Maple Finance Scoops Up Lending Protocol Avari to Hasten Launch on Solana - Aliens: AI Crypto News & Markets Updates
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Maple Finance Scoops Up Lending Protocol Avari to Hasten Launch on Solana

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Blockworks

Thu, Jan 20, 2022

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Maple Finance is set to acuire Avari, a DeFi lending protocol, as it eyes a launch on the Solana blockchain Avari will collapse into Maple along with three team members from Avari who will focus solely on building a “light version” of Maple on Solana Institutional crypto credit infrastructure platform Maple Finance is acquiring a decentralized finance (DeFi) lending protocol in a bid to expedite the platform’s launch on the Solana blockchain.

“I find Solana to be a protocol for the wave of financial institutions and traders and by building on Solana, Maple will be expanding offerings that meet the next generation of capital markets needs.” As part of its acquisition, Avari will collapse into Maple along with three team members from Avari who will join Maple to focus solely on building a “light (V1) version of Maple on Solana,” Maple’s CEO Sidney Powell told Blockworks via email.

Powell also said Maple would be hiring multiple Rust developers to “keep up the pace.” Maple’s acquihire of Avari and its team is expected to increase the lending platform’s total addressable market as well as grow its potential total value locked, according to Kim and Powell.

Avari’s CEO Quin Barry said in the statement that working alongside Maple would allow his team to focus on their “core competency” — technical development — to “scale much faster.” “This combination of our engineering team and Maple’s proven track record is the perfect opportunity to build the best-undercollateralized lending protocol in DeFi,” said Barry.

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