Maple Finance
An underwritten private-credit business onchain: Maple's own team selects the borrowers (trading firms, market makers and corporate treasuries) and lenders carry the credit exposure directly.
The economic model
Maple earns management and performance fees on the pools it runs. Borrowers are trading firms, market makers and corporate treasuries; almost all of the book is now overcollateralised against bitcoin, ether and other liquid crypto assets rather than lent unsecured, and the firm's secured lending pool reported a 159.1% collateral ratio on $847m of assets on 25 July 2026. Lenders take the credit exposure directly: a default reduces the net asset value of the pool that made the loan, and neither the treasury nor SYRUP holders stand behind it. That is the difference between Maple and a pooled money market: there is a named underwriter, but no mutualised backstop.
The retail-facing wrapper, syrupUSDC, packages the same lending into a transferable yield-bearing token quoted at 4.9% on 25 July 2026, which is then used as collateral in other protocols. This is where the risk becomes less legible. A holder of syrupUSDC in a Morpho or Euler vault is exposed to Maple's underwriting through two layers of contract, and the collateral behind the loans is the same crypto that would fall in the stress scenario that caused a default. DefiLlama put Maple's TVL at $2.654bn and active loans at $2.016bn on 25 July 2026; Maple's own site reported $4.29bn of assets under management on the same day, a wider figure that includes mandates not captured as onchain TVL.
SYRUP is a governance token with a buyback claim and no dividend. MIP-019, approved between 27 and 31 October 2025 with more than 99% of participating voting power, ended the stSYRUP staking emissions that had been the token's main source of return (onchain streams stopped in November 2025) and replaced them with the Syrup Strategic Fund, to which 25% of protocol revenue is directed and from which buybacks are made. The switch is honest about what it is: emissions paid holders in newly issued supply, the fund pays them by retiring it. With annualised protocol revenue of $12.95m on 25 July 2026, a quarter of revenue is a modest sum against a $182m market capitalisation.
How it is governed
Credit decisions are made by Maple's own underwriting team, not by tokenholders. SYRUP holders vote on Maple Improvement Proposals covering token economics and treasury policy; pool terms, borrower selection and collateral requirements sit with the company.
Where it runs
Ethereum, with syrupUSDC also issued on Solana and available in lending markets on Arbitrum
The numbers
Each figure as published by the source named on the row. Protocol metrics are especially prone to double-counting; where a provider states a caveat, it is carried here.
| Metric | Value | As of | Source |
|---|---|---|---|
| Assets under management | $4.29bn | 25 July 2026 | Maple Finance |
| Active loans outstanding | $2.02bn | 25 July 2026 | DefiLlama: Maple Finance |
| Annualised protocol revenue | $12.9m | 25 July 2026 | DefiLlama: Maple Finance |
| Secured lending pool collateral ratio | 159.10% | 25 July 2026 | Maple Finance |
| syrupUSDC yield | 4.90% | 25 July 2026 | Maple Finance |
Reading protocol metrics
Value locked, fees and volume are computed differently by every provider, and the same activity often appears in two of them. We publish the provider's own figure with its method attached rather than reconciling the difference into a number nobody published.