The information about the Maple Finance (SYRUP) token is compiled from various posts on X and web sources related to its launch on the Ethereum Blockchain. The SYRUP token is the native token of Syrup.fi, a permissionless lending platform developed by Maple Finance, a decentralized finance (DeFi) protocol focused on institutional lending. Launched on November 13, 2024, SYRUP serves as both a utility and rewards token within the Maple ecosystem, which combines institutional lending with DeFi principles to provide transparent, overcollateralized loans. It replaced the previous Maple token (MPL), with MPL holders able to migrate to SYRUP at a conversion ratio of 1 MPL to 100 SYRUP, aiming to enhance token utility and ecosystem participation.

SYRUP operates on the Ethereum Blockchain as an ERC-20 token and is designed to incentivize staking and governance within the Maple and Syrup ecosystems. Token holders can stake SYRUP to earn rewards, sharing in the growth of the platform, with an initial distribution plan of 5 million SYRUP tokens to stakers over the first 90 days following its launch. The token also supports Syrup.fi’s mission to offer high-quality yields sourced from fully collateralized loans to major crypto institutions, making institutional-grade yield accessible to a broader DeFi audience. Syrup.fi integrates with other DeFi protocols like Balancer and Pendle Finance, enhancing its interoperability and liquidity options.

Maple Finance, the parent protocol, has been operational since its Ethereum mainnet launch in May 2021, focusing on connecting institutional borrowers with lenders through smart contracts for efficient, transparent financing. The introduction of SYRUP extends this vision by offering permissionless access to Maple’s lending engine, where users can deposit stablecoins like USDC to receive syrupUSDC liquidity pool (LP) tokens and earn additional “Drips” rewards in SYRUP. The platform emphasizes security through overcollateralization and real-time verifiability, maintaining a robust infrastructure that has facilitated billions in loan originations since its inception.

The SYRUP token’s development reflects Maple Finance’s evolution from a permissioned, KYC-compliant platform targeting accredited investors to a more open DeFi-native ecosystem with Syrup.fi. The project, headquartered in New York City, was founded by Sid Powell and Joe Flanagan, leveraging their backgrounds in traditional finance to modernize institutional credit using blockchain technology. SYRUP also supports cross-chain functionality, with integration via LayerZero to extend its reach to other networks like Base, positioning it as a versatile asset in the DeFi landscape. This strategic expansion aims to bridge traditional institutional lending with innovative DeFi solutions, fostering a scalable and inclusive yield-generating ecosystem.