Maple (MPL), an institutional crypto capital marketplace built on blockchain technology, today announced its launch on the Solana blockchain. This launch makes Maple the first undercollateralized lending protocol on the Solana blockchain and the first multi-chain protocol.
“In less than a year since launching on Ethereum, Maple has proven itself as a critical infrastructure provider, not only for blockchain companies, but also for increasingly traditional institutions entering space. Expansion on Solana is a milestone in meeting the massive funding needs of the Solana ecosystem and demonstrating that we are the leading decentralized lending infrastructure in the DeFi industry,” said Sidney Powell, Maple CEO and co-founder. “Building the first multi-chain capital markets solution will, in turn, attract higher-quality lenders and borrowers, create unprecedented growth opportunities for innovators built on Solana, and enable the entire industry to thrive.”
The first pool delegate to join is X-Margin, who manages an initial pool size of $45 million. Coinshares deposit $20 million, Circle $10 million of their Solana USDC and Solana DAO, and investors ($10 million) make up the initial $40 million cash injection. The Solana USDC-denominated pool is open to $5 million in deposits from the DeFi public. X-Margin is a platform that uses confidential data processing and cryptographic proofs to monitor borrowers’ real-time risk privately and alongside KYC and financial statements assessment. The platform enables transparency and improved risk management by lenders, facilitating low-cost lending to the crypto sector. X-Margin has demonstrated its technology through existing collaborations with Maple delegates and shares Maple’s commitment to expanding access to safe lending.
Maple’s expansion on Solana was fueled by a belief in a multi-chain future and accelerated by its January 2022 acquisition of Avari, an undercollateralized lending protocol built on the Solana ecosystem. The acquisition also expanded Maple’s team to include Stanford engineers and Avari founders, Quinn Barry and Jeffrey Hu. With Ethereum’s gas fees prohibitive for some customers, expanding on Solana allows Maple to reach new customers while capitalizing on Solana’s strong ecosystem and large institutional footprint.
“By combining Maple’s proven product expertise with the scalability of the Solana blockchain and X-Margin’s superior, privacy-preserving credit risk infrastructure, we are unlocking frictionless financing solutions across the Solana ecosystem,” said Quinn Barry, Head of Maple Solana. “Over the next three months, we expect to inject over $300 million (TVL) in aggregate value to Solana.”
Since Maple’s debut in May 2021, the company has issued over $1.2 billion in loans and currently has over $900 million in TVL on the platform. Maple also launched DeFi’s first approved institutional lending pool with BlockTower and Genesis, extended over $100 million in loans to quantitative trading firm Alameda Research, FTX’s parent company, and partnered with crypto lending platform Celsius, the 30th… Millions of US dollars in wrapped Ether pledged (wETH) to Maple’s liquidity pools.
About maple
Maple is an institutional crypto capital network based on blockchain technology. Maple brings the debt capital markets 100% on-chain, using smart contracts to eliminate time and cost frictions and blockchains for immutability. Growing the digital economy by providing credit professionals with tools to build lending businesses on Maple, which in turn facilitates undercollateral lending for institutional borrowers and income opportunities for lenders. The economic potential of the future is realized by harnessing global capital and deploying it in areas with the greatest opportunity. For more information, visit: maple.finance.
About X edge
The X-Margin platform enables data-driven and transparent lending across CeFi and DeFi. The team has developed a private credit oracle that assesses borrowers’ creditworthiness in real time while protecting sensitive data. X-Margin currently oversees over $3.5 billion in borrower assets and has facilitated over $400 million in loans. In September, X-Margin raised $8 million in a Series A funding round backed by leading digital asset investors. For more information on X-Margin, visit www.xmargin.io
About Solana
Solana is a global state machine and the most powerful blockchain in the world. It gives developers the confidence to build long-term by providing predictable scaling without compromising security or composability. Solana’s performance is powered by a single global state capable of processing tens of thousands of smart contracts simultaneously and by Proof of History, a distributed clock that unlocks low-latency, split-second finality across the global state. The blockchain has high energy efficiency, as a proof-of-stake network, the security of the Solana network does not depend on energy consumption. To learn more, please visit solana.com
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.