What is Syrup (Maple Finance v2)?
👋 New to this? Just start reading at the top — it begins in plain English and gets more detailed as you scroll. Jump to any level:
🟢 The simple version
Plain English — no jargon. Start here.
Syrup is the consumer-facing product of Maple Finance — offering retail users yield from institutional crypto lending pools — while SYRUP is the governance token that replaced MPL, with real yield from actual loan interest paid by institutional borrowers.
Institutional lending real yield
Maple Finance lends to crypto trading firms and market makers at 8-15% APY. Pool delegates vet borrowers. Users deposit USDC into Maple pools (or the simplified syrup.fi interface) and earn from actual loan interest — not token inflation. 2022 FTX-related borrower defaults (including Orthogonal Trading ~$36M) caused lender losses. Maple rebuilt with better risk frameworks in 2023. SYRUP replaced MPL as the governance token in 2024. SYRUP stakers earn protocol fee revenue. Is SYRUP legal in India? Yes. 30% tax, 1% TDS apply.
🟡 A bit more detail
For when you want to go a little deeper.
Credit risk — key evaluation factor
Maple's uncollateralised lending means borrower default is possible. The 2022 defaults demonstrated real credit risk. Post-2023 rebuild includes: more conservative LTV limits, first-loss pool covers, better borrower requirements. Evaluate current loan book quality before depositing.
🟣 The full technical picture
For the technically curious.
Key facts
- Token: SYRUP (from MPL migration, governance + revenue)
- Yield: 8-15% APY from institutional loan interest
- 2022: FTX-related defaults, rebuilt 2023
- Risk: Credit risk (uncollateralised lending)