Maple Finance expands to the Solana network and launches a yield-bearing stablecoin

The lending platform Maple Finance announced its expansion to the Solana network in a move aimed at reaching a broader user base.

According to a statement released on June 5 and shared with Cointelegraph, the company has begun deploying its stablecoin syrupUSD, which provides yields to its holders, on the Kamino and Orca platforms built on Solana, after previously being available only on the Ethereum network.

The integration with Solana starts with a liquidity of $30 million, which Maple says will establish a "deep and stable base for lending, trading, and providing collateral" within the network's ecosystem.

This integration was enabled through the Chainlink CCIP protocol (Cross-Chain Interoperability Protocol), which was launched on the Solana mainnet on May 19. CCIP allows data transfer between Ethereum and Solana networks and is said to "contribute to accelerating expansion at a lower cost".