Maple Finance, a crypto capital markets platform, has added support for the Solana blockchain and launched a $45 million fund to help the ecosystem thrive. Maple Solana’s mission is to “bring Maple’s on-chain capital-market infrastructure to scale the Solana ecosystem” and handle the network’s financial needs. Several pool delegates provide undercollateralized loans for institutional borrowers on Ethereum (ETH) and now Solana (SOL). According to a blog post published on April 25, the project has “originated over $1.2 billion in loans and now counts over $900 million in TVL on the platform.”
MAPLE SOLANA IS NOW LIVE.
With partners @xmargintrading @circlepay @CoinSharesCo and Solana natives, we start with $45M to issue uncollateralized to the thriving @solana 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
The ecosystem fund was formed in collaboration with X-Margin, a decentralised finance (DeFi) lending platform, with funding from USD Coin (USDC) issuer Circle, digital asset manager CoinShares, and a number of other undisclosed Solana-based businesses.
Maple anticipates a surge in activity on Solana as a result of the shift, with Quinn Barry, the head of Maple Solana, stating:
“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.”
The next day, Barry tweeted that Maple plans to establish a permissioned pool by the end of 2022, which will allow protocols, decentralised autonomous organisations (DAOs), and real-world entities to borrow funds.
We have massive goals for this year:
→ X-Margin pool to hit $300M in TVL by EOY
→ Hit $1B in total originations by EOY
→ Launch permissioned pool
→ Expand borrowers to include protocols, DAOs, + real-world lending.
Join us @ https://t.co/Uo6ddPXxz9
— Quinn Barry (@quinnmbarry) April 25, 2022
In 2022, Maple Solana will launch the SYRUP governance token, which will function similarly to Maple’s MPL governance token on Ethereum.
On Maple Solana, X-Margin is the first pool delegate. The pool now has $34 million in cash on hand, but there are no active loans and no interest-bearing deposits. The pool is expected to control $300 million by the end of 2022, according to X-Margin.
Maple’s platform may appeal to institutions because, unlike only a few DeFi lending protocols, it complies with mandated know-your-customer/anti-money laundering (KYC-AML) regulations.
Users must submit KYC information to platforms like Celsius (CEL), and he has been a pool delegate on Maple’s Ethereum app since February. In January, AAVE (AAVE), a lending protocol, released its permissioned Aave Arc pool, which requires users to submit KYC information.
Read more:
- Uniswap, Solana and Cardano are among the top three fastest developing assets: Santiment’s report
- Alameda Research to use DeFi loan for daily trading activities
