Teller Finance Announces October Launch with TLR Liquidity Mining DeFi Rate

Teller Finance – the algorithmic credit risk and lending protocol – has announced details regarding its forthcoming October launch.

It’s coming… 😮😮

The highly anticipated @useteller launch is just a few short weeks away. Some highlights include:

👉 @compoundfinance integration
👉 @acceleratedefi Liquidity Launchpad Program
👉 $TLR token

Check the details below 👇

— Teller Finance (@useteller) September 17, 2020

The launch will feature a governance token $TLR, an extensive liquidity mining program, and an integration with Compound.

Users that provide liquidity to Teller will be able to earn the $TLR, while will earn both $COMP & $TLR. The Compound integration will also allow Teller liquidity providers to earn yield from cToken interest on idle assets.

Beyond liquidity mining, the team has also sourced over $8 million of liquidity for loans from institutional partnerships through DeFi Alliance‘s newly launched Liquidity Launchpad Program. 1% of the total supply of $TLR will go to these early liquidity providers with the capital provided and $TLR tokens subject to a 3-month lockup.

Why Teller?

Because of the pseudonymous nature of DeFi, most lending protocols required over-collateralized loans to protect against defaults. Teller Finance is looking to lower the barrier of entry to borrowing by bringing borrower credit history onto the blockchain. As with many of the VC-backed projects in this space, Teller will be centralized at the onset with the goal of eventually passing governance control to token holders once it reaches sufficient adoption and distribution of its native token, $TLR.

While we don’t have a full view of Teller’s token distribution yet, according to a recent press release at least 29% of all $TLR has been allocated for public distribution. Unlike many of the overnight food tokens or copy-cat forks that we’ve seen go live with close to 100% distribution to users, Teller has an extra consideration when thinking of token distribution. The project will be managing sensitive consumer credit data, careful steps towards progressive decentralization will be required as Teller works with regulatory bodies in varying jurisdictions to accomplish their end-goal.

Teller has the potential to solve a huge problem for DeFi and be the catalyst that brings in the next wave of DeFi users by enabling protocols to price out risk using real-world credit data, keep an eye on this one.

For the vibrant lending sector, it will be interesting to see how Teller fits into the mix come it’s product launch in October.

To stay up with Teller, folow them on Twitter.

The post Teller Finance Announces October Launch with TLR Liquidity Mining appeared first on DeFi Rate.

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