what's maple finance?
Maple Finance is a decentralized finance (DeFi) platform specializing in institutional-grade on-chain lending, connecting accredited crypto-native borrowers with lenders through transparent, overcollateralized loan products. It serves as an asset manager with a focus on capital markets expertise, enabling flexible financing for institutions while providing lenders with high-yield, fixed-rate opportunities via its Syrup ecosystem. Key features include permissionless yield-bearing assets like syrupUSDC and syrupUSDT, which have seen significant TVL growth, reaching billions in assets under management. The platform supports expansions to multiple blockchains such as Solana, Plasma, and Linea, accepting diverse collateral like ETH, USDT, and others for tailored loans. Despite claims of robust overcollateralization, it has faced scrutiny over user liquidations during volatility and 31-day withdrawal lock periods in certain pools. Maple emphasizes revenue efficiency and institutional security, positioning itself as the world's largest on-chain asset manager with over $10 billion in loans originated.
Maple Finance quickly cured recent margin calls, exemplifying institutional growth on Solana.
contract
ethereum
base
Holds $18 million in stablecoins and liquid assets on the balance sheet.
Originated $3.3 billion in loans year-to-date in 2026.
Ranked #10 among DeFi protocols by TVL on DefiLlama.
Generated $7.3M in revenue during January-February 2026, ranking 4th among RWA projects by actual revenue.
Achieved over $5 billion in assets under management (AUM).
CEO participated in an interview on the DeFi Decoded podcast discussing risk management, institutional adoption, and tokenized assets.
syrupUSDC collateral deposits on Morpho increased from $10M to $115M year-to-date across Ethereum and Arbitrum, representing a 10x growth.
Integrated into Gauntlet's USDC Frontier vault on Kamino, allocating across PRIME, Maple, and Main Markets within Gauntlet's Frontier curation framework.
Integrated with YO protocol as a yield source for yoUSD through syrupUSDC product.
Top 100 addresses, smart money, and whales are increasing exposure to $SYRUP token.
Reached $4B AUM in onchain credit markets.
Lending over $200 million to a trading firm collateralized by XRP tokens.
Total bridge volume for syrupUSDT and syrupUSDC surpassed $5B.
Reached $300 million in XRP deposited for lending purposes on the platform.
syrupUSDC has paid $18.73M in cumulative yield, representing 8.76% of the total $213.87M yield paid out by yield-bearing stablecoins.
syrupUSDT currently has approximately half of its underlying TVL deployed into lending across DeFi protocols.
syrupUSDT currently yields 4.5% APR.
Generated $9.9M in fees over the 30-day period, representing a 44.5% increase compared to the previous period.
Provides obligations that are purchased by Maker/Sky protocol as part of their asset acquisition strategy.
Hosts investor call February 26, 2026, at 3PM ET, streaming on X, to discuss performance, revenue targets, token utility, projected financials, product roadmap, and pipeline.
syrupUSDC product scaled past $200M with Aave on Base.
Generated $2.1M in revenue in 2025, representing a 5x increase compared to the previous period.
Deployed syrupUSDC and syrupUSDT, tokenized asset products backed by 165%+ overcollateralized loans with real-time verifiable collateral, providing real-world yield across Plasma, Ethereum, and Base networks, highlighted for building private credit infrastructure for underserved borrowers alongside Centrifuge and Goldfinch.
Monthly revenue in February 2026 matches October-level revenue as of mid-February.
Originated over $20B in loans to more than 100 institutional borrowers to date.
syrupUSDC market cap reached a new all-time high of $1.7 billion, making it the second largest tokenized fund.
syrupUSDC and syrupUSDT combined exceed $1B in cross-chain AUM.
Restored web application functionality after compromise; smart contracts and user deposits remain secure and unaffected.
Maintains 99%+ repayment rate with zero defaults through overcollateralization risk management, issuing two margin calls cured within one hour.
Mentioned as an example of institutional growth on Solana alongside tokenized equities, in the context of Mantle's cross-chain expansion.
Generated $150,000 in income from tri-party loans through Arkis and Anchorage in Q4 2025, with $150 million deployed on Anchorage and $15 million on Arkis.
Integrated with InfiniFi to provide overcollateralized BTC-backed loans, receiving $6.7M in lending from InfiniFi's liUSD holders at 8.78% APY.
Executives are speaking at the Blockworks DAS institutional crypto conference alongside representatives from SEC, Federal Reserve, CFTC, OCC, BlackRock, Robinhood, Swift, Ethena, Binance, and Sky.
SYRUP token experienced a 6.25% price decline over a 24-hour period on January 21, 2026, ranking among the largest losers in the crypto market.
