT artwork, whose identities will be revealed after the sale.
With demands for accessing the Teller platform peaking during the testnet, the company needed to come up with a solution to provide liquidity and offer early adopters a unique access mechanism. Ryan Berkun, the CEO of Teller Finance, said the company decided to use the NFTs to supply liquidity to the protocol.
“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,” Ivan Perez, the COO of Teller Finance, explained.
Additionally, 50% of all NFT sale proceeds will be deposited to the protocol, with yield paid out to the users staking their funds on Teller. However, rewards can only be accumulated during the first four weeks of the Alpha’s protocol duration and will be paid out on 5 May.
Teller is an open-source protocol that offers unsecured cryptocurrency loans by calculating default risk. The company has partnered with fintech giant Plaid, whose Visa merger was blocked earlier this year, to integrate real-time credit scores into DeFi from over 2,000 financial services.
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