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Crypto Lending Firm Maple Finance Unveils Syrup Yield Platform and Rewards Token
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Institutional crypto lending firm Maple Finance reveals its Syrup platform and rewards token.
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New permissionless service aimed at DeFi users targets 15% yields from fully collateralized loans to the largest institutions in the crypto space.
Cryptocurrency lending firm Maple Finance has launched Syrup, a new lending platform and rewards token of the same name, aiming to bridge the gap between institution-friendly yield digital assets and the permissionless world of decentralized finance (DeFi).
Maple’s Syrup promises users 15% yields when depositing Circle’s USDC stablecoin on the platform, for which those users receive LP tokens (syrupUSDC), with additional yield in the form of “Drips,” a loyalty payment derived from using the SYRUP rewards token, Maple said in a press release on Tuesday.
Holders of MPL, Maple’s native token, intend to migrate to the SYRUP token on a one-for-one basis.
Many centralized crypto lending companies have suffered damage in recent years. Maple has weathered the storms of the bear market thanks to its strict approach, offering permission-only deposits from accredited investors with full know-your-customer (KYC) checks, which allows the company to operate in the US while meeting increased regulations. conscious institutions, said Maple co-founder Joe Flanagan.
“We want to maintain that institutional focus, but also make sure we stay close to our DeFi roots,” Flanagan said in an interview. “Syrup’s launch allows us to operate within the broader DeFi ecosystem. So we can bring the same institutional-quality yields obtained from over-collateralized lending to the largest institutions in the industry and bring them to a DeFi audience.”