Crypto lender Maple Finance expands support to Solana

Crypto lender Maple Finance expands support to Solana

Crypto capital markets platform Maple Finance has expanded support for the Solana blockchain and deployed a $45 million fund to spur growth in the ecosystem.

Maple provides undercollateralized loans to institutional borrowers on Ethereum (ETH) and now Solana (SOL) from several pool representatives. The project said in a blog post on April 25 that it had “taken over $1.2 billion in loans and currently has over $900 million in TVL on the platform.”

Launched in partnership with decentralized finance (DeFi) lending platform X-Margin, the ecosystem fund is funded by USD Coin (USDC) issuer Circle, digital asset management firm CoinShares and several unnamed projects native to Solana.

Maple’s Solana division (Maple Solana) aims to “expand the Solana ecosystem by leveraging Maple’s on-chain capital markets infrastructure​​” and address funding needs on the network.


Maple expects the move to immediately drive strong Solana activity, as outlined by Quinn Barry, head of Maple Solana:

“Over the next three months, we expect to bring more than $300 million in liquidity to Solana. We will soon welcome another credit expert to the platform and share more about how the liquidity protocol is using Maple infrastructure as Solana’s launchpad for details.”

A further update was provided the next day, with Barry also tweeting that Maple intends to launch a permissioned pool by the end of 2022 and allow protocols, Decentralized Autonomous Organizations (DAOs) and real-world entities to borrow funds.

Maple Solana will also issue the SYRUP governance token in 2022, which will be similar to Maple’s MPL governance token on Ethereum.

X-Margin is the first mining pool representative of Maple Solana. The pool currently has $34 million in total cash, but no active loans and deposits have yet to accrue interest. By the end of 2022, X-Margin expects the pool to control $300 million.

X-Margin lending pool on Maple’s Solana app.

Institutions may find appeal in Maple’s platform because it meets the required know-your-customer/anti-money laundering (KYC-AML) standards, as there are only a few DeFi lending protocols.

Platforms such as Celsius (CEL) require users to submit KYC information and have been a pool delegate for the Maple Ethereum app since February. Lending protocol AAVE (AAVE) launched its permissioned Aave Arc pool in January, requiring users to submit KYC information.

Related: Multilayer Crypto Collateral in the DeFi Ecosystem

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