CoinDesk Reports:
Following the launch of its retail product Syrup.fi, Maple Finance has seen accelerated growth in Total Value Locked (TVL).
Data from Dune Analytics reveals Maple’s TVL surged 123% in the second quarter, hitting a record high of $230 million. Quarterly revenue for the protocol also rose by 39%. Maple’s strong performance in June culminated with the launch of Syrup.fi on June 25. Concurrently, other parts of the DeFi market saw a growth of approximately 9% according to DeFiLlama data.
The spike in growth underscores demand for institutional-grade products leveraging high yields and Real World Assets (RWA), alongside expectations for Maple Finance’s retail expansion. Current structures have also incentivized strong user returns on digital assets, with Maple users earning up to 23% and Syrup users accruing Drip-like points.
Co-founder Joe Flanagan told The Defiant, “Maple’s growth is credited to our collateralized lending products, providing income for the largest institutions backed entirely by digital assets.”
“We are offering the best risk-adjusted yields in this space, and people are starting to recognize that,” he continued.
Maple Finance operates as a decentralized finance (DeFi) marketplace connecting qualified investors with institutional lenders and borrowers. Maple is accessible only to users who have undergone Know Your Customer checks and comply with product regulatory standards.
Maple’s resurgence follows the destruction of its TVL during the FTX incident, when $36 million in loans owed to Maple were defaulted.
Focused on retail, Syrup.fi
In addition to institutional products, the team recently launched a retail-focused division named Syrup.fi. Gradually rolled out since June 25, the division has accumulated over $13 million in TVL revenues.
Syrup offers permissionless Maple yields derived from collateral loans to institutions. The product also returns in the form of Syrup USDC-composable LP tokens, usable elsewhere in DeFi.
Syrup users will accumulate Drips through Maple’s multi-season early access phases. Drips will allow users to allocate upcoming Syrup tokens, expected to migrate alongside their MPL tokens in Q4 2024.
High Yield Collateral Pools
Maple’s recent outperformance began prior to Syrup.fi’s launch, with its high-yield collateral pool promoting a targeted net APY of 15%.
The protocol’s collateral loan segment features over-collateralization with liquid digital assets like BTC, USDC, and ETH. Currently, Maple’s collateral pool represents $147 million of its $230 million TVL.
Maple Cash serves as the platform’s RWA pool, backed by short-term US Treasury bonds. Since March, Maple Cash’s TVL has doubled from $11 million to $20 million but remains below its peak of $31 million in October 2023.
The first season of Syrup concludes on July 31, with MPL token migration set for September 30.