TL; DR Breakdown
- Maple Finance announces launch on Solana
- The platform wants to solve finance issues on Solana
- X-Margin forecasts $300 million generated by the pool
Maple Finance, a platform focused on capital markets in the crypto sector, has announced its expansion to Solana blockchain users. The platform has released a $45 million fund to help achieve growth on the network. The platform allows institutional investors to borrow undercollateralized loans available across Ethereum. With the new update, Solana investors can now leverage the service to enjoy loans.
Maple Finance wants to solve finance issues on Solana
According to a post by Maple Finance on April 25, the platform mentioned that it has already closed loans worth $1.2 billion. The platform also boasts of a total value locked of more than $900 million in the market. The said funding was provided in conjunction with X-Margin, a platform also focused on lending in the DeFi market.
Other platforms involved in this process are USDC, Coinshares, and some other projects housed on Solana. According to Maple Finance, one of the issues it is focused on solving on Solana is the financing problem that users have been encountering. In a bid to achieve this, the platform plans to introduce its on-chain market infrastructure. With this, Solana will perform scaling at a higher rate. The company is focused on getting to work as soon as possible with the new update.
X-Margin forecasts $300 million generated by the pool
Giving his reaction to the new update, Quinn Barry, the executive that heads the company’s Solana branch, mentioned that Maple Finance expects nothing less than $300 million in liquidity in the coming months. The executive also noted that the platform is presently in talks with a credit expert to onboard the company on the platform. In another tweet by the executive, he mentioned that the company was also working towards debuting a pool that would work based on permission. With this, different protocols and people, including real-world companies, can leverage it to access funds.
The platform is also planning to debut its native token on the platform, SYRUP, which will mirror the design of MPL housed on Ethereum. X-Margin, another company involved in the process, will act as the first pool delegate on the new protocol. Although the pool has more than $34 million, the activities have not yet kickstarted in terms of loans and interests on deposits. X-Margin is forecasting a massive $300 million generated in the pool. Although the offer from Maple Finance is mouth-watering, it requires firms who want to leverage its services to register for AML verification.