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Maple Finance Became a Weekly Winner With TVL Growth—More than 10X on Next Best

Last Updated February 19, 2024 5:19 PM
Shraddha Sharma
Last Updated February 19, 2024 5:19 PM

Key Takeaways

  • Maple Finance’s Total Value Locked (TVL) skyrockets, marking over a 1,600% increase in one week.
  • Fees generated by Maple Finance surged by an unprecedented 3,134.5% against its competitors. 
  • Despite the growth, Maple Finance sees only a modest rise in code commits despite February launches.

Maple Finance took the top spot against its DeFi competitors in the week preceding February 19. It noted a rise in total value locked (TVL) and revenue as per data by Token Terminal. With a 1,600% growth in TVL, Maple Finance outpaced the next-best performer by more than tenfold.

With expansion plans for February, Maple Finance has been recording financial metric growth. However, the MPL price has been sluggish, and the increase in developer activity counted by total commits has not been significant.

Maple Finance’s Operational Launches

Maple Finance has recently touted the efficiency of its Maple Cash Management service. It reported processing a 679k USDC withdrawal in under 3.5 hours. Maple also boosted its capability to offer daily liquidity on banking days.

Additionally, Maple Direct, Maple Finance’s institutional borrowing arm, increased its borrower capacity in February. As per the platform’s post on X, it is integrating new institutional borrowers into its Secured Lending Pool, indicating an expansion to absorb demand.

Maple Finance Weekly Performance
Maple Finance Weekly Performance | Source: Token Terminal

While Maple Finance’s financial indicators are looking strong, there are areas of concern. Token Terminal data  noted a decrease in the number of core developers at press time. Meanwhile, a moderate increase in code commits over the past 30 days is another vertical for development. Additionally, the price factor remains weak.

Expansion Continues Into 2024

The Maple Lender Portal has reportedly seen the creation of over 300 accounts since its launch in January 2024. The numbers suggest a rapidly growing interest and adoption by the market.

In 2023, Maple Finance’s revealed plans to penetrate the Asian markets. It also expanded onto the Base network after Ethereum and Solana in the same year.

Sid Powell, CEO & co-founder of Maple Finance, has been vocal about the necessity for clear crypto regulations in the US. He has advocated for guidelines that would benefit capital formation and on-chain credit funds in his previous interviews.

Considering the regulatory scene in Asia, Maple has been trying to leverage financial hubs like Hong Kong and Singapore.

Maple Paints Mixed Picture

Maple Finance’s rise in TVL and fee generation has proved its operational efficiency and market appeal. However, the reduction in core developers and modest code commit growth paint a weaker picture.

Its launches in the DeFi space and geographical expansion can be something to watch out for.

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