Maple Finance Launches Syrup Protocol, Replaces MPL with SYRUP Token
Maple Finance, a leading uncollateralized lending protocol for institutional players, has announced the launch of Syrup, a new DeFi protocol that allows users to lend USDC to institutions without permission. Alongside the launch of Syrup, Maple will also replace its MPL token with the new SYRUP token.
According to Maple, users can earn yield on the platform by depositing USDC, in exchange for syrupUSDC liquidity provider (LP) tokens. The USDC deposited on the platform will fund secured loans issued to the largest institutions in the crypto space.
Joe Flanagan, co-founder of Maple Finance, expressed excitement about the launch of Syrup, stating that it will unlock new yield opportunities and help democratize institutional private credit. He added, “We are broadening the DeFi offer.”
Maple Finance currently boasts $45 million in total value locked (TVL), with users having taken out $100 million worth of outstanding loans from the protocol. Despite experiencing an 80% drop from its peak in May 2022, Maple has been seeing a recovery in both TVL and loan activity since early 2023.
Syrup will introduce a points program to attract early adopters, rewarding them with “Drips” when they deposit USDC to the protocol. An upcoming airdrop is planned for early adopters, and the total supply of tokens will be increased by 10% to facilitate growth incentives.
Users who lock their stablecoins for up to six months will receive boosted rewards, with Maple targeting a maximum return of 15% annually. Additionally, Maple’s MPL token will be replaced by the new SYRUP token, with MPL holders able to migrate on a one-for-one basis. SYRUP will inflate at a rate of 5% annually for three years.
Syrup will focus on Real World Assets (RWAs), aiming to become the best platform for the most liquid assets as more RWAs come on-chain. The protocol will host a two-week signup period, followed by an early access window lasting between four and six weeks.
Overall, the launch of Syrup and the replacement of MPL with SYRUP signal Maple Finance’s commitment to innovation and growth in the DeFi space.
