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The Maple cryptocurrency lending protocol integrates EtherFi's weETH as collateral.
The cryptocurrency lending protocol Maple has added weETH from EtherFi as collateral for its on-chain lending platform. This integration allows eligible borrowers to access USDC loans and receive ETHFI rewards. Maple is a decentralized credit protocol that connects borrowers with lenders through on-chain liquidity pools.
The platform will encourage new weETH pools by offering a 2% APY cashback in ETHFI for the first 50 million USD in loans. These loans will be over-collateralized, have a term of 2 months, and require a minimum size of 5 million USD.
weETH, with a circulating supply of 5.3 billion USD, is a popular asset in DeFi for staking, used to secure many protocols such as Aave.