Maple Finance

Maple Finance receives a C- risk grade (53/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — strong yields but the uncollateralized lending model means borrower defaults hit depositors directly An institutional lending platform where you deposit stablecoins and earn yield from loans made to crypto trading firms. It manages $2.5B in deposits after growing 8.5x in 2025. Its C grade reflects the fundamental risk of lending without collateral backing. When borrower Orthogonal Trading defaulted in 2022, depositors lost $36M.

The key risks identified for Maple Finance are: (1) Loans are made without full collateral. If a borrower goes bankrupt, there is nothing to seize on-chain. You wait months or years for lawyers to recover pennies on the dollar. (2) One lending pool had 80% of its money loaned to a single borrower (Orthogonal Trading) before that borrower defaulted. Concentration like this turns one bad loan into a near-total pool loss. (3) Deposits grew 8.5x to $2.5B in 2025. Growth this fast creates pressure to lend to riskier borrowers just to keep yields attractive.

Maple Finance scores 53/100 across eight risk dimensions: Mechanism Novelty: 8/15, Interaction Severity: 10/20, Oracle Surface: 2/10, Documentation Gaps: 3/10, Track Record: 12/15, Scale Exposure: 7/10, Regulatory Risk: 7/10, Vitality Risk: 4/10. The highest risk area is Track Record at 12/15.

Among 90 rated Lending protocols on Hindenrank, Maple Finance ranks #86 by safety (lowest risk score = safest). Its 53/100 risk score and C- grade place it among the riskier Lending protocols.

Maple Finance scores 12/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.