Maple Finance is expanding its on-chain offering this fall by rolling out services on the fast Base network.
This makes it the lending platform’s third blockchain Ethereum And Solana.
The first pool offered on Base is Maple’s Cash Management pool, which currently yields 4.8% from short-term US Treasury bonds.
This particular pool was launched in August against the backdrop of rising interest rates, providing a boon for US government debt.
Base representatives did not immediately respond to requests for comment.
What is Maple Finance?
Maple Finance is a blockchain infrastructure provider that allows companies to set up their own credit facilities on the blockchain. Basic is the Coin base-incubated layer 2 blockchain built using the Optimism tech stack.
Room 40 Capital is the sole borrower of the Cash Management pool. This means that when lenders deposit their money USDC stablecoins into the pool, Room 40 uses the proceeds to buy T-Bills.
Joe Flanagan, co-founder of Maple Finance, explained that “Web3 corporate treasuries” have dominated interest in this particular pool, adding that “more than 50% of deposits” come from this group. After that, individuals with high net worth are another important demographic group.
These sovereigns usually turn to the pool to conservatively expand their runway, he added.
“All lenders for Maple Cash Management go through KYC/KYB and an accredited investor check,” said Joe Flanagan, co-founder of Maple Declutter. “Maintaining these standards ensures that the offering is compliant and accessible around the world.”
Flanagan added that the integration means Maple will gain “direct access to thousands of current and future Coinbase Institutional customers.”
Looking ahead, Flanagan indicated that the new collaboration will include some exclusive Base products down the road.
“We will have at least one more polar launch at Base before the end of this year, with more to follow next year,” he said. Declutter. “These opportunities will be a combination of digital opportunities for private credit and real sources of returns.”
Edited by Stephen Graves.