Maple Officially Launched on Solana
Maple has officially launched on Solana, with $45M to fund ecosystem growth provided by X-Margin, Circle, Coinshares, and Solana natives.
Maple is officially launched on Solana and has begun to address financing needs within the ecosystem. With their launch partner X-Margin, and lenders Circle, Coinshares, and Solana natives, they bring $40M in liquidity to the ecosystem at launch and plan to grow this pool to $300M by EOY.
Sidney Powell, CEO, and Co-Founder of Maple
“Building the first multi-chain capital market solution has and will continue to attract high quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to thrive.”
On its launch in Solana today, Maple is the first multi-chain capital solution, and they are also the first institutionally focused platform to offer uncollateralized borrowing on Solana. With key partners, X-Margin, Circle, and Coinshare, this is a key milestone in transforming capital markets through technology.
Individuals and institutions can deposit Solana USDC into the pool directly via the Maple Solana WebApp. Requests to borrow can be made here.
X-Margin is the first firm to act as a pool delegate and launch a lending business on Maple Solana.
Darshan Vaidya, CEO of X-Margin
“Maple’s multi-chain infrastructure continues to lead the way for institutional credit infrastructure in crypto. X-Margin’s privacy preserving credit platform is a natural fit for this, helping to scale a more data-driven and transparent credit market in DeFi and CeFi.”
To bring traditional capital markets on-chain, Maple has built with institutions to ensure the same rules and regulations apply in DeFi. For instance, all borrowers must pass KYC-AML checks and credit assessments across the protocol, so institutional lenders can be sure capital is issued to reputable firms.
Jeremy Fox-Geen, Chief Financial Officer, Circle
“Circle deposited $10M Solana USDC to fund the future of the Solana ecosystem. Solana USDC already has extensive adoption with FTX, Serum, Raydium, and now Maple is bringing new utility to Solana USDC, as well as a new primitive to the ecosystem. We are proud to deepen our partnership with Maple and the Solana ecosystem at large.”
After passing X-Margin’s rigorous due diligence process, profitable and growing crypto blue-chips, Nascent, Framework, and Alameda Research comprise the first cohort of uncollateralized borrowers.
Josh Felker, Co-Founder, Nascent
“Borrowing uncollateralized means we can optimize operating capital for our liquid strategies. We’ve been really impressed with X-Margin and Maple’s process and the teams bringing Maple Solana to market, and we’re proud to be the beneficiaries of this exciting launch.”
With exciting projects being built on Solana, Maple chose to join the ecosystem at its genesis and has built quickly through the acquisition of Avari, a Solana native undercollateralized lending protocol, in January.
Maple moved with speed and diligence to reconfigure the intelligent contracts, maintain parity across Solidity and Rust codebases, and conduct two audits with Bramah Systems and Quantstamp.
Maple’s goal is to: bring Maple’s on-chain capital-market infrastructure to scale the Solana ecosystem.
Quinn Barry, Head of Maple Solana
“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. From a product perspective, we will bring the product to parity over the course of the year and make plans for the SYRUP token”.
Along with launching separate Solana contracts, there will also be a different governance token for Maple Solana, SYRUP, analogous to MPL on Ethereum. More about SYRUP tokenomics in a medium post here, and they plan to launch SYRUP in three to six months.
Lenders can deposit into the pool directly via the Maple Solana WebApp; requests to borrow can be made here.
About Maple
Maple is a crypto-capital network operating across the Ethereum and Solana blockchains. Maple facilitates efficient credit flows by providing the technology for credit experts to build lending businesses.
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