Crypto Lender becomes the first loan shop to expand on Solana

Crypto Lender becomes the first loan shop to expand on Solana

The crypto capital marketplace Maple Finance said that he was the first underground loan protocol to expand the Solana blockchain.

The product of Maple is primarily aimed at institutional lenders, including private individuals who aim to "assign" unused "capital to a" diversified "liquidity pool, according to Monday. The protocol also said that it had become the only multichain capital market solution in the industry.

After his latest, fast expansion to Ethereum blockchain, Maple hoped to cover part of the "massive financing needs" of the Solana ecosystem. Rising fees for ether gas (fees for power grid transactions) and Solana's large number of large investors have contributed to promoting the expansion of Maple to search for alternatives, it said.

"Solana has a lively ecosystem of decentralized autonomous organizations, non-fungal token projects and whales that hold important Solana USDC (USDC-SPL)", Barry Quinn , head of Ahorn Solana said. "By bringing Maple to Solana, we enable these projects to achieve a high risk-clear return on their native USDC SPL without having to use bridges or centralized stock exchanges."

At the same time as the start on Solana, the first pool delegate, who participates, uses a platform that uses confidential computer and cryptographic evidence to monitor the real-time risk of borrowers, known as, privately x rand . The delegate is expected to manage an initial pool of $ 45 million on USDC stable from Circle on Solana and is open to $ 5 million.

pool delegates in decentralized financing (Defi) act as a gatekeeper for lending, including reviewing new borrower and administration of the balance of a certain pool.

The capital transformed into a pool is syndicated and issued as a loan to Solana-based corporate creditors, which previously included the FTX mother company Alameda Research, the crypto trade company Nibbio and the investment company Nascent, which will use the financing to scale their business.

Maple acquired the decentralized financial credit protocol Avari in January to accelerate the start of the Solana company, and at the same time put together a team of Stanford engineers, including Quinn Barry and Jeffrey Hu.

"Maple has proven to be a critical infrastructure provider not only for blockchain companies, but also for increasingly traditional institutions that enter the room," said Sidney Powell, CEO von Maple. "The establishment of the first multi-chain capital market solution in turn will attract high quality lenders and borrowers."

Powell said Blockworks last month that Maple is aiming for $ 5 billion by the end of the year.

About $ 3 billion should come from Maple's existing business, while $ 1 billion would come from the Maple Solana offer. The remaining forecast $ 1 billion is expected to come from institutions that grant miners loans.

When asked whether Maple had plans to expand to other chains, Barry said that his team focuses on bringing his product on both Solana and Ethereum.

"We consider Maple as a chain-independent offer and wanted to ride where the puck is going by bringing Maple into the rapidly growing Solana ecosystem," said Barry. "However, we constantly evaluate new opportunities and have long-term plans to continue the horizontal cross-chain expansion."

Ben Strack contributed to reporting.

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The contribution Crypto Lender becomes the first loan shop that is expanding to Solana is not a financial advice.