Maple Finance Prepares for Syrup Token Launch

DeFi credit marketplace Maple Finance is gearing up for the launch of SYRUP, the native token for its retail-focused platform Syrup.Fi.

Maple has announced that SYRUP will be launching on November 13. MPL token holders will be able to convert their MPL tokens into staked SYRUP to earn rewards and generate yield. Every 1 MPL will be able to convert into 100 SYRUP.

SYRUP stakers will also earn additional tokens for the first 90 days, and fee revenue generated by both Maple and Syrup lending will be used for SYRUP buybacks, which will serve as a part of the emissions distributions.

“The launch of SYRUP token and SYRUP staking further catalyzes the growth of the wider Maple ecosystem and enables our community to directly benefit from the fastest growing institutional DeFi platform,” read the press release.

The team’s pioneer product, Maple Finance, has been on a tear over the last 6 months, with its total value locked up 278% to $492 million since April. Protocol revenue is also surging, up 630% in the same time period.

Maple’s rapid growth has been catalyzed by the launch of Syrup, which hosts nearly $200 million of the ecosystem’s TVL after a gated launch in June.

Access to Maple is limited to institutional and accredited investors, but Syrup will be accessible to anyone outside the United States and Australia.

Joe Flanagan, the co-founder of Maple Finance, told The Defiant, “Our focus is on maximizing growth and to cross 200M for Syrup and 500M for Maple overall. There are no major blockers to this currently.” He continued on, “We welcome any clarity on regulations on stablecoins and crypto markets broadly.”