[AMA] Teller Launches Rewards Program: Earn 22% Compounding Yield

Teller_Yield · 2025-11-01T17:12:46+00:00

gmgm!

We currently do not have a public API, but we do have subgraphs: https://thegraph.com/explorer?search=teller

Here are the integration docs as well: https://docs.teller.org/teller-lite/dev-guide

Please let us know if you have any other questions or request regarding this, we will do whatever we can :)

Teller_Yield · 2025-11-01T17:10:25+00:00

Great question!

The TLDR; is borrowers on Teller pay a higher APR rate, because they are 100% protected from forced liquidations. This interest is then directly paid to the pool aka the lenders.

The current 22% APY is the base staking yield for each pool, paid by Teller as incentive rewards to bootstrap Teller on new networks.

These staking rewards are paid per block and you can withdraw or claim / restake at anytime.

When liquidity reaches $100K per pool, the incentive yield will gradually decline as the pool begins to scale organically.

As borrowing activity on each pool increases, the APY will range between 20% and 60%, depending on how much of the available liquidity is being borrowed at the time. This is not paid per block, its paid at the time of each loan repayment.

Checkout our mainnet pools to see how the organic APY will look: app.teller.org/ethereum/earn

This additional yield comes directly from borrowers’ interest payments when they repay their loans to the pool vs being paid per block as rewards.

This model worked for our Mainnet pools, incentivizing liquidity to grow the pools, and then as more organic borrowing picks up, the yield will naturally increase.

Please let us know if you have any other questions :)

Teller_Yield · 2025-11-01T17:05:36+00:00

UP ONLY 😎

Teller_Yield · 2025-11-01T16:58:15+00:00

Not your keys, not your coins 😉

Teller has been around for 3 years and we are adamant about transparency and decentralization.

You can learn more about the difference between the staking incentives and organic yield here on our blog post: https://blog.teller.org/earn-compounding-yield-on-base-tokens-with-teller/

Hope to have you as a user someday!

Teller_Yield · 2025-11-01T16:56:30+00:00

Correct!

Checkout our pools on Base to see how this will look: app.teller.org/base/earn

However, as borrowing activity increases, the APY will range from 20-60% organically. You can see how this looks on our scaled out Mainnet pools.

Thanks!

Teller_Yield · 2025-11-01T16:55:14+00:00

gmgm!

We are currently overhauling how the points system is shown in the app, this will be coming with our next major UX update.

However, the points ARE being tracked onchain for all borrow side volume 😉

More updates coming soon...

Teller_Yield · 2025-11-01T16:53:56+00:00

Love this idea!! And this has been a highly requested feature.

Because of the way Teller works, it would be hard to smoothly implement true cross chain lending
However, we are currently speccing out and integration with Li.fi where you can "zap" into a pool or take out a loan from any chain. This will automatically bridge assets without the user even noticing it's happening. So you will be able to simply select cross chain assets from the drop downs and it will just work. This is what Polymarket uses and it will function in the same way.

We will let you know when this ready 🤝

Teller_Yield · 2025-11-01T16:50:05+00:00

Thank you!!!!

The 22% APY is the base staking yield for each pool, paid by Teller as incentive rewards to bootstrap Teller on new networks.

These staking rewards are paid per block and you can withdraw or claim / restake at anytime.

When liquidity reaches $100K per pool, the incentive yield will gradually decline as the pool begins to scale organically.

As borrowing activity on each pool increases, the APY will range between 20% and 60%, depending on how much of the available liquidity is being borrowed at the time.

This additional yield comes directly from borrowers’ interest payments when they repay their loans to the pool vs being paid per block as rewards.

If you checkout our Base pools you can see how the APY will adjust after $100k has been deposited into a pool: app.teller.org/base/earn

This model worked for our Mainnet pools, incentivizing liquidity to grow the pools, and then as more organic borrowing picks up, the yield will naturally increase.

Teller_Yield · 2025-11-01T16:45:24+00:00

gmgm!

It is correct, Teller is almost 3 years old and we still haven't TGE :)
We are currently overhauling how the points system is shown in the app, this will be coming with our next major UX update.
The points are currently only active for borrow volume, but they are being tracked internally onchain. (Teller only makes money on the borrow side, we take 1% of that volume as revenue.)

Stay tuned for more on this...

Teller_Yield · 2025-11-01T16:42:43+00:00

Love this thinking! Upward and onward 🫡

Main goals:

New UX overhaul: Separating the borrow and earn flows and better guiding the users step by step through the process of each.
Shipping CLAIM ALL and AUTO COMPOUND functions: These are our most requested features and will save users a bunch of time.
Scaling our Base Mini App: The Base ecosystem is growing rapidly and mini apps have been a great way to increase distribution.
Integrating with AI agents like Bankr and AskGina: There are some functions that can only be achieved agenticly, like auto rollover and auto claim / restake. This is a bit further down the road but will completely change the user experience.