Advancing undercollateralized lending infrastructure using zkTLS technology to enable credit lines based on verified Web2 data such as bank balances without revealing user identity.
Featured in the first episode of "Revenue Meta" podcast series by The Edge Pod, with Co-Founder and CEO Sid Sid discussing SYRUP and token value accrual mechanisms.
Final Drips claim goes live on 2026-01-18
Launched a Rewards Page dashboard that tracks syrupUSDC and syrupUSDT DeFi opportunities and incentives.
Serotonin's capital arm 5HTP holds an investment position in Maple Finance as part of its portfolio launched on 2026-01-13.
SYRUP/USD perpetual swap trading pair launched on GMX across Ethereum, Arbitrum, Base, and BNB Chain networks on January 9th, 2026.
Obex Star acquired $400 million in syrupUSDC over a six-week period ending in late December 2025.
Partnered with Bitwise and Cantor in 2025 to bridge institutional capital markets with onchain asset management products.
Paid approximately $60 million in interest to lenders.
Reached all-time high in outstanding borrows as of December 23, 2025.
Nominated for "Best In Yield" award by The Rollup, with the winner to be announced on 2025-12-30.
The token trades at a forward PE ratio of 6x with a $300MM market cap and projects $50MM+ in earnings for FY 2026 while growing earnings 200% year over year.
Total cross-chain deposits exceed $3B through Chainlink integration.
syrupUSDC is adopted as yield-bearing perpetuals collateral on Drift, offering mid-single-digit to high-single-digit APY on margin positions.
Reached $750M+ total deposits across Ethereum, Base, and Plasma, with $433M bridged to Plasma network. Deployed dollar yield assets on Plasma chain.
Allocates 25% of protocol revenue to SYRUP token buybacks, generating $900K+ in revenue in the first 11 days of December, with the remainder directed to the DAO. Implemented a strategic surplus fund (SSF) for token buybacks.
The protocol generates $3.90M in fees and cashflow for the past week, ranking 8th among top DeFi protocols by this metric.
Maple Finance becomes available on Robinhood App in the United States.
Records $4.1M in 30-day revenue with +300% YTD growth, ranking third among RWA projects by revenue in December 2025.
Integrated Aave and Plasma in September 2025 across Ethereum and Base with syrupUSDC and syrupUSDT.
The protocol goes live on Aave Mainnet.
Maple Finance enters the top 20 DeFi protocols by TVL at rank #14 in December 2025, up from outside the top 20 in December 2024.
syrupUSDC and syrupUSDT deposits reached $2.2B with $340M+ net inflows, ranking as the #5 and #6 yield-bearing dollar assets. TVL sits at $2.07B as of February 17, 2026.
syrupUSDC is recovering after a dispute with Core BTCFi in November.
Allocates 25% of revenue to SYRUP buybacks via MIP-019. Achieved $2M in revenue in February 2026, generating $30M annualized revenue, targeting $100M ARR for 2026.
syrupUSDC looping strategies are available on Kamino and Morpho platforms.
syrupUSDT launches on Aave with a $50M cap that fills completely, and expands to Aave's Plasma Core Instance due to strong demand.
Reached $4.1B AUM, representing 900% growth over the prior 12 months. Targets $5.5B and $30M+ ARR by Q4 2025.
A wallet, potentially Wintermute, accumulates 20.4M SYRUP tokens worth $5.59M within a month.
Fluid launches syrupUSDC vaults with Maple Finance on Base chain.
SYRUP trades at 10x revenue with 5-10x YoY revenue growth.
November protocol revenue reaches $2.11M, the second highest of the year after October, with annualized revenue projection of $25M.
November monthly protocol revenue reaches $2.11M (second highest of year, $25M annualized run rate). The protocol records $159MM in new loan issuance in a single day, representing 10.2% growth, while SYRUP token jumps 16% following the November buyback announcement.
syrupUSDC goes live on Jupiter Lend powered by Fluid protocol, enabling an 8.3x multiply loop earning 11.55% APY compared to 5.9% native yield.
The protocol executes its first buyback under the new MIP-019 policy, purchasing 2M SYRUP tokens using 25% of November revenue, which at this pace removes over 2% of total supply annually.
Used 25% of November revenue to buy back 2M SYRUP tokens, with the current buyback pace removing over 2% of total supply from circulation annually.
Maple Finance ranks among top coins by LunarCrush AltRank for social momentum, engagement, and community activity.
syrupUSDT on Aave fills its $50M cap completely at 90% LTV, earning 5.2% native yield with looping strategies reaching up to 16.5% APY through AaveChan/Merkl incentives. The asset also launches on Plasma network via Aave with 13M capacity still available for deposits.
