Maple Finance crypto sharply rises in 2022: What is MPL token?

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Maple Finance crypto sharply rises in 2022: What is MPL token?

Maple Finance crypto sharply rises in 2022: What is MPL token?
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Highlights

  • Bitcoin has recovered a little, with the total market cap of cryptos now over US$1.9 trillion
  • Maple Finance enables crypto lending and borrowing, with interest income to lenders
  • MPL token of the project has gained value in 2022, as against BTC, which has lost value

After hovering below US$1.9 trillion for a couple of days, the total market cap of cryptos is back to the US$1.9 trillion level, according to CoinMarketCap.

Bitcoin and Ether seem to have led this recovery and other major assets like Solana and XRP were also in green as of writing.

Though cryptos continue to remain volatile, the space is growing beyond just the purchase and sale of these assets for capital gains. Decentralized Finance (DeFi) has become quite popular by providing crypto holders with an opportunity to earn “interest income” or what they call passive income by lending the assets to other participants.

One such platform is Maple Finance or Maple Protocol. Let’s know more.

What is Maple Finance all about?

The platform claims to infuse blockchain tech in the capital market. By doing this, Maple can enable institutional borrowers to access undercollateralized loans. Lenders in return can have the opportunity to earn a fixed income, according to Maple Finance.

The protocol states lending can be done by using Ethereum wallet. The interest payable to the lender, it says, is determined according to the arrangement between the borrower/s and the pool delegate. Lenders can also earn the native MPL token aside from interest income. The process of lending and borrowing is powered by blockchain, which, the project states, brings transparency.

Also read: CEL token trading volume rises: What are Celsius wallet's services?

What is Maple crypto or MPL token?

MPL, the native token, finds use in the governance of the Maple ecosystem. Besides, it lets its holders earn fees and participate in the staking process.

According to CoinMarketCap, MPL token’s maximum supply can be 10 million, out of which over 4.4 million tokens were in supply at the time of writing.

Also read: Is Crypto SuperStar legit? What do its ‘terms of use’ suggest?

What is MPL token's price?

Maple crypto is one of those few cryptocurrencies that have grown in value in 2022. It started the year with a price of nearly US$17 and after a dull January, it entered into a bullish phase. By March-end, the token had surpassed US$50.

As of writing, MPL traded at nearly US$56, after having breached even US$60 for a very brief period. As all cryptos manifest volatility, Maple's crypto price prediction cannot be done accurately.

Maple crypto price

Data provided by CoinMarketCap.com

Bottom line

Maple Finance claims be an enabler for crypto lenders and institutional borrowers. MPL token of Maple protocol has risen sharply this year, defying the bearish phase in the wider crypto space, with key assets like Bitcoin and Ether having lost value.

Also read: What's happening with Shiba Inu? What is the '$1/SHIB token' discussion?

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