Institutional crypto lending agency Maple Finance unveils its Syrup platform and rewards token.
The brand new permissionless service geared toward DeFi customers targets 15% yields sourced from absolutely collateralized loans to the most important establishments within the crypto house.
Cryptocurrency lending agency Maple Finance has unveiled Syrup, a brand new loans platform and rewards token of the identical identify, aiming to bridge the hole between institutional-friendly yield-bearing digital belongings and the permissionless world of decentralized finance (DeFi).
Maple’s Syrup guarantees customers yields of 15% by depositing Circle’s USDC stablecoin into the platform, for which these customers obtain LP tokens (syrupUSDC), with extra yield within the type of “Drips,” a loyalty cost derived from utilizing the SYRUP rewards token, Maple stated in a press launch on Tuesday.
Holders of MPL, Maple’s native token, will likely be out emigrate to the SYRUP token at a one-for-one foundation.
Many centralized crypto lending companies took a battering during the last couple of years. Maple has weathered the storms of the bear market because of its buttoned-up method, providing permission-only deposits from accredited buyers with full know-your-customer (KYC) checks, which permits the agency to function within the U.S. serving bigger regulation-conscious establishments, stated Maple co-founder Joe Flanagan.
“We wish to preserve that institutional focus, but in addition guarantee we’re staying near our DeFi roots,” Flanagan stated in an interview. “The launch of syrup permits us to function inside the broader DeFi ecosystem. So we will carry the identical institutional high quality yields which can be sourced from over collateralized loans to the most important establishments within the house, and convey that right into a DeFi viewers.”
