Crypto Lending Firm Maple Finance Unveils Syrup Yield Platform and Rewards Token

Enterprise crypto lending company Maple Finance announced its Syrup platform and reward token.

The new permissionless service for DeFi users targets a 15% return on fully secured loans to the largest institutions in the crypto space.

Cryptocurrency lending company Maple Finance has introduced Syrup, a new lending platform and eponymous reward token that aims to bridge the gap between institutional-friendly, yield-generating digital assets and the permissionless world of decentralized finance (DeFi).

Maple’s Syrup promises users a 15% return by depositing Circle’s USDC stablecoin into the platform; these users receive LP tokens (syrupUSDC) for this and generate additional returns in the form of “Drips”, a loyalty payment obtained through the use of the SYRUP reward token. Maple said in a press release on Tuesday.

Holders of Maple’s native token, MPL, will switch to the SYRUP token one-for-one.

Many centralized crypto lending firms have taken a hit in the last few years. Maple has weathered the storms of the bear market thanks to its buttoned-up approach, offering authorized-only deposits with full know-your-customer (KYC) checks from accredited investors, allowing the firm to operate in the U.S. serving greater regulation. Maple co-founder Joe Flanagan said there are conscious institutions.

“We want to maintain that institutional focus but also make sure we stay close to our DeFi roots,” Flanagan said in an interview. “The launch of Syrup will enable us to operate within the broader DeFi ecosystem, so we can bring the same institutional-quality returns from over-collateralized loans to the largest institutions in the space and deliver it to the DeFi audience.”