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Celsius Links Up With Maple Finance for Liquidity Play
Crypto lending platform Celsius will get exposure to yield from market makers Wintermute and Amber by delegating $30 million of wETH to Maple’s pools.
By Sam Reynolds
Updated Apr 10, 2024, 2:06 a.m. Published Feb 24, 2022, 2:00 p.m.
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Celsius, a crypto lending platform best known for paying out yield considerably higher than bank savings accounts on stablecoin deposits, announced Thursday that it is committing $30 million of wrapped ether (wETH) to Maple Finance’s liquidity pools.
- Maple Finance provides liquidity to market makers such as Wintermute and Amber.
- In turn, Celsius would be able to get exposure to the yield generated by firms like Wintermute and Amber for its vast pools of capital.
- “The interesting angle is that Celsius is using DeFi to run its lending infrastructure,” Sid Powell, Maple Finance’s CEO and co-founder, told CoinDesk. “It’s a big move forward where you have a CeFi lender acknowledging that they need to be in DeFi and turning to Maple to run their infrastructure.”
- While the pool is starting at $30 million, Powell projects that it could be worth $500 million or even $1 billion after 12 months.
- In November, Maple launched a pool in the form of a syndicated loan for Alameda Research, a trading firm, market maker and investor, which would give institutions access to Alameda’s yields in the form of a loan product.
- Maple launched the pool for Alameda in November at $25 million, but Powell told CoinDesk it has since grown to $100 million.
- Powell thinks there will be similar growth with Celsius’ pool, as they have $30 billion in assets they need to produce a yield on, he explained.
- Maple Finance’s eponymous token MPL is down 7.6% on the day, according to CoinGecko, as part of a broader market downturn due to instability caused by the war in Ukraine.
Read more: Crypto Lender Celsius Network Raises $400M in Bid to Reassure Regulators
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