Maple Finance leads institutional-grade lending within DeFi by bridging blockchain technology and traditional credit markets. Its ecosystem connects vetted borrowers seeking capital with yield-oriented lenders through a distinctive delegated pool structure. The platform evolved by migrating from the MPL token to the SYRUP governance token and broadening access via Syrup. fi. **What is Maple Finance?** **A Blockchain Credit Marketplace** Maple Finance is a decentralized lending platform built on blockchain networks like Ethereum and Solana, aimed at facilitating crypto lending and borrowing for institutional participants. Instead of traditional banks, it uses smart contracts to establish a permissionless, efficient, and transparent capital allocation system. **Connecting Institutional Borrowers & Lenders** The platform links institutional borrowers (e. g. , crypto trading firms, market makers, fintechs) requiring capital with lenders (such as accredited investors and DAOs) seeking yield. Notably, Maple offers uncollateralized or undercollateralized loans—a significant differentiation from typically overcollateralized DeFi lending—catering to established crypto businesses needing working capital. **The Role of Pool Delegates** Central to Maple Finance are Pool Delegates—professional teams responsible for loan origination, due diligence, credit assessment, setting loan terms, and managing lending pools. Lenders rely on these experts to evaluate and manage credit risk, effectively delegating these critical tasks. **Capital Efficiency and Transparency** Maple emphasizes capital efficiency and transparency by disclosing loan terms, borrower identities, and pool performance on-chain. By issuing mostly fixed-rate, term loans in stablecoins like USDC, it aims to provide predictable returns for lenders and dependable funding for approved institutional borrowers, distinguishing itself in the DeFi sphere. **How Does Maple Finance Work?** - **Pool Formation & Lender Deposits:** Pool Delegates create and govern lending pools with defined borrower criteria, interest models, and fees. Lenders fund chosen pools based on Delegate reputation, strategy, and terms, allocating capital to specific credit approaches. - **Borrower Application & Delegate Assessment:** Institutional borrowers apply through a Delegate who performs rigorous evaluation beyond on-chain collateral, analyzing financial health and business models. The Delegate acts as underwriter, setting loan terms and approving or rejecting applications. - **Loan Funding & Smart Contract Execution:** Upon approval, loans are formalized on-chain via Maple contracts. Funds are transferred from the pool to borrowers, with contract-enforced repayment schedules and interest. Repayments flow back to the pool for lender distribution or new loans. **What is the SYRUP Token?** **Governance and Utility Core** SYRUP is Maple Finance’s primary governance and utility token, used for staking (stSYRUP) to enable protocol governance, voting on upgrades, fee structures, and ecosystem improvements. Stakers earn rewards through protocol fee buybacks, linking token value to Maple’s success.

Additionally, SYRUP incentivizes lender participation in Syrup. fi via “Drips”—seasonal, convertible rewards enhancing engagement. **Migration from MPL Token** SYRUP replaced the original MPL token in a community-approved migration (MIP-009/MIP-010) at a 1:100 ratio. The migration period ended in May 2025; unconverted MPL (and xMPL) lost all utility and governance rights thereafter. Residual MPL value funded the Syrup Strategic Fund. Some exchanges automated conversion, others required manual migration. **Investment Considerations** SYRUP suits speculative allocations for risk-tolerant investors with multi-year perspectives, especially those bullish on institutional blockchain adoption, TradFi-DeFi convergence, and asset tokenization. Investors should monitor protocol metrics like TVL, loan volume, and treasury revenue, which shape SYRUP’s fundamental value. The token’s success hinges on Maple’s roadmap execution and regulatory adaptability. **Tokenomics and Ecosystem Integration** SYRUP’s 1. 19 billion circulating supply supports governance, staking, and liquidity. Maple’s lending fees fund token buybacks to reward stakers and counter inflation. SYRUP also provides utility within Syrup. fi, including fee discounts and enhanced features for long-term depositors, serving as both governance mechanism and reward engine. **What is Syrup. fi?** Syrup. fi is a permissionless yield protocol by Maple Finance, designed to democratize institutional-grade fixed-rate yields for DeFi users. Anyone can deposit stablecoins (like USDC) and earn returns from overcollateralized loans to vetted crypto institutions, with all collateral verifiable on-chain in real-time. Unlike Maple’s institutional focus, no KYC is required. Users receive liquid LP tokens representing deposits, usable across DeFi for additional yield. **Conclusion** Maple Finance pioneers institutional DeFi credit through delegated lending pools and transparent on-chain infrastructure. Transitioning to SYRUP enhanced governance alignment, while Syrup. fi extended institutional yields access to a broader audience. By balancing innovation with regulatory awareness, Maple establishes a unique position in crypto finance, offering scalable capital solutions and redefining trust in decentralized credit markets.