The encryption lending protocol Maple integrates EtherFi's weETH as collateral.

Gate News bot news, according to The Block, an announcement released on Monday shows that the crypto lending protocol Maple has added EtherFi's weETH as collateral for its on-chain lending platform. The startup stated in a statement that this integration will allow "eligible borrowers to obtain USDC loans while earning ETHFI rewards."

Maple is a decentralized credit protocol that offers low and over-collateralized loans. The platform launched on Ethereum in 2021, connecting borrowers and lenders through on-chain liquidity pools.

The platform will offer a limited-time 2% annual interest rate rebate on ETHFI loans supported by the first batch of 50 million USD weETH tokens to incentivize its new weETH pool. The statement says that these loans will use over-collateralization, with a term of 2 months and a minimum loan amount of 5 million USD.

Maple CEO Sid Powell stated in a press release: "As Staking continues to mature, we see re-collateralized assets like weETH playing an increasingly central role in institutional capital allocation on-chain. This integration reflects our long-term view that Staking is not just a source of income, but the foundation for the next generation of collateral and credit markets."

weETH is one of the most widely used re-collateralized assets in the DeFi space, allowing the same asset to secure multiple protocols. The circulating supply of this token is 5.3 billion USD, with approximately 75% deployed as collateral for protocols such as Aave.