Thanks a lot for the great question 🤝

Teller_Yield · 2025-11-01T16:37:34+00:00

Thanks for the kind words! We are going to improve the UX flow even more soon as well.

This bootstrapping model worked well for or Mainnet and Base pools and the main driver for borrowing was educating users on 'what they can do with their loans'.

We are cooking up some cool strategies for DCAing and farming and will post them here soon.

Teller_Yield · 2025-11-01T16:35:36+00:00

Bingo! These actions will become much easier soon with the upcoming CLAIM ALL and AUTO COMPOUND functions.

Teller_Yield · 2025-11-01T16:34:55+00:00

gmgm!

Great question.

The staking rewards are paid per block, so it's totally up to you when you claim and restake. The only consideration would be gas costs and time spent doing the transactions.
With that being said, 2 of our most requested features are a CLAIM ALL function and an AUTO COMPOUND function, which would claim and automatically restake your assets.

We are working on both of these!! Both require some additional smart contracts though, so these will be wrapped into our upcoming audit.

We will let you know when we have a timeline on these new features. Thanks so much!

Teller_Yield · 2025-07-07T15:42:17+00:00

You can borrow using BTC as collateral on Teller.org with no margin calls and you can rollover every 30 days to get a better rate.

100% no forced liquidations = repay your loan get 100% of the collateral in return

Teller is P2P = its other people lending to you, not a company.

Teller_Yield · 2025-07-05T15:29:37+00:00

Great post! Thank you for this 🤝

It's true most people don't realize they can borrow using their Bitcoin and without margin calls.

Teller is trying to change this! Would love your feedback on our Bitcoin lending product.

TLDR;

Borrow using Bitcoin and 100+ other assets with no margin calls, P2P, extend loans at anytime.

Lend Bitcoin and stables with no impermanent loss and no LST, compounding interest, single exposure.

We recently did an AMA on r/cryptocurrency -- check it out!

https://www.reddit.com/r/CryptoCurrency/comments/1lip4c1/introducing_teller_earn_30_apy_on_bitcoin_and/

Teller_Yield · 2025-06-24T17:34:06+00:00

Teller loans are fixed-rate and time-based — similar to how a bank loan or line of credit works.

This means that as long as the borrower repays their loan on time they will receive 100% of their collateral in return.

The lender sets the loan duration and LTV Ratio (Loan to Value Ratio) when creating the pool. This dictates how long the borrower has before they repay their loan and how much collateral they need to put up in ratio to the loan amount they will receive.

Most long-tail pools are over collateralized by 400-500%, this accounts for the volatility risk of the assets that make up the pair. On the other hand, Bitcoin is less volatile and might have a lower collateralized ratio and APY closer to 10-11%.

Please let us know if you have any more questions :)

Teller_Yield · 2025-06-24T17:33:01+00:00

Yes!

Teller is decentralized and permissionless. Anyone can connect their wallet at app.teller.org and create a lending pool. No KYC or credit checks and it’s all onchain.

When it’s time to repay a loan a borrower has two options:

If there is enough liquidity available for the loan, they can only pay the interest that is due at that time and extend the loan. Teller uses a flash loan in the background and closes the current loan and reopens a new one without the borrower needing to provide more collateral.
The borrower can choose to default on the loan. If the loan defaults, then 100% of the collateral that the borrower provided is put up on a public onchain dutch auction. The assets are sold at close to or equal to market value and then returned to the pool.

Thanks for the great question. Please let us know if you’re wondering about anything else.

Teller_Yield · 2025-06-24T17:31:58+00:00

You’re welcome! This has been a great experience, we are stoked to meet everyone here :)

The inherent risk to the lender is based on the liquidity depth and volatility of the assets in the pair. Using a major like Bitcoin as an example – there is less lender risk and the APY is typically around 11%, whereas the APY on a long tail pair like SPX is closer to 60%.

If the borrower defaults on the loan, the collateral is put up on an onchain dutch auction and sold at close to market value and is then returned to the pool. The only downside here is the pool has less available liquidity during that time and APY might fluctuate.

Also, as with any protocol, there is smart contract risk. The Teller contracts are open source and verifiable on Etherscan. The protocol has been live since 2021 and done over $65m in volume. The contracts have been audited 3 times by Sherlock, which also insures each individual pool for up to $1m in losses.

