Tuesday, September 26, 2023

Maple Finance Crypto Lender Expanded Support To Solana

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The Maple finance crypto lender expanded support to Solana after expanding beyond Ethereum, so now It will be able to control $300 million worth of liquditiy by the end of 2022 so let’s read more today In our latest blockchain news.

The crypto capital markets Maple Finance crypto lender extended the support to the Solana blockchain and deployed a $45 milion fund to spur ecosystem growth. Maple provides undercollateralized loans for institutional borrowers on ETH and now Solana from other pool delegates. The project stated that it has already originated over $1.2 billion in loans and now counts over $900 million the to the platform.

The ecosystem fund was launched in partnership with decentralized finance lending platform X-Margin and other capital being provided by USD coin issuer Circle, Coinshares, and other projects native to Solana. The goal for Maple is to bring Maple Solana and on-chain capital market infrastructure so it can scale to the Solana ecosystem and address financing needs on the network. Maple is expecting hte move to drive strong activity on Solana with the head of Maple Solana Quinn Barry saying:

“Over the next three months, we expect to bring over $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 Maple’s infrastructure as a launchpad onto Solana.”

Providing another update the next day, Barry tweeted that Maple aims to launch a permissioned pool and will allow protocols, DAOS and real-world entities to borrow funds by the end of 2022. Maple Solana will also issue the SYrUP governance token in 2022 that will be analog to Maple’s MPL governance token on Ethereum. The X-Margin serves as the first pool delegate which has $34 million in total cash but no active loans and deposits. By the end of the year, X-Margin expects the pool to contrl $300 million.

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The institutions could find appeal in Maple’s platform because it conforms with the required Know Your Customer Standards like other Defi lending protocols. Platforms like Celsius require users to submit KYC information and have been pool delegates on the Ethereum app since February while Aave also launched its pool in January that requires users to submit KYC information.

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