Teller enables time-based loans for 1-30 days, with any token as collateral & no margin liquidations.
Teller loans do not use a price oracle. Borrowers can only be liquidated if they don’t repay their loan on time.
Teller loans help DeFi users pay down bad health ratios & save at-risk positions when the market is volatile.
Existing loans can be extended indefinitely based on the best loan offer at time of repayment.
The Teller protocol smart contracts are audited and insured for up to $2.2m by Sherlock.
Teller enables time-based loans for 1-30 days, with any ERC20 or NFT as collateral & no margin call liquidations.
When a loan is accepted, the collateral is transferred into a new, isolated escrow vault. In the same transaction, the lending token is transferred from the lender to the borrower. Teller loans cannot be liquidated based on price fluctuations. As long as the loan is repaid, the collateral is safe.
Anyone can lend to any collateral token. Lenders create custom loan terms which are then accepted by a borrower. If a borrower doesn’t repay, LPs get the first right of refusal to liquidate and seize any collateral.
Supplied funds remain in your wallet, which means you can make an unlimited amount of loan offers with the same capital.
Borrowers and lenders should DYOR before engaging in any lending activity on Teller. DeFi is risky and results are not typical. Even though there is no risk of liquidation for borrowers (as long as they repay their loan), a loss of capital could lead to a default - which would trigger a liquidation. Due to fluctuating market conditions, lenders should actively monitor their commitments (especially LTVs).
Teller's smart contracts are open source and can be found in the public Github repository below. In addition, a public audit by Sherlock can be found at sherlock.xyz. In the event of a smart contract exploit, audited Teller smart contracts are insured for up to $2.2 million by Sherlock. However, if an exploit exceeds this amount, the insurance claim would not cover all funds.