SYRUP

Maple Finance

DeFi

An onchain credit desk lending to crypto institutions; the business grew, the token fell by almost half.

Growing, token lagging v1.1 · as of 2026-10-21 · framework v1.13 Coinsight · all analyses
Bottom line

Maple makes overcollateralized loans to trading firms and funds, financed by syrupUSDC and syrupUSDT depositors; AUM reached ~$4.6B and loans a record $1.9B at end of June 2026. Revenue is real (~$1.57M in September) and since August a rules-based buyback sends 10–30% of it into SYRUP. The token has not followed: −42% over a year, −69% from its June 2025 ATH, and the buyback (~$0.3M a month) is small next to a ~$240M market cap. SYRUP is a reasonable bet on onchain private credit, but value capture is thin and the loan book is cyclical.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.2050
+4.0% 24h · −11% 30d · CoinGecko 21 Oct
Market cap
$239.3M
rank #171 · FDV $259.9M, no max supply
24h volume
$6.85M
2.9% of market cap
From ATH
−69%
ATH $0.6532, Jun 2025
2026 YTD
−36%
$0.3222 → $0.2050
AUM
~$4.6B
30 Jun 2026, Maple Q2 update

The last 12 months

$0.25$0.5$0.75Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNovDecJan 272025-11-10: $0.4703$0.47 peak2026-01-12: $0.4004$0.402026-06-26: $0.1213$0.12 low2026-10-21: $0.2049$0.201Staking rewards end (MIP-019)2Record month: $2.16M revenue312-month high at $0.474syrupUSDC launches on Base5Loans fall to $850M6Year low at $0.1217Record H1: loans $1.9B8MIP-021 buybacks start9$314K buyback at $0.22910MIP-021 term ends, renewal
GovernanceAdoptionMarketProductTokenomicsUpcoming

Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026.

Key events
  1. 1
    29 Oct 25 Staking rewards end (MIP-019). Over 91% of stakers back ending stSYRUP rewards; 25% of revenue goes to buybacks instead.
  2. 2
    05 Nov 25 Record month: $2.16M revenue. October 2025 revenue sets a record as AUM is reported near $5B.
  3. 3
    10 Nov 25 12-month high at $0.47. Then a slide to $0.25 by early December.
  4. 4
    15 Jan 26 syrupUSDC launches on Base. Expansion to Coinbase's L2, with an Aave listing on Base as the next step.
  5. 5
    05 Mar 26 Loans fall to $850M. Borrower demand drops; loans outstanding fall ~50% from $1.6B and AUM dips to $3.8B.
  6. 6
    26 Jun 26 Year low at $0.121. Bottom of a −74% drawdown from the November high.
  7. 7
    08 Jul 26 Record H1: loans $1.9B. AUM $4.6B, Q2 revenue $4.4M; syrupUSDG and a transparency dashboard launch.
  8. 8
    14 Aug 26 MIP-021 buybacks start. Approved almost unanimously: 10–30% of monthly revenue buys SYRUP.
  9. 9
    09 Oct 26 $314K buyback at $0.229. Buys 1.37M SYRUP from September revenue of $1.57M; price then falls 24% in a week.
  10. 10
    Jan 27 MIP-021 term ends, renewal. The six-month buyback framework expires and needs a new vote; monthly buybacks continue until then.

How a dollar is lent through Maple's syrupUSDC pool

Depositor
Deposits USDC

Receives syrupUSDC, directly or via Robinhood, Aave or other apps.

Maple credit team
Underwrites a borrower

Trading firm or fund is vetted; rate and term are set.

Borrower
Posts collateral

BTC, ETH or SOL worth more than the loan, held with a custodian.

Pool
Lends USDC

Fixed-term loan; Maple watches collateral and margin-calls if prices fall.

Borrower
Pays interest

Interest raises the syrupUSDC exchange rate; depositors redeem for more USDC.

Maple / DAO
Takes a fee

Fee is protocol revenue; 10–30% of it buys SYRUP each month.

SYRUP is not used anywhere in the loan itself: deposits, loans and interest are all in stablecoins. The token's only link is the monthly MIP-021 buyback, which takes 10–30% of revenue into the Syrup Strategic Fund (held, not burned), plus governance votes.

Usage and adoption

USD per year, annualized (Oct 2026 estimates)
Protocol revenue (Sep × 12)
~$18.8M
SYRUP buybacks (20% tier)
~$3.8M
New SYRUP if 5% inflation runs
~$12M

Revenue: September's $1.57M times 12 (Q2 run rate was ~$17.5M). Buybacks: 20% of $1.57M is ~$314K a month, matching the 9 Oct purchase. New supply: 5% of ~1.2B SYRUP at $0.205; this applies only if the original launch schedule still mints, which could not be confirmed after MIP-019.

  • strong signal
    Protocol revenue
    $1.57M / month

    September 2026, up from $1.47M in August; Q2 was $4.4M (+47% YoY). Paid by borrowers.

  • strong signal
    Loans outstanding
    $1.9B

    Record at 30 Jun 2026 (+123% YoY), after a dip to $850M in early 2026.

  • medium signal
    SYRUP buybacks
    ~$314K / month

    MIP-021, September revenue at the 20% tier. Direct token demand, but ~0.13% of market cap a month.

  • medium signal
    AUM / TVL
    $4.6B / ~$2.71B

    AUM (Maple, June) counts more than DefiLlama-style TVL (The Defiant, October). Deposits can leave fast.

