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Crypto Lending Company Maple Finance Unveils Syrup Yield Platform and Rewards Token
Cryptocurrency lending company Maple Finance has unveiled Syrup, a new lending platform and reward token of the same name, aimed at bridging the gap between yield-generating, institution-friendly digital assets and the world without authorization of decentralized finance (DeFi).
Maple’s Syrup promises users a 15% return by depositing Circle’s USDC stablecoin on the platform, for which these users receive LP tokens (USDC syrup), with additional return in the form of “Drips”, a payment of loyalty derived from the use of the SYRUP reward token,” Maple said in a press release on Tuesday.
Holders of MPL, Maple’s native token, will work to migrate to the SYRUP token on an individual basis.
Many centralized cryptocurrency lending companies have been hit hard over the past couple of years. Maple has weathered bear market storms with its strict approach, offering permissionless deposits from accredited investors with comprehensive know-your-customer (KYC) checks, which allows the company to operate in the United States in the framework of broader regulations. conscious institutions, said Joe Flanagan, co-founder of Maple.
“We want to maintain that institutional focus, but also make sure we stay close to our DeFi roots,” Flanagan said in an interview. “Launching Syrup allows us to operate within the broader DeFi ecosystem. We can thus bring the same institutional-quality returns that come from over-collateralized loans to the largest institutions in the sector, and bring them into the DeFi audience.