Maple Finances TVL More Than Doubles Establishes New Retail Division

CoinDesk reports:
After the launch of the retail product Syrup.fi by Maple Finance, the growth of its Total Value Locked (TVL) is accelerating.
Data from Dune Analytics shows that Maple’s TVL grew by 123% in the second quarter, reaching a record high of $230 million. The protocol’s quarterly revenue also increased by 39%. Maple’s strong performance in June culminated with the launch of Syrup.fi on June 25th. According to DeFiLlama data, the rest of the DeFi market grew by approximately 9% during the same period.
The surge in growth indicates a demand for institutional-grade products utilizing high yields and Real World Assets (RWA), as well as expectations for retail expansion by Maple Finance. The current structure is also well incentivized, with Maple users earning up to 23% on digital assets, while Syrup users accumulate “Drips,” similar to loyalty points.
Co-founder Joe Flanagan told The Defiant, “Maple’s growth is attributed to our collateralized lending products, which provide lending yields for the largest institutions fully backed by digital assets.”
He continued, “We are offering the best risk-adjusted yields in the space, and people are starting to realize that.”
Maple Finance is a decentralized finance (DeFi) marketplace that aims to connect accredited investors with institutional lenders and borrowers. Maple is only available to users who have undergone Know Your Customer checks and comply with product regulatory standards.
Maple’s resurgence comes after its TVL was decimated in the FTX incident, where $36 million worth of loans owed to Maple were defaulted.
Retail-focused Syrup.fi
In addition to institutional products, the team recently launched a retail-focused division called Syrup.fi. The team is gradually rolling out Syrup.fi, and since its launch on June 25th, the division has generated over $13 million in TVL revenue.
Syrup offers permissionless Maple yields derived from collateralized loans to institutions. The product will also return composable LP tokens in the form of Syrup USDC, which can be used elsewhere in DeFi.
Syrup users will accumulate Drips during multiple early access phases of Maple. Drips will allow users to allocate the upcoming Syrup tokens from Maple, expected to migrate alongside their MPL tokens in the fourth quarter of 2024.
High-Yield Collateral Pools
Maple’s recent outperformance started before the launch of Syrup.fi, with the introduction of its high-yield collateral pools boasting a target net APY of 15%.
The protocol’s collateral lending sector is overcollateralized with liquid digital assets like BTC, USDC, and ETH. Currently, Maple’s collateral pool accounts for $147 million of its $230 million TVL.
Maple Cash is the platform’s RWA pool, backed by short-term US Treasury Bonds. Maple Cash’s TVL has doubled since March, increasing from $11 million to $20 million, but still below its historical peak TVL of $31 million since October 2023.
The first season of Syrup will end on July 31st, with MPL token migration scheduled for September 30th.