TLDR;
- Teller allows you to borrow against mpETH, no auto liquidation risk.
- Supply USDC against mpETH to collateralized loans and earn rewards.
- Build on-chain credit history through repayments.
It has been a few interesting weeks around our developments in the Ethereum ecosystem, with our launch on SSV Networks operator set and supporting their Distributed Validator Technology (DVT).
So we are announcing today some core utilities for our liquid staking token (LST) mpETH and it is one of the core functionalities for LST’s – lending and borrowing.
Teller Protocol will now accept mpETH as collateral for loans and also delegators who have our LST can borrow against it to get exposure to stablecoins (USDC).
Our launch on Ethereum mainnet has been going smoothly with no incidents and our total value locked has been moving at a good pace, so we are confident that more delegates will start looking into our platform in the next few months before we close the year.
More recently, the DeFi credit ecosystem has emerged, with on-chain credit scores accounting for wallet behavior. We believe that supporting them allows for a better experience for our community, allowing anyone with mpETH to start building their credit history.
On-chain credit scores and DeFi
There have been a few projects that have enabled on-chain credit history that allows anyone to review on chain data from wallets that have interacted with Decentralized Applications on Ethereum, most of this information can be queried in EthVM, Ethplorer and Etherscan.
Most relevant data around over-collateralized repayments and liquidations filters into these credit scores. By analyzing on-chain credit, liquidity providers have greater insight into the historical probability of repayment on a per-wallet basis.
And in the last two years have seen driving growth for Decentralized Finance (DeFi) applications on blockchain protocols and there is a good amount of information on-chain that allows dApps to review the behavior from wallets that have interacted with several DeFi platforms, this creates a good environment that can enable an on-chain credit score, which is what Teller is looking to leverage when a user interacts with their lending and borrowing solution.
Meta Pool DAO is partnering with Teller Finance in order for mpETH holders to use their platform to take out loans and also be a liquidity provider for their platform. This will be the first step we take into supporting the DeFi ecosystem on Ethereum.
Enabled anyone to become a Market Owner
The main reason we started to build on blockchain protocols is their permissionless features and Teller allows anyone to become a Market Owner, by leveraging their protocol anyone can create a lending market.
Through data-driven lending markets a Market Owner establishes the governing parameters for their market; for example repayment cycles and default periods. These can be used in separate web applications connecting to the Teller protocol. Please review their documentation for more information. Their technology has a lot of potential and we are very excited to partner with them in our journey to support DeFi in the Ethereum blockchain.
These are very exciting times that will allow the Meta Pool DAO to start reaching out to other protocols and become a well-known liquid staking platform in the Ethereum ecosystem. One step at a time.
Please let us know your thoughts and help us continue to grow the usage of mpETH. Keep on staking!
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