Maple Launches Yield-Bearing Stablecoin Collateral on Perps DEX Drift – Crypto News – Crypto News
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Maple Launches Yield-Bearing Stablecoin Collateral on Perps DEX Drift Maple Launches Yield-Bearing Stablecoin Collateral on Perps DEX Drift

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Maple Launches Yield-Bearing Stablecoin Collateral on Perps DEX Drift – Crypto News

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10 months ago

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The new integration lets traders earn 7-8% yield with SYRUPUSDC on the second-largest Solana perpetual futures DEX.

Maple Finance, an on-chain asset manager overseeing more than $3.1 billion, unveiled a new product today that lets traders on Solana decentralized exchange (DEX) Drift earn yield on collateral for perpetual futures trading, per a press release shared with The Defiant.

The launch enables traders to earn 7% to 8% annual percentage yield (APY) by using syrupUSDC – Maple’s yield-bearing stablecoin with a $936 million market cap – as margin collateral on Drift.

The feature lets traders earn extra income or reduce trading costs, as stablecoins used as margin on DEXs generally do not earn yield. Maple CEO Sid Powell said this integration aims to address that gap and improve capital efficiency.

“Bringing syrupUSDC to Drift as a margin asset is about maximizing returns on traders capital,” Powell told The Defiant. “Regardless of sitting idle or actively trading, their collateral should work for them while scaling with their needs.”

Drift is a perps-focused DEX on Solana with $1.21 billion in total value locked (TVL), ranking second by perpetual futures trading volume on Solana after Jupiter, and fifth among perps DEXs across all chains, according to DefiLlama data.

Top 5 perps DEXs by 24-hour volumes. Source: DefiLlama

Powell added that the integration is also a milestone for syrupUSDC composability, and “lays the groundwork for broader adoption of yield-bearing assets across DeFi.”

Furthermore, the move expands strategic options for traders in Solana’s DeFi ecosystem, which currently holds about $11 billion in TVL. This figure represents just over 7% of total DeFi TVL, per DefiLlama.

To boost syrupUSDC adoption on Drift, Maple has allocated $100,000 in incentives, the firm noted in the press release. The supply cap for syrupUSDC collateral is initially set at $50 million.

Maple says it plans to expand syrupUSDC’s role as yield-bearing collateral to additional protocols in the coming months.

Ahead of the news, Drift protocol’s native token DRIFT has had strong momentum this week, up 19% over the past seven days, according to CoinGecko. Meanwhile, Maple’s native token SYRUP is changing hands at $0.45, down about 4% on the daily and weekly charts.

In April, GMX, another top-10 perpetuals DEX, proposed expanding to Bitcoin Layer 2 Botanix, a move that went live in July. The expansion lets traders use BTC as collateral and earn yield.

Maple’s integration with Drift follows a series of activations from the protocol this year. Earlier this year, syrupUSDC expanded to the Solana network. Meanwhile, in June, the asset manager announced a partnership with Lido Finance to provide stablecoin credit lines backed by staked Ether (stETH) collateral. Lido is the currently largest liquid staking protocol, with over $41 billion in TVL.

Maple has also recorded immense growth this year, with its TVL surging from $513 million at the start of the year to around $2.2 billion currently, according to DefiLlama data.

the-defiant
Maple Finance TVL. Source: DefiLlama
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