Maple Solana plans to grow its fund pool to $300 million by end of 2022, and offer up to $1 billion in uncollateralized loans.
Maple Finance, a decentralized corporate debt marketplace for institutional borrowers, has expanded its access to the Solana as it looks to enable funding of projects built on the smart contracts blockchain.
The marketplace, also available on Ethereum, is the first multi-chain capital platform. It’s also the pioneering institutionally-focused uncollateralized lending for projects in the Solana ecosystem.
Scaling the Solana ecosystem
According to Maple Solana, the project starts with a $45 million pool for uncollateralized loans. The team will then look to grow this over the next eight months to bring it to $300 million by the end of the year.
Quinn Barry, the head of Maple Solana, said their goal is to help scale the Solana ecosystem via on-chain capital-market infrastructure.
“Over the next three months, we expect to bring over $300 million of liquidity to Solana. We will soon welcome another credit-expert to the platform, and share more details on how liquidity protocols are already using Maple’s infrastructure as a launchpad onto Solana,” he added.
Sid Powell, the CEO and co-founder of Maple Finance commented:
“Building the first multi-chain capital market solution has and will continue to attract high quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to thrive.”
Maple Solana targets issuing $1 billion worth of loans, the crypto-capital network that also provides the service on Ethereum said in an announcement. There are also plans to launch SYRUP, a governance token that will offer the same functionality as the Ethereum-based MPL token.
X-Margin is the first pool delegate
As part of the milestone towards transforming capital markets via technology in the Solana ecosystem, Maple Solana has secured the corporation of data-driven lender X-Margin.
The firm will be the first pool delegate, with its lending business having attracted huge deposits from three major partners. Financial services and payments technology provider Circle deposited $10 million while digital assets manager Coinshares added $20 million.
X-Margin also received $10 million from Solana natives, and is open to deposits of up to $5 million in USDC to make the initial $45 million pool.
Lending to crypto blue-chips
The X-Margin team will leverage its privacy-preserving credit infrastructure and underwriting expertise alongside Maple’s on-chain credit facility to offer credit to some of the biggest borrowers in the crypto space.
Darshan Vaidya, the CEO of X-Margin said:
“Maple’s multi-chain infrastructure continues to lead the way for institutional credit infrastructure in crypto. X-Margin’s privacy preserving credit platform is a natural fit for this, helping to scale a more data-driven and transparent credit market in DeFi and CeFi.”
Borrowers will have to adhere to Know Your Customer (KYC) and Anti Money Laundering (AML). This is part of regulatory compliance, and to ensure lending is advanced to reputable projects.
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