LibraryCredit and stable value2021Design paperCorpus record
Maple: undercollateralised lending pools with delegates
Maple Finance. Maple.
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
A reading of the project's public design document. Not a copy, not a benchmark, and not an offer.
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
- Evidence
- Primary paper
- Re-measured
- No
- Assumptions
- 3
- Records linked
- 3
01 Claim ledger
What the paper is allowed to say
Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.
Claim 01 · Paper model
The defect
Undercollateralised means the on-chain collateral is not the repayment. The borrower's off-chain obligation is the design, and it can fail.
Claim 02 · Paper model
The proposal
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
Claim 03 · Paper model
The mechanism
Pool delegates, in the docs, propose loans. Lenders accept pool exposure rather than picking each borrower, unless the version says otherwise.
Claim 04 · Paper model
The bound
No rate and no default history is stated here.
02 Three cuts
Observation, model, falsifier
A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.
01 The defect
Observation
What the study says
Undercollateralised means the on-chain collateral is not the repayment. The borrower's off-chain obligation is the design, and it can fail.
Model
What has to hold
You are reading Maple's docs. A particular pool's performance is not the protocol note.
02 The proposal
Observation
What the study says
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
Model
What has to hold
You are reading Maple's docs. A particular pool's performance is not the protocol note.
03 The mechanism
Observation
What the study says
Pool delegates, in the docs, propose loans. Lenders accept pool exposure rather than picking each borrower, unless the version says otherwise.
Model
What has to hold
No price, supply, yield, or adoption figure is added by this desk.
Falsifier
What would retire it
What is a lender paid from if a borrower does not repay?
04 The bound
Observation
What the study says
No rate and no default history is stated here.
Model
What has to hold
You are reading Maple's docs. A particular pool's performance is not the protocol note.
Falsifier
What would retire it
Who can originate a loan from the pool?
03 Sequence
One action, as an operating tape
- 01Pool delegates, in the docs, propose loans. Lenders accept pool exposure rather than picking each borrower, unless the version says otherwise.
- 02A default is a missed repayment under the loan terms. The smart contract does not, by itself, collect it.
- 03Pool tokens are claims on the remaining book, not on a custodied dollar.
04 Load-bearing
The argument, and where a pitch drops it
What the name has to mean
The cut
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
A delegate is an authority. Name them when you describe a pool.
What actually moves
The cut
A default is a missed repayment under the loan terms. The smart contract does not, by itself, collect it.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
No rate and no default history is stated here.
What a later deployment may change
The cut
Pool tokens are claims on the remaining book, not on a custodied dollar.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
A later client, parameter or reward formula is a different object from this paragraph.
05 Register
What has to be true
Model · Not re-measured
You are reading Maple's docs. A particular pool's performance is not the protocol note.
Model · Not re-measured
The document is the one at the source URL. A marketing page with the same brand is not this text.
Model · Not re-measured
No price, supply, yield, or adoption figure is added by this desk.
06 Divergence
What happened after the paper
A delegate is an authority. Name them when you describe a pool.
A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.
07 Pre-mortem
What to check before you use the idea
- 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.
08 Anatomy
The paper, in the order a builder needs
The problem it names
Undercollateralised means the on-chain collateral is not the repayment. The borrower's off-chain obligation is the design, and it can fail.
What the design proposes
- Pool delegates, in the docs, propose loans. Lenders accept pool exposure rather than picking each borrower, unless the version says otherwise.
- A default is a missed repayment under the loan terms. The smart contract does not, by itself, collect it.
- Pool tokens are claims on the remaining book, not on a custodied dollar.
How the mechanism is specified
- Pool delegates, in the docs, propose loans. Lenders accept pool exposure rather than picking each borrower, unless the version says otherwise.
- A default is a missed repayment under the loan terms. The smart contract does not, by itself, collect it.
- Pool tokens are claims on the remaining book, not on a custodied dollar.
What this page does not treat as proven
- No rate and no default history is stated here.
- This is not Aave. The collateral assumption is different.
- A delegate is an authority. Name them when you describe a pool.
Why the desk still reads it
Maple publishes lending pools where a delegate originates loans that are not fully collateralised on chain, and lenders hold a claim on that pool.
09 Lexicon
Terms, opened into the record
- Pool delegate
- The party authorised to originate loans for a pool.
- Undercollateralised loan
- A loan whose repayment is not fully covered by on-chain collateral.
10 Repository
Every linked record on this page
Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.
Concepts
Papers
This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.
Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.