Maple Finance 2.0 overhaul aimed at speeding up the defaulting process

cointelegraph.com:

Maple Finance is a decentralized credit market powered by blockchain technology. Instead of requiring overcollaterlization of loans, it instead allows managers, called “Pool Delegates” to issue loans from its lending pools based on a set of risk-management criteria, according to the protocol’s documents.

Introducing Maple 2.0.Maple 2.0 is a fundamental overhaul of the smart contract architecture. The new contracts are modular and robust and will facilitate Maple bringing capital markets on-chain. pic.twitter.com/5GGsMXaXhv

However, in the wake of FTX's collap, the platform experienced two major defaults from borrowers on the platform.

On Dec. 1, algo trading and market maker Auros Global missed its payment of 2,400 Wrapped Ether (wETH) following Alameda’s demise, causing the loan to go into a five-day grace period. That grace period has since passed, and the borrower has begun to incur penalties, according to a post by lender M11Credit.

Days later on Dec. 6, crypto hedge fund Orthogonal Trading admitted to having been “severely impacted by the collapse of FTX,” prompting M11Credit to issue a notice of default on the funds $36 million of loans.

The new protocol overhaul, dubbed “Maple 2.0” will upgrade its smart contracts so that defaults such as these can be more quickly handled and settled by Pool Delegate.

Previously, loans could only be put into default if a borrower missed a payment and the grace period passed. This meant that collateral could not be liquidated even if the borrower admitted in advance that they couldn’t make payments.

In a blog post explaining the platform’s new features, Maple said that in the instance that a borrower meets a condition of default, a Pool Delegate will now be able to declare an early