Teller, a decentralized lending protocol, has launched a new borrowing and lending primitive that enables perpetual loans without liquidations. By removing price-based liquidation triggers, Teller allows users to maintain their positions through market swings instead of being forced to sell at the worst possible time. Teller allows users to borrow against digital assets without the threat of price-based liquidation. Instead of selling collateral when prices drop, Teller loans are structured around flexible, perpetual terms. Borrowers maintain access to capital as long as they meet periodic interest payments or rollover checkpoints. That means no forced selling and no liquidations triggered by price volatility, giving users greater peace of mind during unpredictable market conditions. Borrowers can access liquidity against a wide range of digital assets, from large caps like Bitcoin and Ethereum to long-tail, community-driven tokens such as $SPX, $PEPE, and $DOGE, without having to sell their spot. Loans can be rolled over indefinitely by paying only the interest due at the time. If the collateral’s value remains stable, no additional collateral is required; the position is automatically refinanced via a flash-loan mechanism. If the value has dropped, users can simply top up the collateral to restore the minimum ratio—no need to repay the principal. This structure allows users to borrow with confidence, even during extreme volatility or short-term dips. On the lending side, Teller offers single-sided exposure with compounding yield. Lenders deposit assets like Bitcoin or stablecoins into isolated lending pools and earn interest directly from borrower repayments. There’s no impermanent loss, no multi-asset exposure, and no need to manage paired positions. Risk is isolated and transparent, tied only to the collateral asset within each pool.