Maple Finance, the largest on-chain asset manager, has announced the launch of syrupUSDC as collateral for margin trading on Drift Protocol. This new asset offers traders the opportunity to earn between 7% and 8% APY.
Boosting Capital Efficiency in DeFi Trading
According to a press release shared on August 13, the integration allows traders on the Solana-based decentralized exchange to earn between 7% and 8% APY on margin collateral. Drift, the second-largest DEX on Solana with a total value locked of $1.21 billion, now supports syrupUSDC, addressing the long-standing capital efficiency gap in DeFi margin trading.
Expanding Maple’s DeFi Footprint
Sid Powell, CEO of Maple, stated that the integration creates "otherwise unavailable possibilities for traders to do more with their capital," allowing them to trade, earn, and compound returns simultaneously. SyrupUSDC has become DeFi’s fastest-growing yield-bearing stablecoin, with $1.9 billion in assets under management.
Future Plans and the Significance of syrupUSDC
With the launch of syrupUSDC, Maple is expected to increase its visibility in the growing DeFi ecosystem of Solana. Additionally, syrupUSDC is set to be used as margin collateral for upcoming listings on other protocols. Maple currently manages $3.24 billion in assets and aims for a $5 billion target by year-end.
The integration of syrupUSDC into Drift Protocol opens new possibilities for traders while showcasing Maple Finance's significant growth in the DeFi segment.