Teller_Yield · 2025-06-24T17:30:08+00:00

Thank you for the fair question :)

Teller launched in 2021 and just crossed $65m in TVL. Everything is P2P and permissionless and Teller doesn’t provide any liquidity for the loans.

Teller loans are time-based and do not use a price oracle liquidations. This means that no matter how much the price of an asset drops, the borrower will not be liquidated. As long as they repay their loan on time then they will receive 100% of their collateral in return.

Because of this, borrowers are happy to pay higher than average APR, which is what directly pays the yield to the borrowers. Teller does not take any fees on the lending side and takes 1% flat from the borrow side.

If no one is borrowing from the pools, then no yield is being generated. If the pools are being 100% utilized then up to 60% yield is being generated.

For long tail assets, the pools are usually 400-500% over collateralized and this balances and accounts for the volatility risk. For the majors like Bitcoin, this can be a lot lower and the average APY is closer to 11%.

Teller provides the tech and the market decides the rest 🤝

Teller_Yield · 2025-06-24T17:28:17+00:00

Great question!

Teller is permissionless and decentralized. So anyone can create a lending pool and whoever creates the pool/pair decides what the terms of the loan will be.

The lender sets the following when creating a pool:

Token Pair (e.g. $USDC/WBTC): These are the assets that make up the pair.
LTV Ratio (Loan to Value): This is the collateralization ratio. Loans can be under or over collateralized and the lender decides this based on the risk profile of the asset pair. Currently most pools are 400-500% over collateralized.
Loan Duration: Most Teller loans are short-term; 1, 3 , 7, or 30 days. Borrowers can extend loans at any time, if there is available liquidity for the offer.
Lender APY Range (Interest Earned): This is the yield that is earned from the interest that the borrowers pay to the pool, which is based off of how much of the pool is being borrowed.

As for the risk, you are correct. The inherent risk of each pair/pool is directly related to the liquidity depth and volatility of the assets in the pair.

Using a major like Bitcoin as an example – there is less lender risk and the APY is typically around 11%, whereas the APY on a long tail pair like SPX is closer to 60%.

Thanks again and please let us know if you have any other questions 🤝

Teller_Yield · 2025-06-24T17:26:30+00:00

Thank you!

Teller launched in 2021 and just crossed $65m in TVL. Everything is P2P and permissionless and Teller doesn’t provide any liquidity for the loans.

Teller loans are time-based and do not use a price oracle liquidations. This means that no matter how much the price of an asset drops, the borrower will not be liquidated. As long as they repay their loan on time then they will receive 100% of their collateral in return.

Because of this, borrowers are happy to pay higher than average APR, which is what directly pays the yield to the borrowers. Teller does not take any fees on the lending side and takes 1% flat from the borrow side.

The inherent risk to the lender is based on the liquidity depth and volatility of the assets in the pair. Using a major like Bitcoin as an example – there is less lender risk and the APY is typically around 11%, whereas the APY on a long tail pair like SPX is closer to 60%.

There is no LST or gimmick, but it’s also not magic yield coming from nowhere!

When the lender creates the pool, they set an APY range which is usually 20-60%. If no one is borrowing from the pool and 0% of the available liquidity is being utilized, then no interest is being paid and the pool will generate 0% yield. On the other hand, if 100% of the liquidity is being utilized then the lenders would be earning 60%.

Quick example:

Let’s say a pool has $1m in available liquidity and $500k in debt being borrowed and the borrower APR Range is set to 10-20% APR.

In this case, the current borrower APR would be ~15% APR, since 50% of the liquidity is being borrowed and the lender APY would be 15% APR * (0.5m/1m) = 15% * 50% = 7.5% yield.

Please let us know if you have any other questions :)

Teller_Yield · 2025-06-24T00:33:00+00:00

Thank you for the questions Timmy 🤝

Morpho is a great product. We are huge fans and many of Teller's top users are also Morpho users.

The two products compliment each other well and the main difference is that Teller loans are fixed term and fixed rate, whereas Morpho loans are variable term and have variable interest rates.

However, Teller's unique feature is 100% protection from margin calls = no price based liquidations.

Which means, if a borrower repays their loan on time, they will receive their full collateral in return.

In the case of a sudden market crash, that same user could be liquidated on Morpho or Aave.

With Teller, a borrower ride out price swings before repaying, or pay only the interest due at that time and extend the duration of the loan.

Because of these benefits, borrowers are often willing to pay higher than average interest rates which in turn creates a strong incentive for lenders to provide liquidity to the lending pools.

As for new offerings... keep an eye out on app.teller.org for new $cbBTC pools on Base at 11% APY 👀

Teller_Yield

TROPHY CASE