Maple (MPL), an institutional crypto-capital marketplace powered by 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 to be multi-chain.
“In less than one year since launching on Ethereum, Maple proved to be a critical infrastructure provider to not only blockchain companies but increasingly traditional institutions entering the space. Expanding on Solana is a milestone moment to meet the massive financing needs of the Solana ecosystem and show we are the premier decentralized lending infrastructure in the DeFi industry,” said Sidney Powell, CEO and Co-Founder of Maple. “Building the first multi-chain capital markets solution will in turn attract higher quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to thrive.”
The first pool delegate to join is X-Margin, managing an initial pool size of $45M. Coinshares deposit $20M, Circle $10M of their Solana USDC, and Solana DAOs and investors ($10M) comprise the initial liquidity injection of $40M. The pool, denominated in Solana USDC, is open to deposits of $5M from the DeFi public. X-Margin is a platform that uses confidential computing and cryptographic proofs to privately monitor real-time risk of borrowers, alongside evaluating KYC and financial statements. The platform enables transparency and improved lender risk management, facilitating cost-effective credit to the crypto sector. X-Margin has proven their technology through existing collaborations with Maple delegates, and shares Maple’s dedication to expanding access to safe and secure lending.
Maple’s expansion onto Solana was fueled by a belief in a multi-chain future and precipitated by its acquisition of Avari, an undercollateralized lending protocol built on the Solana ecosystem, in January 2022. The acquisition also grew Maple’s team to include Stanford engineers and Avari founders, Quinn Barry and Jeffrey Hu. As Ethereum’s gas fees are prohibitive for some customers, expanding onto Solana allows Maple to reach new clients while taking advantage of Solana’s powerful ecosystem and large institutional presence.
“By combining Maple’s proven product expertise with the scalable nature of the Solana blockchain and X-Margin’s superior privacy- preserving credit risk infrastructure, we are unlocking frictionless financing solutions for the entire Solana ecosystem,” said Quinn Barry, Head of Maple Solana. “Over the next three months, we expect to bring over $300 million of total value locked (TVL) to Solana.”
Since Maple’s debut in May 2021, the company has originated over $1.2 billion in loans and currently has over $900 million in TVL in the platform. Maple also launched DeFi’s first permissioned institutional lending pool with BlockTower and Genesis, originated over $100 million in loans to quantitative trading firm Alameda Research, parent company to FTX, and established a partnership with crypto lending platform Celsius, who committed $30 million of wrapped ether (wETH) to Maple’s liquidity pools.
About Maple
Maple is an institutional crypto-capital network powered by blockchain technology. Maple brings debt-capital markets 100% on-chain, using smart contracts to remove time and cost frictions, and blockchains for immutability. Expanding the digital economy by providing the tooling for credit-experts to build lending businesses on Maple, which in turn facilitates undercollateralized lending for institutional borrowers and income opportunities for lenders. The economic potential of the future will be fulfilled by harnessing global capital and applying it to areas of greatest opportunity. For more information visit: maple.finance.
About X-Margin
The X-Margin platform enables data-driven and transparent lending across CeFi and DeFi. The team has developed a private credit oracle that evaluates the real-time creditworthiness of borrowers while protecting sensitive data. X-Margin currently monitors over $3.5 billion of borrower assets and has facilitated over $400 million of 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, please visit www.xmargin.io
About Solana
Solana is a global state machine and the world’s most performant blockchain. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana’s performance is driven by a single global state, which is capable of processing tens of thousands of smart contracts at once, and by Proof of History, a distributed clock that unlocks low-latency, sub-second finality across the global state. The blockchain holds high energy efficiency, as a proof of stake network, the security of the Solana network is not dependent on energy usage. To learn more, please visit solana.com