Institutional crypto lending firm Maple Finance unveils its Syrup platform and rewards token.
The brand new permissionless service aimed toward DeFi customers goals to ship 15% returns from absolutely collateralized loans to the most important establishments within the crypto house.
Cryptocurrency lending firm Maple Finance has unveiled Syrup, a brand new lending platform and rewards token of the identical identify, aiming to bridge the hole between institutionally pleasant, yield-bearing digital property and the permissionless world of decentralized finance (DeFi).
Maple’s Syrup guarantees customers a 15% return by depositing Circle’s USDC stablecoin on the platform, for which these customers will obtain LP tokens (syrupUSDC), with extra returns within the type of ‘Drips’, a loyalty fee derived from utilizing the SYRUP reward token. Maple mentioned this in a press launch on Tuesday.
Holders of MPL, Maple’s native token, will need to migrate to the SYRUP token on a one-to-one foundation.
Many centralized crypto lenders have suffered considerably lately. Maple has weathered the storms of the bear market due to its down-to-earth strategy, providing permission-only deposits from accredited buyers with full know-your-customer (KYC) checks, permitting the corporate to function within the US and serve broader rules . aware establishments, mentioned Maple co-founder Joe Flanagan.
“We need to preserve that institutional focus, but additionally be certain we keep near our DeFi roots,” Flanagan mentioned in an interview. “The launch of Syrup permits us to function inside the broader DeFi ecosystem. So we will take the identical institutional high quality returns that come from over-collateralized loans to the most important establishments within the house, and produce that to a DeFi viewers.”