Strategic Move Into The Solana Ecosystem

On June 5, lending platform Maple Finance announced it is launching its yield-bearing stablecoin, syrupUSD, on Solana, extending beyond its prior availability on Ethereum. The deployment begins on Solana-based Kamino and Orca platforms.

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Backed by an initial $30 million in liquidity, this launch aims to establish a robust foundation for lending, trading, and collateral services within the growing Solana DeFi ecosystem.

Powered By Chainlink CCIP

The integration is supported by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which went live on Solana’s mainnet on May 19. CCIP enables seamless data transfers between Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) environments, offering cost-effective scalability.

“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 CEO Sid Powell.

Rising Competition On Solana

Solana’s decentralized finance landscape is booming. Its total value locked (TVL) has soared from $1.4 billion in December 2023 to $8.4 billion today — a 500% increase. This growth opens the door for platforms like Maple to gain ground.

With $1.3 billion in current TVL, Maple will now face competition from Solana-native lending protocols such as Save, margin.fi, Rain.fi, and Port Finance. While Ethereum remains dominant with $61.4 billion in on-chain assets, the race among blockchains for DeFi dominance is intensifying.

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Under this new agreement, collateral pledged to Maple Finance will be securely held by Zodia Custody. This arrangement allows customers to unlock value from their digital assets while staying within the Zodia Custody ecosystem, as detailed in a press release.

Maple Finance has proven to be one of the few crypto lending platforms robust enough to survive the turbulent market conditions of 2022 and the collapse of FTX. The partnership with Zodia Custody, which has strong bank and institutional affiliations, marks a significant step towards integrating crypto lending with traditional financial institutions.

This move builds on Zodia’s previous partnership with Singapore-based OpenEden, announced in 2023. Additionally, Standard Chartered, a backer of Zodia Custody, plans to enter spot trading of cryptocurrencies in the coming months.

The integration of Zodia Custody with Maple Finance is expected to go live by early Q3, according to a statement from the companies.

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