Maple Report: No increase in bad debts during recent market crash, inflows reach $10 million

On February 8th, Maple, a decentralized credit protocol, reported that during the price crash on February 2nd, the positions of platform users were not liquidated, so no bad debt was incurred. The report also pointed out that users deposited $10 million during this period to enhance collateral, thus avoiding the occurrence of a liquidation event. On that day, as the price of Ethereum briefly fell to around $2,000, major cryptocurrencies generally fell by 10% to 30%, and positions worth over $10 billion were liquidated.

The report emphasized that Maple's "blue chip" and "high-yield secured loans" products remained over-collateralized during this period of volatility, thanks to margin call notifications issued before the collateral level reached a critical point. During the large-scale liquidation period on February 2nd, the high-yield secured fund attracted $2 million in capital inflows. The Syrup fund combined these two strategies to increase yield but also faced more risks. The fund issued margin call notifications to 35% of its loans, resulting in an additional $5 million in deposits. Borrowers added $7.4 million in collateral and repaid $7.4 million in loans, thereby enhancing the stability of Maple's loan book.

As of February 6th, the average collateralization rate for each fund was 165%. The report also noted that although the yield options in DeFi protocols were withdrawn, their treasury still achieved double-digit annualized returns.