Maple Finance Expands to Solana

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Maple Finance Expands to Solana
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key takeaways

Maple brings unsecured borrowing to the Solana ecosystem, which it lacked before. Borrowers will be assessed by X-Margin, and stablecoin issuer Circle has also joined. Maple Solana plans to launch the SYRUP token in the coming months.

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Maple Finance, a decentralized marketplace for institutional lending, has launched on Solana. Together with its partners, Maple will bring in a $45 million funding pool to initially grow its Solana ecosystem.

Maple Finance is now multi-chain

An underserved area of ​​decentralized finance — unsecured lending — has expanded to new blockchains.

Maple Finance is live on Solana. The team behind Corporate Debt Markets started with $45 million to issue unsecured loans on the Solana blockchain and plans to build a $300 million pool by the end of 2022.

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Partners behind the expansion include privacy-preserving, data-driven lending platform X-Margin, digital asset manager CoinShares and stablecoin issuer Circle.

Maple co-founder and CEO Sidney Powell said in the announcement:

“Building the first multi-chain capital markets solution has and will continue to attract high-quality lenders and borrowers, create unprecedented growth opportunities for Solana-based innovators, and enable the industry to thrive.”

Using Maple Finance, crypto-native companies can leverage unsecured loans to optimize their operations in a capital-efficient way that is elusive. Maple Solana’s first borrowers include crypto-focused venture capital firm Framework, and Sam Bankman-Fried-backed trading firm Alameda Research.

As a cross between decentralized finance and centralized finance, Maple employs human participants to assess the creditworthiness of potential borrowers. Prospective borrowers must undergo rigorous due diligence before securing a loan. The first pool representative that will do this on Maple Solana is X-Margin, which is tasked with credit scoring in terms of actually issuing, underwriting, and managing the interest and payments of institutional loans. It will use Maple’s infrastructure to actively manage these tasks.

As of press time, the Maple Solana mining pool holds over $34 million in Circle’s USDC stablecoin and may soon reach its initial capacity. Launched only nearly a year ago, Maple has so far provided about $900 million in liquidity to the Ethereum ecosystem and issued about $1.2 billion worth of loans.

Last February, Maple further expanded its services into the realm of centralized financial lenders, by joining Celsius, introducing a $30 million package of ethereum that institutions could potentially borrow. To help ensure institutions maintain confidence that they can use Maple in a compliant manner, all borrowers must undergo know-your-customer and anti-money laundering checks.

The Maple Solana team also plans to launch its SYRUP governance token sometime in the next three to six months, which will be similar to the MPL token that exists on Maple Ethereum. Additionally, a Maple representative told Crypto Briefing that the next loan assessor to join after X-Margin will be “a full-fledged b2b crypto lender, brokerage, custody and exchange firm.”

Disclosure: At the time of writing, the author of this article owns BTC, ETH, and several other cryptocurrencies.

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