The developers of the Teller Finance decentralized lending protocol have deployed the core network on Polygon and ported 2,200 NFTs worth over $ 15 million to the platform.
According to a blog post, another DeFi protocol mainnet has been deployed on Polygon. Launching Teller Finance on Ethereum’s second tier network gives protocol users the ability to start making deposits and funding liquidity pools right away. The Teller protocol is still available for use on the Ethereum mainnet.
Deploying Teller on Polygon is part of a broader strategy to bring users’ attention to digital assets by addressing low transaction rates and high fees. Teller CEO Ryan Berku attributed DeFi’s success to Ethereum, but also highlighted the need to immediately address some of the network’s shortcomings. He said:
“Teller must remain functional without being tied to a specific blockchain and […] compatible with the Ethereum virtual machine. But solving Ethereum’s current network problems is critical to our mission. […] Ethereum scaling solutions like Polygon allow projects like ours to quickly migrate products to a scalable platform that solves many of our problems, such as rising gas prices. ”
As part of the mainnet rollout, Teller developers moved 2,200 NFTs worth more than $ 15 million to Polygon. The Fortune Teller sale brought 5,096 ETH from more than 1,300 buyers during March.
More and more DeFi projects are adding support for the Ethereum Layer 2 network Polygon. Over the past few weeks, Harvest Finance, Tidal Finance, and dHEDGE have rolled out to Polygon.
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