Maple Finance Hits All-Time High in Active Loans

The private credit-focused lending protocol has eclipsed fresh highs in total value locked and active loans as the RWA sector continues to grow.

By: Squiffs • April 01, 2025

Maple Finance Hits All-Time High in Active Loans

Lending protocol Maple Finance achieved new all-time highs over the last week in both active loans and total-value locked (TVL).

Maple is one of the leading on-chain credit protocols, with $333 million in active loans and nearly $800 million in total value locked. Both metrics are up 33% compared to their previous highs set in November 2024, and more than 300% since March 2024.

Maple TVL and Active Loans chart — Maple TVL and Active Loans

Maple Finance catered to institutional and accredited investors only prior to the launch of its retail-focused arm, dubbed Syrup, in June 2024. Syrup’s launch resulted in a well-sustained spike in revenue after its launch.

The ecosystem has averaged monthly protocol revenue of $360,000 since September, six times the roughly $60,000 per month it generated between November 2023 and April 2024.

Maple Monthly Revenue chart — Maple Monthly Revenue

In November, Maple’s MPL token migrated to its new SYRUP token. The token trades at a $112 million market capitalization, down about 50% from its opening valuation during the token migration.

Currently, Maple Finance is the third largest tokenized private credit protocol in DeFi, trailing Figure and Tradable, which command a lion’s share of the $12 billion on-chain credit market, according to RWA.xyz.

The protocol also partnered with Core DAO, the creator of the yield-bearing lstBTC, to launch a BTC staking product on CORE in February. The activation requires a 90-day lockup on BTC for a target 5+% annual percentage yield (APY) or an instantly redeemable lockup of lstBTC.

Maple’s CEO and co-founder, Sidney Powell, told The Defiant, “Private credit has been the fastest-growing sector in traditional finance but has been slow to gain attention on the blockchain…Stablecoins gained attention as the first trillion-dollar opportunity onchain, but we see tokenized private credit as the next opportunity after this.”

“Traditional private credit often takes on sub-investment-grade credit risk and has a 3-5 year lockup on funds. In contrast, lending against BTC is overcollateralized and liquid in under 30 days,” added Powell.