Q4 revenue reaches $4.67M as of December 3rd, already 10.6% higher than Q3's total revenue of $4.22M.
syrupUSDT goes live on Aave as a yield-bearing dollar asset earning interest from institutional borrowers, enabling new yield loops through 1-tx DFS zap functionality.
MIP-019 introduces major protocol changes: 25% of protocol revenue redirects to DAO-owned treasury for buybacks and growth, governance expands to all SYRUP and stSYRUP holders, and the protocol shifts away from emissions-driven staking. Balance sheet shows $15M in cash and liquid digital assets plus 106.2M $SYRUP held by DAO and Syrup Strategic Fund.
Looping on Jupiter Exchange yields 20%+.
Loan book decreases to $1.5Bn from previously reported $1.7Bn, with borrow demand reducing in current market conditions.
syrupUSDC on Kamino surpasses $100m and raises cap again as protocol sees $150m inflows over 3 days.
The product delivered 1.90% monthly returns (~23% APY) with user-verifiable performance data available via Backtesting tab.
Maple Finance rejects allegations from CORE regarding its BTC product.
Maple secures 4th place in the CeFi crypto lending league table for Q3 2025 and climbs to #11 on DefiLlama by TVL, continuing to gain market share despite the broader market pullback.
New Withdrawal Manager contract upgrade enables users to submit multiple withdrawal requests, increasing flexibility for liquidity management within the protocol.
Q4 2025 performance shows +836% AUM growth reaching $1.7Bn loan book with $25M ARR across >65 institutional entities and zero losses. Protocol executes $6M in buybacks since inception, directs 25% of revenue to buybacks, targets $20Bn AUM and $100M ARR for 2026, and prepares syrupUSDC listing on Aave for leveraged looping plus a securitization facility for BTC loans.
$62.4MM in syrupUSDT mints completed by 9am EST across three large transactions ($24MM, $20MM, $18.4MM), tracking toward an all-time high revenue month.
$SYRUP ranks among top crypto performers YTD with +97.11% gains, one of only three tokens with positive returns compared to major losses across other leading cryptocurrencies.
Maple Finance denies Core Foundation's allegations as misleading and commits to pursuing all legal remedies in the dispute over BTC Yield program and syrupBTC development.
$SYRUP declines 19.73% on November 21, ranking among biggest crypto losers. Maple officially rejects all Core Foundation claims, pursues legal remedies to enforce the binding hedge agreement, and confirms other products remain ring-fenced and operating without disruption.
MidasRWA launches msyrupUSDp vault on Equilibria platform, utilizing syrupUSDT strategy as underlying mechanism with Pendle yield boosting.
BTC LST product from Maple and Core impairs users' BTC holdings.
Court injunction blocks token launch during Core Foundation litigation. $150M in net inflows recorded across syrupUSDC and syrupUSDT in last 3 days.
A Cayman court blocked the token launch after Core Foundation filed a lawsuit alleging Maple Finance stole trade secrets and breached a 24-month exclusivity agreement to build the project.
SyrupUSDT achieves highest CCIP volume almost daily through Chainlink's cross-chain interoperability protocol.
Core Foundation obtains injunction from Grand Court of Cayman Islands, alleging breach of 24-month exclusivity clause and misuse of confidential information to develop competing product, with subsequent judicial proceedings pending.
All margin calls issued to borrowers during recent market-wide decline were cured within minutes, with no open margin calls remaining and loan book continuing healthy performance.
Legal dispute with Core Foundation over BTC Yield pilot program with no claimed impact to broader operations. Analyst call revises 2025 ARR guidance to $30MM (from $25MM) and releases 2026 forward guidance of $100MM ARR, while protocol reaches all-time highs in revenue, TVL, and loans issued with $51.4M in deposits recorded in a single day.
Apollo Capital purchases 712k tokens while Framework, Borderless, and CMT maintain combined holdings of $13.8M despite price decline.
SyrupUSDT Plasma vault is now accepting deposits with 16% expected APY over the next 30 days, managed by Edge Capital and sourced from Aave and Fluid.
Active loans increase 15% month-to-date with October revenue crossing $2.3M, and SyrupUSDC deployment reaches $610M via Spark and $15M via Pendle.
Q4 Ecosystem Call on November 19 will reveal roadmap, and protocol metrics show distributed asset value at $1.94B (+20.31% monthly), monthly transfer volume at $3.29B (+86.89%), and active addresses at 1,120 (+18.14%).
SYRUP token trades up +20% showing relative strength despite broader altcoin weakness, with price approaching key resistance at $0.53-0.54 region that previously rejected price twice.