Teller Protocol Upgrades 08/21
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The Teller team has been busy the past two months, hacking away at new upgrades and security enhancements. Today, we kick off the next wave of credit line usage by opening liquidity to all NFT stakers!
TL;DR; Liquidity incentives are live, the borrow cap is raised, and, if you repaid a loan during Teller’s alpha before July 31st at midnight UTC, you’ve earned credit! Read on to discover more 👇
But First, Security 🔒
Immunefi White-hat Bug Find, New Bug Bounty Program
On July 30, 2021 representatives of the Immunefi bug bounty platform reached out to Teller Finance on behalf of a whitehat hacker to disclose a critical bug in one of the Teller smart contracts for the TDAI token. The vulnerability was fixed within two hours of being reported and before any malicious actors could exploit it. All funds are, and continue to be SAFU.
Read a detailed breakdown of the bug and post-mortem here.
Moving forward, Teller Finance is now partnering with Immunefi to offer standing bounties for white hat hackers and to provide clear channels for vulnerability disclosure.
Bug bounties can be submitted to the Immunefi platform here.
Now, the Upgrades 🔮
$10M Deposit Cap. The deposit cap will be extended to $10M DAI, enabling NFT stakers to now participate in the protocol as liquidity providers 🌊.
In order to incentivize deposits, we are opening access to a liquidity NFT raffle. Liquidity providers who meet the criteria below will be entered into a raffle to earn one of the respective NFT from the following buckets:
- 10 Tier 1 NFTs for wallets with deposits of $10K+ DAI for 60 days
- 10 Tier 2 NFTs for wallets with deposits of $100K+ DAI for 60 days
- 10 Tier 3 NFTs for wallets with deposits of $1M+ DAI for 60 days
To be entered into the raffle, you must deposit DAI into the “Deposit” section of the Teller alpha app before August 11th at midnight UTC. The deposit must remain in the protocol for a minimum of 60 days to be eligible for entry into the NFT raffle. Also to note, one wallet can only win one NFT across all raffle packages.
$100K Borrow Cap. Next up, it’s time to raise the borrow cap! The $25K DAI limit for credit lines has been increased to $100K DAI. Remember, credit lines can be accessed by:
- Connecting a bank account to the protocol
- Connecting staked NFTs to the credit line
If you want to read up on how to use your Teller NFT, learn more here.
While we wait for our next deployment, with more integrated dapps, we are ready to roll out a new pilot…
Credit Lines, the Next Frontier 🌋
USDC Credit Lines powered by Teller [**PILOT**]. These credit lines allow Fortune Teller NFT holders the ability to unlock a credit limit of up to $10,000 USDC at 0% APR. When the credit is drawn, USDC goes directly to the borrower’s wallet. Spend it how you like, repay it by the end of the month.
If a borrower fails to repay their credit line by the month’s end, an interest rate of 4.99% APR will be charged until the debt is repaid. To note, an interchange fee of 1.50% is charged on any use of a capital line. These fees adjust based on network defaults.
Good news for all who repaid a loan during Teller’s alpha before July 31st at midnight UTC, you got credit! Your good behavior has unlocked the start of your credit line — $1k USDC simply for repaying your loan and actively staking your NFT(s).
This includes 65+ wallets, the list can be found here. Through risk assessment, the Teller protocol can determine which lines of credit to offer. Here are the general ways you can up your credit line:
- Connect your twitter to the protocol, +$500 credit
- Connect your bank account to the protocol,+$3,500 credit
- Connect your crypto assets to the protocol, +$5,000 credit
Remember, the Fortune Teller NFT is your access point to your line of credit and must be staked in order to access. If you would like to access a line of credit, sign up by August 10th at midnight UTC here.
As Always, Join the Community!
For more information about our credit lines, or become a contributor to Teller, please join our community Discord, or contact us at hello@teller.finance!
