Lending platform Maple Finance is expanding to the Solana network in a bid to reach a broader class of users.
According to a June 5 announcement shared with Cointelegraph, the company is deploying its syrupUSD yield-bearing stablecoin to Solana-based platforms Kamino and Orca. The coin had previously been available only on the Ethereum blockchain.
Maple’s Solana integration is launching with $30 million in liquidity, which the company says will establish “a deep and stable foundation for lending, trading, and collateral provisioning” in the ecosystem.
Related: Solana lacks ‘convincing signs’ of besting Ethereum: Sygnum
The integration was powered by an integration with Chainlink’s crosschain Interoperability Protocol (CCIP), which went live on Solana mainnet on May 19. CCIP allows for data transfer across Ethereum Virtual Machine and Solana Virtual Machines, and is said to “accelerate cost-effective scaling.”
“Expanding to Solana unlocks a high-speed, high-capacity environment where Maple’s products can reach a broader class of users — from institutions to advanced DeFi participants,” said Maple co-founder and CEO Sid Powell in a statement.
Solana has a burgeoning decentralized finance ecosystem. Total value locked (TVL) on the network rose 500% over the past 18 months, to $8.4 million from $1.4 billion in December 2023.
In the Solana ecosystem, lending protocols that Maple may compete with include Save, margin.fi, Rain.fi and Port Finance. Maple has a TVL of $1.3 billion as of this writing.
Ethereum still leads all blockchains in onchain value, with $61.4 billion in assets, making it one of the more popular destinations for decentralized finance (DeFi) despite a 43% decline since 2021. However, it has faced growing competition from other blockchains, including Solana.
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