Teller finance announced the latest compound integration and the launch of the governance token TLR which we are reading more about in the latest cryptocurrency news.
Teller Finance is a liquditiy program and an integration lending protocol. As of today, Teller Finance announced the compound integration and the launch of the TLR token. Teller will allow users to mine the token via contributing to the liquidity pool and the lending application will also have an immediate Compound interface which will provide the users with the possibility to earn additional tokens in TLR and COMP.
The announcement added that the latest integration will allow Teller’s liquidity providers to earn a COMP token interest rate on the unlent funds which will allow the users to earn an additional return of the protocol’s overall APY and the liquidity mining rewards. Ivan Perez, the COO of the Teller Finance company said that the Defi industry has increased by more than 675% in the past year to more than $10 billion in value with most of the capital locked in debt markets:
“Beyond lending, the ability to price out risk will accelerate DeFi’s unprecedented growth. We plan to create a new class of financial instruments that combine traditional credit assessment with decentralized networks.”
Teller said that they managed to source more than $8 million worth of DAI and USDC in liquidity for loans via multiple partnerships and through the Defi alliance’s Liquidity Launchpad program. The participation for what was capped at 10 participants or over $10 million in total liquidity provided, has limited the institutional rewards pool by 1% of the total supply of the upcoming governance token. Teller has imposed a 3-month lockup on all the capital contributed to the program which means the earned tokens are restricted to a vesting schedule equal to the time of the lock-up.
It's coming… 😮😮
The highly anticipated @useteller launch is just a few short weeks away. Some highlights include:
Check the details below 👇https://t.co/aRCu0568qC
— Teller Finance (@useteller) September 17, 2020
For now, Teller labs consist of founding team members that will dictate the major governance decisions and will regulate the protocol. However, the company will shift to a community-based proposal system once the network achieves adoption and TLR distribution. Unlike the standard ERC20 governance tokens, TLR’s initial core functionalities are to allow ongoing decentralized governance of the protocol’s credit risk feature. The owners of the coin will be able to submit, reject, pull, confirm requests to upgrade the protocol’s credit risk features. in the meantime, the Compound founder Robert Leshner said:
“The Teller Protocol is resolving an essential problem for DeFi. Namely, lowering the barrier to entry for new DeFi users by pricing out risk, and reducing the industry’s need for collateralized debt positions.”
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