Key Takeaways
- Decentralized lending and platform Maple Finance has officially launched Syrup, a protocol that provides uncollateralized loans to crypto institutions while offering yields to lenders.
- Maple users can take part in the governance and growth of Syrup by converting their existing MPL token into SYRUP, allowing permissionless access to a secured DeFi institutional lending platform.
- Deposit USDC stablecoin into Syrup to receive the LP token syrupUSDC in return that will begin accumulating yield immediately. All the yield is sourced from secured loans to larger crypto institutions.
- Since its launch in May 2021, Maple has processed over $3.5 billion in loans and continues to expand its offerings. The SYRUP token is currently available for trade on KuCoin, MEXC, Kraken, Uniswap, BingX, and BitMart exchanges.
Maple Finance, a decentralized crypto lending protocol and institutional capital marketplace deployed on the Ethereum (ETH) and Solana (SOL) blockchains, has announced the launch of its Syrup protocol, providing access to institutional-grade yield for the wider decentralized finance (DeFi) ecosystem.
Maple aims to address the inefficiencies in traditional finance by offering uncollateralized loans to large-scale borrowers, such as hedge funds and exchanges while offering yield opportunities to both institutional and individual crypto lenders.
Maple Finance Launches Syrup, Its Crypto Lending Protocol Aiming To Bring Institutional Lending To DeFi
Maple’s Syrup protocol combines the security of its crypto lending infrastructure with the flexibility of its DeFi offering. Users can participate in the governance and growth of Mapple Finance by converting their existing MPL tokens into staked SYRUP at a ratio of 1 MPL: 100 SYRUP. It provides users with permissionless access to secured and decentralized institutional lending on the Maple ecosystem.
Maple users can get started by depositing USDC stablecoin into Syrup and receiving the liquidity provider (LP) token, SyrupUSDC, in return which will begin earning yield immediately. All of the yield generated by the protocol is sourced from secured loans to larger institutions in the market.
The lender officially launched the SYRUP token and staking functionality for the asset on November 13. SYRUP stakers are expected to receive more than 10% of their delegation as rewards each year.
As the Maple ecosystem and its total value locked (TVL) grows, Syrup will be integrated into other major DeFi protocols, enhancing its interoperability. Users will then be able to access automated market marker (AMM) platforms for enhanced liquidity and deposit SyrupUSDC as collateral. Maple aims to transform Syrup into a major bedrock yield asset across DeFi.
Early Syrup users will be rewarded through a points system called “Drips” which will convert their engagement with the platform into tangible rewards. Drip points are earned by depositing USDC into Syrup, with additional boosts for locking the stablecoin on the protocol for a period of up to 6 months. At launch, the institutional lending protocol will offer 15% yields on USDC, with extra yield provided through Drips.
Maple will reward users who supported the launch and initial growth period of Syrup by depositing liquidity into the protocol with Drip points.
How Does Maple Finance Work?
Maple caters largely to institutional crypto investors, allowing them to access capital efficiently without the need for over-collateralization. This is attained through a rigorous due diligence process managed by pool delegates, who assess the borrowers’ creditworthiness and set loan terms accordingly.
It offers various lending options that are tailored to different risk profiles and liquidity needs. Lenders can earn fixed yields by participating in diversified pools that lend to vetted institutional borrowers.
Since its launch in May 2021, Maple Finance has processed over $3.5 billion in loans and continues to expand its offering and user base.
At the time of writing, the SYRUP token is trading at $0.2082 – down 6.44% in value while attaining a trading volume of $2.22 million over the last 24 hours. Meanwhile, Maple (MPL) is changing hands at $20.85 – down 5.62% in the last 24 hours.
SYRUP is available for trade on the following cryptocurrency exchanges:
- Uniswap V3 (Ethereum)
- Kraken
- KuCoin
- Gate.io
- BingX
- MEXC
- BitMart
