DeFi
Maple Finance’s revenue more than doubles as it approaches the launch of its new retail arm
The DeFi protocol hit an all-time high in TVL and revenue in June.
Maple Finance’s total value locked (TVL) growth accelerates following the launch of its retail-focused product, Syrup.fi.
Maple’s TVL increased 123% in the second quarter, reaching an all-time high of $230 million, according to Dune AnalyticsThe protocol’s quarterly revenue also jumped 39%. Maple’s strong performance in June was capped by the launch of Syrup.fi on June 25. The rest of the DeFi market grew by about 9% during the same period, according to DeFiLlama.
Maple Monthly Revenue – Dune Analytics
This strong growth is indicative of the demand for institutional-grade products leveraging high-yield and real-world assets (RWA) as well as the anticipation of Maple Finance expanding to retail. The current structure is also well-incentivized, with Maple users earning up to 23% on digital assets and Syrup users earning “Drips,” which are similar to points.
Co-founder Joe Flanagan told The Defiant: “Maple’s growth is attributed to our collateralized lending products that provide yield from lending to the largest institutions entirely backed by digital assets.”
He continued: “We offer the best risk-adjusted return in the industry and people are starting to recognize that.”
Maple Finance is a decentralized finance (DeFi) marketplace designed to connect accredited investors with institutional lenders and borrowers. Maple is only available to users who have completed Know Your Customer (KYC) verifications and meet the product’s regulatory standards.
Maple’s resurgence comes after its TVL was crushed during the FTX fallout, when $36 million worth of loans owed to Maple defaulted.
Syrup.fi, focused on retail
In addition to its institutional product, the team recently launched a retail-focused arm, dubbed Syrup.fiThe team is gradually rolling out Syrup.fi, which has accumulated over $13 million in TVL since its launch on June 25.
Syrup provides permissionless access to Maple yield, which is generated from collateralized loans to institutions. The product will also return composable LP tokens in the form of syrupUSDC, which can be used elsewhere in DeFi.
Syrup users will accumulate Drips throughout Maple’s multi-season Early Access phase. Drips will entitle users to an allocation of Maple’s upcoming Syrup token, which is expected to migrate alongside their MPL token in Q4 2024.
High-yield secure pool
Maple’s recent outperformance began before Syrup.fi launched, with launch from its High Yield Secured pool, with a target of 15% net APR.
The protocol’s secured lending branches are over-collateralized with liquid digital assets such as BTC, USDC, and ETH. Currently, Maple’s secured pools account for $147 million of its $230 million TVL.
Maple Cash is the platform’s RWA pool that is backed by short-term U.S. Treasuries. Maple Cash’s TVL has doubled since March, from $11 million to $20 million, but remains below its all-time high of $31 million in October 2023.
Syrup’s first season will end on July 31, with the MPL token migration scheduled for September 30.