Crypto lending protocol Maple has added EtherFi’s weETH as collateral for its onchain credit platform, according to an announcement on Monday. The integration will allow “qualified borrowers to access USDC loans while earning ETHFI incentives,” the startup said in a statement.
Maple is a decentralized credit protocol that offers under- and over-collateralized loans. The platform, launched on Ethereum in 2021, connects borrowers with lenders through onchain liquidity pools.
The platform will incentivize its new weETH pools by offering a limited-time 2% APY rebate in ETHFI for the first $50 million in loans backed by the token. The loans will be overcollateralized, carry a 2-month term, and require a $5 million minimum size, according to the statement.
“As staking continues to mature, we’re seeing restaked assets like weETH take on a more central role in how institutional capital allocates onchain,” Maple CEO Sid Powell said in a release. “This integration reflects our long-term view that staking is not just a yield source, but a foundation for the next generation of collateral and credit markets.”
weETH is one of the most widely used assets across DeFi for restaking, the process of using the same asset to secure multiple protocols. The token has a $5.3 billion circulating supply, approximately 75% of which is deployed as collateral in protocols like Aave.
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