BankingCointelegraph.comDeFiTellerUndercollateralized loans

No-collateral lending protocol Teller opens public alpha to NFT holders

Participants of an NFT token sale will be able to use the lending protocol in its early release.
Teller Finance, a project building an undercollateralized lending protocol for decentralized finance, has announced the launch of its mainnet alpha stage. This will enable certain users to obtain credit without requiring to post collateral, which is the case for most other DeFi lending protocols.The Teller alpha will be accessible only to holders of a special nonfungible token, called the Fortune Teller NFT. The tokens will be sold on March 25, with half of the proceeds of the sale going to the protocol’s liquidity pools, and the remaining half will be used to fund development. Only $10 million in total value locked will be allowed during the early stage.The Fortune Teller NFTs will also represent artworks by “various well-known artists” commissioned by Teller. The full list will be revealed post-sale.Teller Finance combines a no-collateral lending protocol and a Secured Loans option. The undercollateralized platform is powered by traditional credit score assessments used in the United States. Teller users must connect their bank accounts to the platform, which will calculate loan terms based on its Credit Risk Algorithm. Factors like having significant funds on the bank account and a stable monthly income will influence the maximum amount borrowable and the interest rate.The credit risk assessment is published on-chain via Teller’s validators, which use a Subgraph to connect a cloud-based infrastructure to the blockchain and the Teller smart contracts. The loans …
Story continues on Cointelegraph

Related posts
AA NewsCrypto NewsDeFi

Balancer to Introduce Dynamic-Fee Pools After a Partnership with Gauntlet

The multi-token protocol enabling automatic market-making Balancer has partnered with the blockchain-based simulation platform for building financial models, Gauntlet. The collaboration aims to enhance returns for Balancer V2 Liquidity Providers while still keeping the funds fully non-custodial. Balancer Partners with…
AdoptionCointelegraph.comCryptocurrenciesmarket capitalization

Theta Network's token enters top-10 cryptos by market capitalization

The Theta Network’s native token continues to hit new all-time highs. THETA, the native token of the Theta Network — a decentralized blockchain-based video delivery network — has entered the top 10 cryptocurrencies by market capitalization.On March 23, THETA overtook…
Cointelegraph.comCryptocurrenciesInvestmentsUnited Kingdom

Forex and crypto investors seek thrills and social status, says FCA study

A new study commissioned by the United Kingdom’s Financial Conduct Authority found that the profile of cryptocurrency traders skews towards thrill-seeking, trading on gut “instinct.” Cryptocurrency traders — according to the findings of a new study commissioned by the United Kingdom’s Financial…