DeFi
Maple launches new protocol enabling permissionless lending to institutions
Alongside the launch of Syrup Finance, Maple will also replace MPL with the new SYRUP token.
Maple Financea collateral-free lending protocol aimed at institutional players, has unveiled Syrup, a new DeFi protocol allowing users to lend without permission USDC to institutions.
Maple told The Defiant that users can earn yield on the platform by depositing USDC, for which they receive syrupUSDC liquidity provider (LP) tokens. USDC has deposited secured funds on the platform for loans made to the largest crypto institutions.
“[Syrup] will unlock yield opportunities that do not exist and will help democratize institutional private credit,” Joe Flanagan, co-founder of Maple Finance, told The Defiant. “We are expanding the DeFi offering.”
Maple bounces back
Maple Finance currently has a total value locked (TVL) of $45 million, according to DefiLlama.
Users have currently taken out outstanding loans worth $100 million from the protocol, a whopping 80% drop from its peak in May 2022.
However, the protocol has seen a recovery in terms of TVL and lending activity since its low point in early 2023.
Maple Finance TVL. Source: DeFi Lama.
Syrup financing
Syrup will offer a points program to early adopters in an effort to attract users. The first users will be rewarded in the form of “Drips” when they deposit USDC to the protocol.
Flanagan said an upcoming airdrop was reserved for early adopters of the protocol. He noted that the Maple community has recently vote increase the total token supply by 10% or 1 million tokens to facilitate “growth incentives”.
Users who lock up their stablecoins for up to six months will receive enhanced rewards, with Maple targeting a maximum annual return of 15%.
Flanagan also noted that Maple’s MPL token will be replaced by the new SYRUP token, launching today. MPL holders will be able to migrate to SIRUP on an individual basis. The SYRUP will grow at a rate of 5% per year for three years.
Syrup will focus on real-world assets (RWA), a trending narrative in the cryptocurrency space. “We are striving to become the best platform for the most liquid assets as more RWA comes on-chain.”
Syrup will host a two-week registration period, followed by an early access window that will last between four and six weeks.