Crypto lender Maple Finance expands support to Solana

cointelegraph.com:

Crypto capital markets platform Maple Finance has expanded support to the Solana blockchain and has deployed a $45 million fund to spur ecosystem growth.

Maple provides undercollateralized loans for institutional borrowers on Ethereum (ETH) and now Solana (SOL) from several pool delegates. The project stated in an Apr. 25 blog post that it has already “originated over $1.2 billion in loans and currently count over $900 million in TVL to the platform.”

The ecosystem fund was launched in partnership with decentralized finance (DeFi) lending platform X-Margin, with capital being provided by USD Coin (USDC) issuer Circle, digital asset manager CoinShares and several unnamed projects native to Solana.

MAPLE SOLANA IS NOW LIVE. With partners @xmargintrading @circlepay @CoinSharesCo and Solana natives, we start with $45M to issue uncollateralized to the thriving @solana ecosystem. By EOY we will grow this pool to $300M, and issue $1BN loans through Maple Solana. pic.twitter.com/RTNuk3eV3A

Maple’s goal for its Solana arm (Maple Solana) is to “bring Maple’s on-chain capital-market infrastructure to scale the Solana ecosystem” and address financing needs on the network.

Maple is expecting the move to immediately drive strong activity on Solana, with the head of Maple Solana Quinn Barry outlining that:

Providing a further update the following day, Barry also tweeted that Maple intends to launch a permissioned pool and to allow protocols, decentralized autonomous organizations (DAOs), and real-world entities to borrow funds by the end of 2022.

Maple Solana will also issue the SYRUP governance token in 2022, which will be analogous to Maple’s MPL governance token on Ethereum.

X-Margin serves as the first pool delegate on Maple Solana. The