Institutional crypto lending protocol Maple Finance has reported a net loss of about $7 million at the end of the fourth quarter of 2022 as it moves to close its lending pools on Solana.

Maple Finance was launched in May 2021 as a decentralized credit market for institutional borrowers and lenders. Since its inception, the lending protocol has offered over $1.9 billion in corporate loans.

However, the ripple effect of the prolonged bear market and FTX collapse has affected borrowers’ appetite for its loan offerings.

In Maple’s Q4 2022 Treasury report, the lending protocol disclosed that it originated about $87 million across 23 new loans, which is down by 67% compared to its record of $262 million in the third quarter. As a result, Maple closed the fourth quarter with total active liquidity of $58 million, as against $326 million when the quarter began.