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Cryptocurrency Lending Firm Maple Finance Unveils Syrup Yield Platform and Reward Token
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Institutional crypto lending firm Maple Finance unveils its Syrup platform and reward token.
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New permissionless service for DeFi users targets 15% yields from fully collateralized loans to the crypto space’s largest institutions.
Cryptocurrency lending firm Maple Finance has unveiled Syrup, a new lending platform and rewards token of the same name, aimed at bridging the gap between institutional-friendly yield-earning digital assets and the permissionless world of decentralized finance (DeFi).
Maple’s Syrup promises users 15% returns by depositing Circle’s USDC stablecoin on the platform, for which those users receive LP tokens (syrupUSDC), with an additional yield in the form of “Drips,” a loyalty payment derived from the use of the SYRUP reward token, Maple said in a press release Tuesday.
Holders of MPL, Maple’s native token, will want to migrate to the SYRUP token on a one-for-one basis.
Many centralized crypto lending companies have been battered over the past two years. Maple has weathered the storms of the bear market with its strict approach, offering permission-only deposits from accredited investors with comprehensive know-your-customer (KYC) checks, allowing the company to operate in the U.S. serving larger, regulation-conscious institutions, Maple co-founder Joe Flanagan said.
“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, so we can bring the same institutional-grade yields that come from over-collateralized loans to the largest institutions in the space, and offer them to a DeFi audience.”