Maple Finance Launches Syrup

Published on: 30.05.2024
Maple Finance Launches Syrup

Maple Finance launches Syrup, a new protocol powered by Maple that provides institutional yield to the wider DeFi ecosystem. Syrup combines the strength and security of Maple’s renowned lending infrastructure with the flexibility and inclusivity of DeFi.

Syrup’s platform enables users permissionless access to secured, institutional lending for the first time. By depositing USDC into the platform, users receive LP tokens (syrupUSDC) and begin earning yield immediately. All of the yield generated by Syrup is sourced from secured loans to the largest institutions in crypto, fully collateralized with digital assets.

Maple’s smart contract infrastructure, institutional network, and underwriting framework provide Syrup users with access to high-quality yields securely.

As the ecosystem and TVL grow, Syrup will partner and integrate with other major DeFi protocols to access the benefits of interoperability. Users will be able to access AMMs for enhanced liquidity and post syrupUSDC as collateral on other protocols. Syrup will become one of the major bedrock yield assets across DeFi.

Drips Reward System

Early users of Syrup will be rewarded through an innovative points system named “Drips” which translates user engagement into tangible rewards. Participants will earn Drips for depositing USDC into Syrup. With additional reward boosts for locking their deposits for up to 6 months. At launch, Syrup will target 15% yields in USDC with additional yield provided from Drips.

In conjunction with its launch, Maple and Syrup will introduce the SYRUP token to invigorate and grow the community. MPL token holders will be able to migrate to the SYRUP token on a one-for-one basis with no additional dilution planned. Drips will be converted to SYRUP for those that supported the launch and initial growth period by depositing into Syrup. Upon the launch of the SYRUP token, holders can stake it to participate in the growth of the Maple and Syrup ecosystems.

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