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Apr 26, 2022
by Jafrin Ahmed
Institutional Crypto Lender Maple Finance Expands to Solana
Under the collateralized lending protocol, Maple Finance has announced the expansion of the Solana blockchain. In collaboration with its partners, Maple will also launch a $45 million fund to help build the Solana ecosystem.
The Team Looks Towards Growing the Pool $300M
The $45 million pool for uncollateralized loans was launched in partnership with DeFi lending platform X-Margin, with the capital being provided by USD Coin (USDC) issuer Circle, digital asset manager CoinShares, and several Solana native blockchain projects.
The team also looks toward growing its pool over the next eight months to bring it to $300 million by the end of the year. The platform already boasts of closed loans worth $1.2 billion with a total value locked of more than $900 million in the market.
In addition, the Maple Solana team also has plans to launch its SYRUP governance token in the next three to six months, which will be similar to the MPL token that exists for Maple Ethereum.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.