Maple Finance, a cryptocurrency lending platform, has announced an important update and stopped lending to Solana.
What is Maple Finance?
Maple is a credit market. Here, corporate borrowers can access loan pools to obtain secured loans, and investors can offer liquidity in exchange for a deposit return.
Updates from Maple Finance
The improved version, known as Maple 2.0, reportedly includes improvements to the withdrawal request procedure and offers the option of scheduling and proportioning withdrawals. It also eliminates the lock-in period for new deposits, which previously cost the smart contract audit platform Sherlock $ 4 million in revenue.
The updated version has a redesigned “initial loss capital” protection mechanism for lenders, which apparently absorbs some losses when a loan defaults. Only pool delegates can now contribute to default protection and are only allowed to use assets already included in the loan pool. This action effectively eliminated Maple‘s popular return-earning strategy for some investors who staked MPL, the management token, in the default protection fund.
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