Overview
Maple Finance is an on-chain asset manager that lends money to institutions such as trading firms and market makers. It was founded in 2019 by Sid Powell and Joe Flanagan.
Maple was hit hard in 2022: after the FTX collapse, borrowers such as Orthogonal Trading defaulted, leaving lenders with tens of millions in losses. Maple rebuilt around overcollateralized loans, where borrowers must post more collateral than they borrow, and has since become one of DeFi’s biggest lenders.
How it works
- Maple Institutional: larger investors lend to vetted borrowers through managed pools.
- syrupUSDC and syrupUSDT: anyone can deposit stablecoins and earn yield from these loans. In 2026, syrupUSDC paid around 5% a year.
- syrupUSDG: launched with Robinhood, bringing Maple’s yields to fintech users; it grew by over $200 million quickly.
2026 growth
- Assets under management reached about $4.6 billion in the first half of 2026, up 81% from a year earlier.
- Outstanding loans hit a record $1.9 billion.
- Revenue in Q2 2026 was about $4.4 million, up 47%.
- A proposed buyback (MIP-021) would use up to 30% of monthly revenue to buy SYRUP once revenue passes a set level.
The SYRUP token
| SYRUP at a glance | |
|---|---|
| Total supply | about 1.27 billion SYRUP |
| In circulation (Oct 2026) | about 1.17 billion |
| Price (29 Oct 2026) | about $0.16 |
| All-time high | about $0.65 (June 2025) |
| Market cap | about $190 million |
| Deposits (Oct 2026) | about $2.5 billion (DeFiLlama) |
SYRUP replaced the old MPL token in 2024 and can be staked for rewards and governance.
Risks
- Credit risk. Loans to institutions can go bad; collateral may not cover losses in a crash.
- Concentration. Much of the borrowing comes from a limited group of crypto firms.
- Recycled growth. Critics argue part of Maple’s growth is syrup tokens being used as collateral on Aave and looping back.
- Regulation. Yield products for retail users face regulatory scrutiny.
Maple vs. the competition
| Maple | Aave | Ondo | |
|---|---|---|---|
| Lends to | Institutions | Anyone (overcollateralized) | US Treasuries |
| Yield source | Loans to crypto firms | Borrowers | Government bonds |
| Token | SYRUP | AAVE | ONDO |
Our verdict
Maple has turned a painful 2022 into a strong comeback, growing into a multi-billion-dollar lender with real revenue and new distribution through fintech apps.
But lending to companies always carries default risk, and SYRUP has fallen about 75% from its peak. SYRUP is a high-risk investment; syrup yield products carry credit risk too. Invest only what you can afford to lose.
This review is for information only and is not financial advice.