  • medium signal
    syrupUSDG
    $200M in 8 days

    New pool for Paxos' USDG, distributed through Robinhood. Early, partly promotional.

Maple's business is real: borrowers pay interest and revenue is growing again after an early-2026 dip. For the token the flow is thin: a fifth of revenue buys SYRUP, a few million dollars a year against a ~$240M market cap, so the price depends more on sentiment toward onchain credit than on cash flow.

Project

What it is
Maple Finance (founded 2019): an onchain asset manager that makes overcollateralized, fixed-term loans to crypto trading firms, market makers and funds. Retail and DeFi capital comes in through yield tokens syrupUSDC, syrupUSDT and, since mid-2026, syrupUSDG.
Team
Co-founded by CEO Sid Powell and Joe Flanagan. Maple's own credit team underwrites every borrower; loans are backed by BTC, ETH, SOL and similar collateral held with custodians.
Traction
AUM $4.6B (+81% YoY) and loans outstanding a record $1.9B (+123% YoY) at 30 Jun 2026; Q2 revenue $4.4M (+47% YoY). The Defiant put TVL at ~$2.71B in October. syrupUSDG reached $200M in eight days, helped by Robinhood distribution.
Competitors
DeFi lenders (Aave, Morpho, Spark), yield stablecoins (Ethena, Sky), tokenized funds (BlackRock BUIDL, Ondo) and CeFi crypto lenders such as Galaxy and Ledn.
Key risks
Credit risk: Maple's 2022 pools took losses when borrowers failed after FTX. Loan demand is cyclical; outstanding loans fell from $1.6B to $850M in early 2026 before recovering. Token captures only 10–30% of revenue via buybacks.
Roadmap
Six-month MIP-021 buyback runs Aug 2026 to ~Jan 2027, then needs renewal; fintech distribution (target $500M–1B of fintech-sourced capital by end 2026); more chains (Base, Arbitrum, Plasma, Solana) and Aave collateral listings.

Token performance

1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
SYRUP
-42%
BTC
-22%
ETH
-35%

SYRUP lagged both BTC and ETH over 12 months. Over 3 years the comparison runs through MPL (converted at 1 MPL = 100 SYRUP in 2024); MPL traded roughly $5–6 in Oct 2023, about $0.05–0.06 per SYRUP-equivalent, which would make the 3-year return roughly +240% to +310%, ahead of BTC ~+179% (from ~$29.7k) and ETH ~+53% (from ~$1.6k). That MPL starting price is checked by hand and not confirmed against a dated source, so treat the 3-year figure as approximate.

Range 2026
$0.12 low (26 Jun) to $0.40 high (12 Jan), daily closes; now $0.205
12-month drawdown
−74%, from $0.47 (10 Nov 2025) to $0.121 (26 Jun 2026); +69% off the low since
Liquidity
$6.8M traded in 24h, 2.9% of market cap; rank #171
Relative strength
−42% in a year vs BTC −22% and ETH −35%; −24% in the week to 19 Oct despite rising revenue
ATH check ATH check passed. The $0.65 high (25 Jun 2025) came about seven months after SYRUP launched in late 2024, outside the first 90 days, so it is used as the reference.

Tokenomics

Supply
~1.27B SYRUP total, ~1.17B circulating (92%). No hard cap; FDV $260M.
Inflation
The 2024 launch plan minted ~5% a year for three years (~1.23B projected by Sep 2026). MIP-019 (Oct 2025) ended staking rewards; whether new tokens are still minted to the treasury is unclear.
Unlocks
~100M SYRUP (~$21M) sits outside circulation, mostly treasury and team allocations; no large cliff found.
Utility
Governance only. Depositors and borrowers use USDC/USDT, not SYRUP; staking rewards ended in late 2025.
Concentration
Treasury and Syrup Strategic Fund hold a sizeable share; holder breakdown not checked for this page.
Sinks
MIP-021 buybacks: 10% of monthly revenue below $1.5M, 20% to $2M, 30% above. ~$314K bought 1.37M SYRUP on 9 Oct. Bought tokens are held, not burned.

Bull case

Loans keep growing past $1.9B and monthly revenue moves above $2M, lifting buybacks to the 30% tier (~$0.6M a month). Fintech and Robinhood distribution bring sticky deposits; price reclaims $0.26 (early Oct closes) and heads toward the $0.40 January level.

Bear case

Borrower demand fades again as in early 2026, revenue slips under $1.5M and buybacks drop to 10%. A credit event at a borrower would hit trust; price loses the ~$0.19 October floor and retests the $0.121 June low.

Watch before the next re-run

  • Monthly revenue vs the $1.5M and $2M buyback tiers
  • Loans outstanding (record $1.9B in June) and syrupUSDC/USDT net flows
  • MIP-021 renewal when the six-month term ends (~Jan 2027)
  • $0.19 floor, the $0.121 June low and the $0.26 October high

Where to trade

Krakenlisted

SYRUP against EUR · USD

24h $173.7k · ±2% depth $52.3k

OKXnot listed

No SYRUP spot market on OKX.

Largest exchanges

Exchange24h vol±2% depth
BinanceSYRUP/USDT$1.21M$264.3k
CoinbaseSYRUP/USD$802.4k$316.0k
KuCoinSYRUP/USDT$233.2k$28.9k
UpbitSYRUP/KRW$209.8k$159.9k
KrakenSYRUP/USD$133.3k$93.8k

Deepest DEX pools

No on-chain pool with real trading found.

On-chain share of all SYRUP volume: 0.0%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

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