Meet Open Dollar’s newest partner: Teller!

Teller is a multi-chain DeFi lending platform and the very first to accept ODG as collateral. In this article we’ll cover the main features of Teller, how to use it, and how you can take advantage of this new use case for ODG tokens.

"Open Dollar has the potential to onramp a $3T+ industry into DeFi: the secondary loan market.

Teller brings yet another use case to those who hold $ODG -- time-based loans with $ODG as collateral. Holders can utilize a $ODG collateralized loan to, i.e., improve Open Dollar CDP health ratios, acquire an NFV on secondary, or unlock funds for personal use.

Loans repaid on time, receive $ODG collateral back. No liquidation due to market volatility." -Ryandoteth, Founder of Teller

What is Teller?

"Teller's lending marketplace enables users to leverage a wide variety of assets across several chains. We're thrilled to have their support for ODG and provide our users more options to unlock the value of their tokens." -Joseph Schiarizzi, CEO & Co-Founder of Open Dollar

Teller is a non-custodial lending book that enables time-based loans against any ERC-20,  ERC-721, or ERC-1155 tokens. Using time-based loans instead of a price oracle, users can only be liquidated if their loans are not repaid on time. Users can even extend their loans indefinitely based on the best offer at the time of repayment. Featuring 1-30 day short-term loans that are insulated from market volatility, Teller is an ideal platform for those who wish to leverage their assets.

Additional use cases include:

• Improve collateral health ratios
• Act on new opportunities without margin call risk
• Access liquidity for personal use

Navigating Teller

Teller’s interface is easy to navigate, simply connect your wallet and the dashboard will show you the active lending and borrowing opportunities based on your token holdings for the chain you’ve selected. On the markets tab pictured above, you can browse the supported pairs and sort based on liquidity, volume, and APY.

There are two ways to lend your tokens on Teller:

Supply to a pool

Liquidity providers can supply to a specific pool with custom terms. These loan terms can be modified if not actively borrowed. Supplied funds will not leave your wallet until a borrower requests a loan from the pool and supplied funds will not earn yield unless they are actively borrowed.

Lend to a borrower

On any pool page, lenders can go to the Fund tab and view all active loan requests.

Lenders can then view the terms of Collateral Ratio / LTV, APY, loan duration, borrower’s loan history, and the borrower’s credit score. After reviewing all the terms, a lender can decide to fund a loan request.

Users of the Teller platform also earn points relative to the amount of volume lent, borrowed, and swapped, which can be viewed on the Rewards tab. For referrals, users can earn 25% of protocol fees generated by users they refer who borrow and lend.

You can read more about the rest of Teller’s features and how to use the platform with their docs.

ODG on Teller

Teller’s platform presents a new use case for ODG tokens: using them as collateral for short-term loans. Instead of selling ODG, users can borrow USDC against them to use for whatever purpose they need the additional capital for.

The ODG pair can be found on the list of Arbitrum chain markets or more easily via the dashboard once the wallet holding ODG is connected. If more liquidity is required, users can request a custom loan in the bottom left-hand corner.

What’s next

We’re excited to join forces with another DeFi lending protocol on a similar mission as us: giving users more choices and helping them unlock the potential of their assets. This partnership brings another use case for ODG token holders ahead of our upcoming launch and further extends the Open Dollar ecosystem.

In the coming days we’ll be announcing a date for a Twitter Space with Teller where users can learn more about our upcoming plans and collaboration.

So be sure to check out the Teller platform, follow them on Twitter, and join their Discord to chat with their community and answer any questions you may have.

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Open Dollar is a DeFi lending protocol built on Arbitrum for borrowing against liquid staking tokens while earning staking rewards and providing CDP liquidity with Non-Fungible Vaults (NFVs).

Try the Open Dollar App today and follow us on our socials.