Weekly Mape Update: Issue #1
Welcome to the first edition of the Weekly Mape Update! This newsletter will cover the latest updates from the Maple Finance ecosystem, including protocol announcements, ongoing governance proposals, and more.
Last week, Maple launched its first Liquidity Pool managed by Orthogonal Trading. Both institutional and retail participants were able to participate in its funding. When the retail portion of the pool opened, the pool reached its $17m cap in just over an hour! Despite unfavorable market conditions and gas prices, the community showed up in support of the Maple vision. This goes to show that Mapes truly are stronger together 🦍🥞
On May 25, the first Maple Finance loans will be funded to top crypto institutions. The first cohort of borrowers includes Alameda Research, Wintermute, Amber Group, and Framework Labs. These institutions will be able to borrow undercollateralized and on-chain for the very first time. We believe that DeFi is a transformative industry that will require credit to grow & this marks the first step in unlocking the growth potential of the industry 🚀
If you missed the opportunity to participate in the Liquidity Mining program at launch, the second Liquidity Pool will be opening in 4-6 weeks along with a second tranche of loans for the inaugural pool. This will also be the time that staking becomes available for retail. Keep an eye out for future announcements on how to participate & put those mined MPLs to use!
Be sure to join our Discord and Telegram groups to connect with fellow Mapes. We’ll be developing our Community Program over the coming weeks.
Maple is hiring! If you subscribe to the values of Maple - Personal Ownership, Focused Execution, User Prioritization, Innovative Mindset - and want to be part of a collaborative culture focused on helping crypto native institutions to grow, then we want to hear from you.
🧮 By the Numbers
Total Value Locked: $17,000,000
Liquidity Providers: 40
Borrowers: 9 institutions
Liquidity Provider APY: 10-12%
MPL Rewards APY: 42.4%
Discord: 3,078 members
Twitter: 4,869 followers
Telegram: 1,645 members
📅 Upcoming Events
May 25 - First Maple loans are funded 🎉
May 26 - Community Call
May 30 - Mapes Chess Tournament
⚖️ Mapes Governance
Following the successful launch of the $MPL governance token through a Balancer LBP, Maple has started on the path of progressive decentralization. We recently introduced Maple Governance V1, enabling Mapes who hold at least 25 $MPL to vote on governance proposals from the community. If you’re interested in getting involved, head to the #governance channel on Discord!
First proposal will be voted on this week. Sneak peek at the upcoming proposal here.
🤝 Meet: the Maple Founders
Get to know the Maple community with weekly Mape interviews!
Sid comes from an institutional banking and securitization background. He participated in over $3b in asset-backed bond issuance before managing Treasury and overseeing a $300m securitization program at a commercial lending company where he met Joe. Experiencing first hand the challenges of TradFi capital markets, they started thinking of how to build one that would support innovation.
Joe comes from an accounting and corporate finance background, previously working in big four audit before overseeing more than $300m of debt and equity raising at a listed commercial lending company. Joe has also managed finance and portfolio investments for a family office.
🦍 Meme of the Week
Throwing it back to our LBP launch 🚀🔥
ICYMI- We used a Balancer LBP for our initial token distribution last month and raised over $10m USDC for the Maple DAO Treasury 🏛
That’s it for this issue of the Weekly Mape Update. If you have any comments or suggestions on what you’d like to see next week, reply to this email or sound off in the #community channel on Discord 🥞