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Maple Finance expands to Solana

Maple Finance has expanded their operations onto the Solana blockchain. The company is now the first undercollateralized lending protocal that is on the blockchain.

Maple Finance is a Cryptocurrency lending firm powered by the blockchain that aggregates loans on behalf of large borrowers. So instead of having a borrower speaking to many lenders and waiting on an answer -one entitiy , being Maple, will assess the risk of the borrower and manage a collateralized asset pool. Maple has been billed by some as the “rails on which the lending business of the future will be running.”

In joining onto the Solana protocol Maple finance expects their Solana app to have contol of over $300 million by the end of the current year. The company plans to use their arm of Solana to build on the blockchain and scale the ecosystem and address all financing needs of users on the network. The amount of activity and new projects coming onto the blockchain will continue to push the need for more financial applications and aid. Maple also has plans for launcing of a permissioned pool that will allow protocols and DAOs to borrow funds for the continuation of their projects and plans. There are plans for a governance token with the name of SYRUP as well taht will be released by the end of this year. This SYRUP token is the Solana equivalent of the MPL token on the Ethereum chain.

The protocol has a lot of appeal as it fully follows Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. With the recent amount of scams and rugpulls on the Solana blockchain this type of security is welcome and necessary for a platform such as Maple.

Currently Maple is the only multichain capital market solution around though in the future that may change. Maple spoke on the mounting gas fees of Ethereum and the speed of Solana and the mounting number of massive investors and project creatives all being a factor in the move to Solana. By joining onto Solana projects are enabled to earn USDC-SPL yield that is highly risk-adjusted and don’t need to use bridges or CEXs (Centralized Exchanges).

X-margin which is the first pool delegate that uses confidential computing and cryptographic proofs to monitor the risk of borrowers in real-time is going to tag along. X-margin will manage an initial $45 million in Circle’s USDC and will be open to $5 million in deposits as well.

Currently Maple is focused on Ethereum and Solana and does not have other plans for other blockchains for now.

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