Joe shared our Q1 2022 Maple Treasury Report this week. We’re proud to share that Maple turned a profit within 10 months of launch, driven by increased loan volumes and revenue. This quarter’s revenues exceeded the previous three, combined.
Pool delegates originated $618M loans across 56 new deals, with $265M originated in February, and $297M in March respectively. Utilization rates remained consistently over 90% throughout the quarter, demonstrating that Maple is efficiently and proactively routing capital to where it’s needed most.
Two new pools opened, and two existing pools broke records. Celsius joined as the first CeFi organisation to launch a lending business on Maple, and the Maven 11 team launched a second pool denominated in wETH. The syndicated pool for Alameda Research, run by Orthogonal Trading issued record-breaking loans of $47.25M and $77.77. And Maven’s USDC pool issued 23 new loans and grew active liquidity in the pool by ~60% Q/Q.
Expenditure was in line with expectations, with the major variance being in Team Costs and Recruitment. Our auditing arrangements represent a significant cost as we prioritize the security of our smart contracts. We continue to have a strong focus on managing operating expenses and hold an attitude of frugality across the team.
Lucas Manuel, Smart Contract Lead at Maple, shared an inspired article on the partnership between MakerDAO and Maple, and how it could serve to scale digital and real world economies. MakerDAO need to scale the DAI supply in a long-term, sustainable way. Maple’s infrastructure can be a gateway for them to reach an expanded market, providing large amounts of capital backed by real world assets in a highly efficient manner.
By leveraging the DAI Direct Deposit Module (D3M) to mint DAI into sector-specific managed liquidity pools in the Maple protocol, Maker will be able to scale through Maple’s crypto-capital infrastructure, and be a catalyst for growing the DAI supply to $100 billion and beyond.
This partnership is exciting because it means MakerDAO’s capital can be managed and deployed on a massive scale, expanding into real world assets specifically such as tech, sustainable energy and healthcare.
We hosted our April 2022 Community Call on Wednesday. Sid, Joe, Quinn B and Charlotte discussed the financials and a recap of Q1, five key focuses for Q2, and a deep dive on Maple Solana (mainnet soon!) We added our first ever tip of the hat section to celebrate our community, see below. We loved all the questions at the end of the call, and can’t wait to see everyone again next month.
Our merch giveaway on April Fools was no joke. 20 lucky winners have been randomly selected and messaged via DM. Take a peek at your inbox to see if you were one of our winners. We told you it was real!
X-Margin announced their partnership with Maven11 for their new wETH pool on Maple. Maven11 will use X-Margin’s private credit oracle to capture and monitor off-chain and on-chain activity of the borrowers in their pool. X-Margin’s privacy-preserving technology will bring transparency to the lending pool’s risk and allow for more efficient capital deployment.
- Joe joined Deus Ex DAO for a podcast to discuss how Maple aims to establish itself as the dominant institutional crypto-capital network
- An insightful thread from Cosmo Jiang takes a deep dive into $MPL
- Lucas Prosperi shares his long-term vision for MakerDAO x Maple on Twitter
- Zeta Market founder, Tristan Frizza gives a shoutout to Maple in his podcast with FTX (@9min)
- Sid was quoted in a recent article on Reuters with the title ‘Cryptoverse: 10 billion reasons bitcoin could become a reserve currency’
- Meet Ellena, she recently started at Maple as Executive Assistant
- Share Q2 Roadmap in detail
- Launch a bounty programme
- Head to Amsterdam for DevConnect and ETHAmsterdam