Maple

What is Maple (MPL)? (Now Converted to SYRUP Token)

Maple (MPL), now launched as the SYRUP token, is a decentralized finance (DeFi) protocol for institutional lending that allows organizations to borrow against their crypto assets directly on-chain. Maple Finance began in 2021, first hosted on Ethereum before transitioning to the Solana blockchain for future expansion. 

What sets Maple apart from many other DeFi lending protocols is its specific focus on providing under-collateralized loans to institutional borrowers. While under-collateralized loans come with higher lending risk, it allows vetted borrowers much wider access to capital that may not reach the minimum over-collateralization requirements for other mainstream DeFi networks. 

Maple Finance was co-founded by Sidney Powell (CEO) and Joe Flanagan (Executive Chairman) and has built a structured debt, transparent lending network. 

Key Features of Maple Finance

• Under-Collateralized Loans: Maple was built to provide credit to trusted institutional borrowers whose collateral would not meet typical levels, a rare occurrence on DeFi protocols. 
• Blockchain Transparency: All transactions, agreements, and activities seem transparent and can be easily audited given all are confirmed on-chain to deliver information confirmable in real-time. 
• Built-in Risk Mitigation: Cover providers protect lenders against borrower defaults, as cover providers take the first tranche of losses. 

The MPL Token (Now Continued as SYRUP)

Originally, the MPL token functioned as Maple's native asset for governance and staking. MPL holders could vote on proposals, protocol upgrades, and fee structures. Additionally, they could stake MPL and receive stMPL, which allowed them to earn protocol fees and rewards.

However, in 2024, Maple Finance initiated a token migration and rebranding process to improve protocol efficiency and sustainability. The MPL token is being replaced with the new SYRUP token.

MPL to SYRUP Token Migration

On August 26, 2024, Maple Finance published MIP-010, a formal proposal detailing the transition from the MPL token to a new token called SYRUP. This proposal outlined the upgraded tokenomics and governance mechanisms intended to support Maple’s evolving DeFi lending ecosystem. Following this, on August 28, 2024, the migration was officially launched with the introduction of Syrup.fi, a new user interface facilitating token conversion and staking. This transition followed the earlier approval of MIP-009, which recapitalized the Maple Treasury and paved the way for this strategic upgrade.

Conversion Overview

• Maple token contract address ( OLD token) : 
• Maple Finance SYRUP token address ( New ) : 
• Conversion Rate: 1 MPL = 100 SYRUP
  
• Start Date: Conversion began on November 13, 2024
  
• Deadline: Conversion ends on April 30, 2025
  
• Process: MPL and xMPL holders must visit https://syrup.fi/convert to convert their tokens
  
• After the Deadline: MPL and xMPL tokens will become non-functional and hold no utility in the Maple ecosystem
  

Key Differences: MPL vs SYRUP

MPL

• Ethereum Contract Address: 0x33349b282065b0284d756f0577fb39c158f935e6

SYRUP

• Ethereum Contract Address: 0x643C4E15d7d62Ad0aBeC4a9Bd4B001aa3Ef52d66

1. Governance

• MPL: Allowed token holders to vote on protocol upgrades, but governance participation was limited due to low active engagement.
  
• SYRUP: Focuses on active participation via staking. Governance is now tied to stSYRUP (staked SYRUP), encouraging more committed and aligned decision-making.
  

2. Tokenomics & Staking Rewards

• MPL: Had limited direct value accrual. While staking through xMPL existed, it lacked clear reward incentives.
  
• SYRUP: Introduces staking rewards through stSYRUP. A portion of protocol revenue (from Maple and Syrup.fi lending operations) is used to buy back SYRUP from the market and redistribute it to stakers.
  

3. Supply and Accessibility

• The token split from MPL to SYRUP (1:100) increases accessibility for new users and does not dilute existing holders.
  

• SYRUP total supply:
  

  • 1,000,000,000 (new SYRUP base supply)

  • 100,000,000 (initial 10% inflation allocation)

  • 54,930,000 (pre-October 2024 inflation allocation)

  • All minted and available via the Migrator contract

Where to Buy MPL Token?

SYRUP (formerly MPL) is available on a range of crypto exchanges, which include:

• Coinbase Exchange
• Gate.io
• Bitunix
• AscendEX
• Uniswap V3
• Matcha (Ethereum)

Supported Wallets for MPL Coin

MPL is an ERC-20 token and can be stored in any Ethereum-compatible wallet. Commonly used options include:

• MetaMask
• Trust Wallet
• Ledger
• Coinbase Wallet
• imToken
• TokenPocket
• Torus