thecoinrepublic.com
- 1 Maple Finance launched Syrup, a new protocol that provides institutional yield to the DeFi ecosystem.
- 2 Syrup is intended to unlock institutional yield and reward system, targeting 15% yields in USDC.
- 3 Both platforms will introduce the SYRUP token soon, permitting MPL holders to shift to the SYRUP token.
On Map 28, Maple Finance, a cryptocurrency lending firm announced the launch of Syrup, a new protocol for institutional yield and rewards.
Syrup Launch Announcement & Details
The launch of Syrup in the crypto market seeks the attention of investors, traders, and crypto enthusiasts. Maple Finance introduced the new protocol for institutional yield and rewards for the MPL token holders.
The market was bearish at the time of writing, with MPL at $13.88, after a 5.32% decline intraday with a market cap of $61,330,216 and $1,209,735 in 24-hour volume.
🥞 Maple is excited to announce @syrupfi — a new protocol unlocking Institutional Yield.
— Maple (@maplefinance) May 28, 2024
Syrup combines the strength and security of Maple's renowned lending infrastructure with the flexibility and inclusivity of DeFi.
➡️ Read more: https://t.co/mcHd3jCOiW pic.twitter.com/YitDPWwfqu
The new protocol combines Maple’s strength and DeFi’s flexibility and inclusivity, enabling users permissionless access to secured institutional lending. Moreover, the SYRUP will be introduced which would govern the Maple ecosystem and grow the community.
In the same way, MPL token holders will be able to shift their tokens into SYRUP tokens on a 1:1 basis. Users will also get long-term interest and participation benefits.
About Institutional Yield & Reward System
To begin early yield, users need to deposit their USDC into Syrup to receive LP tokens (syrupUSDC). Maple also ensured that all the yield generated by Syrup was secured and fully collateralized with digital assets.
As the platform is mainly presented for institutional yield and rewards, early adopters of the protocol will be rewarded through ‘Drips’ that transform user engagement into tangible rewards.
Individuals taking part will be offered Drips for depositing USDC into Syrup along with locking the rewards for 6 months. Moreover, the protocol would target 15% yields in USDC.
The new protocol is supposed to partner and collaborate with other DeFi protocols to enhance operability and accessibility. Syrup holds the potential to become a key player in yield assets across DeFi.
Upcoming Webinar Details & Signups to Date
Maple Finance will organize a Webinar on Tuesday, June 4th at 2 PM ET to uncover further details. The cryptocurrency lending firm shared the webinar details over X along with a sign-up link.
⚡️@syrupfi is launching soon!!
— Maple (@maplefinance) May 31, 2024
🎥 Join the launch webinar – on Tuesday June 4th at 2pm ET. @syrupsid and @joe_defi will dive into the launch timing, underlying yield, drips program and more.
➡️ Sign up here: https://t.co/mOtk4TdrgB➡️ pic.twitter.com/L9Gcvvgd7i
During the webinar, topics including different real yield, rewards programs, and DeFi access to institutional lending, along with a roadmap and timelines will be discussed.
Furthermore, within 48 hours, the platform hit over 2,000 sign-ups. Also, Syrup.fi in its X post explained that individuals who receive an early access code will be permitted to deposit their USDC and gather drips from day 1.
Maple Finance is a platform that offers unsecured lending within a DeFi space and operates over both the Ethereum and Solana networks. In February, the platform’s Total Value Locked (TVL) spiked by 1,600% in a week.
At press time, $43.48 Million was recorded in TVL with $43.36 Million on the Ethereum blockchain and $121,322 on Solana, According to DefiLlama.