The Maple Ethereum App will be unavailable from Saturday 10th December 09:00 ET to Wednesday 14th December 09:00 ET as we upgrade our smart contracts. Deposits and withdrawals will not be possible during this time and any attempts will not be processed. The pause is in place to ensure a smooth transition to Maple 2.0 smart contracts. Once live on Wednesday 14th December at 09:00 ET, users will notice a new look and feel, and so much more…

Check out all the features coming soon on our Maple 2.0 homepage, which also includes answers to FAQs and information on smart contract audits.

We realize timings are awkward, here are some clarifications:

- Planned upgrade. We have been planning Maple 2.0 since the beginning of the year. The new smart contracts and user experience introduces new features and improvements for all protocol participants. By focusing on user feedback, we have developed features that allow us to better handle defaults, withdrawals and first-loss capital.

- Withdrawal requests and new deposits will be possible immediately after the pause ends.

- Moving to Maple 2.0 makes the default process and first-loss liquidation process more effective.

- The upgrade is planned so users do not need to take any action. Simply return to the app on on Wednesday 14th December 09:00 ET and take a look around the new user experience.

Pool specific information

M11 Credit USDC Pool:

Orthogonal loan - The recent default by Orthogonal Trading has made clear the immediate need for improvement on features in the Maple 2.0 upgrade -- specifically the need to declare early default on a loan. M11 Credit will declare default on all Orthogonal loans on Wednesday 14th December.

Withdrawals will be possible before and after the pause (up to Saturday 10th December 09:00 ET - and after Wednesday 14th December 09:00 ET). Those able to withdraw ahead of Saturday will not have a loss on their positions.

Those unable to withdraw ahead of Saturday will recognize a loss, and will be able to schedule a withdrawal through the new withdrawal process.

Withdrawal requests will be possible immediately after the pause ends and the first withdrawal window will be open by Friday 23rd December.

M11 Credit wETH Pool:

M11 Credit is continuing to work collaboratively with Auros on a resolution to their outstanding loans. The Auros loans in the pool will remain in a late/unpaid state post the pause. M11 Credit will declare default on all Orthogonal loans on Wednesday 14th December.

Withdrawals will be possible before and after the pause (up to Saturday 10th December 09:00 ET - and after Wednesday 14th December 09:00 ET). Those able to withdraw ahead of Saturday will not have a loss on their positions.

Those unable to withdraw ahead of Saturday will recognize a loss, and will be able to schedule a withdrawal through the new withdrawal process.

Withdrawal requests will be possible immediately after the pause ends and the first withdrawal window will be open by Friday 23rd December.

M11 Credit Permissioned:

M11 Credit is continuing to work collaboratively with Auros on a resolution to their outstanding loan. The Auros loan in the pool will remain in a late/unpaid state post the pause.

Withdrawals will be possible before and after the pause (up to Saturday 10th December 09:00 ET - and after Wednesday 14th December 09:00 ET).

Those unable to withdraw ahead of Saturday will be able to schedule a withdrawal through the new withdrawal process.

Withdrawal requests will be possible immediately after the pause ends and the first withdrawal window will be open by Friday 23rd December.

Orthogonal Credit USDC Pool:

Withdrawal requests will be possible immediately after the pause and lenders will be able to withdraw from Friday 16th December. Windows to request a withdrawal will open every 24 hours.

All loans remain active with no current signs of distress. There is no new impairment to any lender positions in this pool. Loan repayments will be made over the coming months with all available cash used to facilitate withdrawal requests from the pool.

Icebreaker Finance Pool:

Pool operating as expected.

Further detail on Maple 2.0

Why we’ve paused the protocol

We are controlling the migration to ensure the security of the protocol, and so that users do not have to take any action and so everyone can benefit from the protocol changes at launch.

Contracts have been tested and audited

Protocol security is a top priority and the team has run over 1000 tests and simulations with the new smart contracts. The new contracts have been audited by 3 leading auditors Trail of Bits, Spearbit and Three Sigma. Maple will continue to open-source our code and will significantly increase the scope of the always-on bug bounty program with Immunefi.

Replacing MPL-USDC with USDC only for First-Loss Capital

In moving to Maple 2.0, we simplify the capital provided by Delegates by removing the Balancer Pool functionality. Capital will be provided solely by the Delegate to directly align incentives between Lenders and Delegates. MPL is removed from First-Loss Capital, disconnecting pool losses from the liquidation of the token.

Maple and Delegates are working closely together to ensure that the USDC cover amount is equal to the USDC-MPL cover amount for when liquidations are processed.

Withdrawals during the pause

In the instance that your withdrawal window opens whilst the protocol is paused, you will continue to earn interest on your position. Delegates will open withdrawal windows within 10 days of the launch of Maple 2.0 and you will then be able to schedule your withdrawal and access your funds within the same timeframe.

If you have returned to Maple to withdraw your position and the protocol is paused, you will not be able to request to withdraw during this time. Delegates will open withdrawal windows immediately post the pause of Maple 2.0, and you will then be able to schedule your withdrawal. Your lending position will continue to earn interest during this time.

Guidance for integration partners

If you query our API or subgraph, or integrate with our smart contracts in any way, email [email protected] so we can provide you with updated links and the guidance you need.