Platform Settings

Description of the settings ruling over the Teller Protocol

The Teller Protocol is configured with a shared set of varying parameters that are governed through the Teller protocol. This effectively eliminates the overarching influence of any central monetary authority.

These settings, as described below, live in the aptly named Settings contract.

Required Submissions

Every loan request needs to have multiple signed terms from Teller-recognized nodes, in order to ensure truly decentralized consensus. If the number of submissions is less than the amount set in the platform, the request is rejected.

Contracts governed by setting:

• LoanTermsConsensus.sol

Maximum Tolerance

A maximum tolerance is set for the aggregated values submitted by the nodes, which is designed to contain any malicious nodes attacking the platform. If the node values are too far out of sync, the request is rejected by the platform consensus.

Contracts governed by setting:

• LoanTermsConsensus.sol

Response Expiry Length

The nodes are restricted to a submission window during which a response has to be sent. If the response and the request are submitted outside of that window, the response is considered expired and the request subsequently rejected.

Contracts governed by setting:

• LoanTermsConsensus.sol

Safety Interval

To mitigate potential flash loan attacks, the Teller Platform has a safety interval set which is the minimum amount of time a user has to wait to take out a loan after their collateral has been deposited.

Contracts governed by setting:

• LoanManager.sol

Terms Expiry Time

The loan terms signed by the platform's nodes can only be valid for a certain period of time

Contracts governed by setting:

• LoanManager.sol

Liquidate ETH Price

Loans taken out through the Teller Platform are considered in default if the value of the collateral provided by the borrower drops to a level that is unable to support the debt taken out through the loan. This safeguard threshold is represented as a percentage value of the collateral value at the time of the loan initiation.

Contracts governed by setting:

• LoanManager.sol

Maximum Loan Duration

To facilitate capital turnover in the platform, a maximum length of time for repayment is set for all loans taken out. Any requests for loans that exceed this limit are automatically rejected.

Contracts governed by setting:

• LoanManager.sol

Request Loan Terms Rate Limit

The Teller Platform also limits the number of times a loan can be requested within a certain timeframe. This is designed to stop users from acting maliciously in an attempt to negatively impact the platform.

Contracts governed by setting:

• LoanManager.sol

Collateral Buffer

Due to the volatile nature of most collateral assets, there is a collateral buffer set in the Settings contract in order to account for the change in the value of the collateral asset during the loan process.

Contracts governed by setting:

• Escrow.sol

• LoanManager.sol