Maple Finance is packing its bags and heading to Solana, aiming to capture a bigger slice of the DeFi pie. After being cozy on the Ethereum blockchain, the lending platform is now spreading its wings with the syrupUSD stablecoin, which will be available on Kamino and Orca, two Solana-based platforms.
The company’s grand entrance comes with a cool $30 million in liquidity, because why settle for small change, right? This move is expected to lay a solid foundation for lending, trading, and collateral provisioning on Solana’s growing network. Of course, they didn’t do it alone; they’ve teamed up with Chainlink’s cross-chain Interoperability Protocol (CCIP) to make it all happen. This magic went live on May 19, allowing data to move between Ethereum and Solana, ramping up the potential for cost-effective scaling.
Solana’s Soaring DeFi Ecosystem
“Solana offers a turbo-charged environment where our products can reach a wider audience—from institutions to savvy DeFi players,” said Sid Powell, Maple’s co-founder and CEO.
In other words, they’re bringing the heat to Solana’s already fiery DeFi space.
And speaking of Solana, the blockchain has seen some seriously impressive growth, with its total value locked (TVL) soaring 500% in the past 18 months, from $1.4 billion to $8.4 billion in December 2023. Maple will now rub shoulders with other lending protocols on Solana, like Save, margin.fi, Rain.fi, and Port Finance, but don’t worry, they’ve got $1.3 billion in TVL backing them up.
As for Ethereum, the reigning champion of on-chain value, it still leads with $61.4 billion in assets. However, its lead is slipping, down 43% since 2021, thanks to stiff competition from blockchains like Solana. Looks like the game is on!
Emily Johnson
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