The crypto capital markets platform Maple Finance has expanded support for the Solana blockchain and deployed a $45 million fund to spur ecosystem growth.
Maple offers sub-collateralized loans for institutional borrowers on Ethereum and (now) Solana from various pool delegates. The project stated in a blog post on Monday that it has already “originated over $1.2 billion in loans and currently has over $900 million in TVL to the platform.”
The ecosystem fund was launched in partnership with decentralized finance (DeFi) lending platform X-Margin, with capital provided by USD Coin (USDC) issuer Circle, digital asset manager CoinShares, and several unidentified projects native to Solarium.
MAPLE SOLANA IS NOW LIVE.
With partners @xmargintrading @circlepay @CoinSharesCo and Solana natives, we start with $45M to issue uncollateralized to the thriving @solarium ecosystem.
By EOY we will grow this pool to $300M, and issue $1BN loans through Maple Solana. pic.twitter.com/RTNuk3eV3A
—Maple | Solana & Ethereum (@maplefinance) April 25, 2022
MAPLE SOLANA IS NOW AVAILABLE.
With partners @xmargintrading @circlepay @CoinSharesCo and Solana natives, we started with $45 million to issue unsecured loans to the thriving @solana ecosystem.
By the end of the year, we will grow this pool to $300 million, and issue $1 billion in loans through Maple Solana. pic.twitter.com/RTNuk3eV3A
Maple’s goal for its Solana division, Maple Solana, is to “bring Maple’s capital markets infrastructure on-chain to scale the Solana ecosystem.” and address financing needs in the network.
Maple expects move to immediately boost strong activity at Solanaand Maple Solana director Quinn Barry has noted that:
“Over the next three months, we expect to bring more than $300 million of liquidity to Solana. We will soon welcome another credit expert to the platform, and share more details on how liquidity protocols are already using the Maple infrastructure as a launch pad on Solana.”
Providing an additional update the next day, Barry also tweeted what Maple intends to launch a permission pool and allow protocols, decentralized autonomous organizations (DAOs), and real-world entities to borrow funds by the end of 2022..
Maple Solana will also issue the SYRUP governance token in 2022, which will be analogous to Maple’s MPL governance token on Ethereum..
X-Margin is the first pool delegate at Maple Solana. The pool currently has USD 34 million in cash, but there are no active loans, and the deposits do not yet earn interest.. By the end of 2022, X-Margin expects the pool to control $300 million.
Institutions may find Maple’s platform attractive because it conforms to required Know Your Customer/Anti-Money Laundering (KYC/AML) standards.like only a few DeFi lending protocols.
Platforms like Celsius require users to submit KYC information and have been pooling delegates on the Maple Ethereum app since February.. Lending protocol Aave launched its Aave Arc pool with permission in January, which requires users to submit KYC information.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.