I. Summary

Maple Finance, a DeFi protocol founded by a team with a traditional finance background, is positioned as an "institutional-grade on-chain capital market." Over the past three years, it has undergone rapid expansion, risk exposure, and system restructuring.

The protocol initially focused on unsecured loans, having issued over $2 billion in loans. However, it suffered a severe blow at the end of 2022 due to borrower defaults, leading to a significant drop in TVL. In 2023, the team launched Maple 2.0, enhancing transparency and risk control, and expanded into new businesses such as on-chain government bond investments and real-world asset loans. Currently, the protocol's TVL has recovered to $58 million, growing over four times in recent months, with the tokenized government bond product scale reaching $27 million.

To date, Maple has issued over $4 billion in loans. The platform's total locked value (TVL) has exceeded $300 million, and it has distributed nearly $60 million to liquidity providers. As of the writing of this article, the fully diluted valuation stands at $180 million.

II. Industry Background: On-Chain Lending Demand After CeFi Collapse

Lending is one of the core functions of the financial system, and the cryptocurrency world is no exception. Early lending was primarily dominated by CeFi platforms such as Celsius, BlockFi, and Voyager. These platforms promised high interest rates to attract user deposits, then lent the funds to trading firms or used them for their own investments. However, their operating models were highly centralized, lacking transparency in fund flows, and risk management relied on the judgment of a few executives.

The 2022 collapse exposed the vulnerabilities of CeFi. Celsius collapsed amid a liquidity crisis, BlockFi faced difficulties due to the bankruptcy of FTX, and Voyager's user assets were severely eroded. By the end of the year, the explosive collapse of FTX further shook the trust in the entire crypto ecosystem. Investors found it nearly impossible to know how their funds were being used on these platforms, and the promised returns were merely black-box operations.

In contrast, there are DeFi lending protocols driven by smart contracts. Projects like Aave and Compound, while requiring high collateral, allow for on-chain verification of fund flows, collateral status, and liquidation rules, offering far greater transparency than CeFi. After the collapse of CeFi, the market urgently needed a lending model that could provide higher capital efficiency while maintaining transparency. Maple Finance gained attention in this context.

III. Overview of Maple Finance Project

Maple Finance was established in 2021 by Sid Powell and Joe Flanagan. Sid previously worked in debt capital markets and structured finance at the National Australia Bank, while Joe has years of experience in risk modeling and investment. The two founders are well aware of the operational logic of traditional credit and recognize that blockchain can bring transparency and efficiency to the debt market.

Maple is not positioned as a collateralized lending platform for retail investors but as an on-chain debt capital market for institutions and professional investors. Its core model is to establish funding pools managed by experienced "Pool Delegates" who are responsible for vetting borrowers. Investors contribute funds to the pool, and borrowers receive financing. Fund flows and contract execution are handled by smart contracts, ensuring transparency while retaining the flexibility of human credit judgment.

In terms of financing history, Maple raised $1.3 million in seed funding in 2020, completed a $1.4 million Series A in 2021, and secured $5 million in funding in August 2023, led by BlockTower Capital and Tioga Capital. The team currently consists of about 35 people, covering capital markets, engineering, and operations, with many core members having traditional finance backgrounds.

Features: Low-Collateral Lending

Maple's loan pools are managed by Pool Delegates, similar to credit managers or fund managers in traditional finance. Borrowers are primarily institutional participants, such as market makers, trading firms, and hedge funds, who must undergo strict credit vetting by the Pool Delegate, including KYC/AML identity and compliance checks, financial statement and balance sheet analysis, historical performance and creditworthiness assessment, and reviews of hedging and risk management capabilities. The Pool Delegate determines loan amounts and collateral requirements based on the vetting results and continuously monitors risk.

Unlike traditional on-chain loans, Maple offers partially collateralized loans (typically 20-40%), and some high-credit institutions can even obtain unsecured credit loans. Its security relies on off-chain legal contracts rather than full on-chain collateral, with loan agreements containing covenants that restrict the use of funds, liquidity, and financial ratios, allowing for legal recourse in case of default.

In terms of risk management, Maple forms "first-loss capital" through the Pool Delegate and SYRUP/MPL token holders' staking, sharing risks at multiple levels: first using the borrower's collateral, then the Pool Delegate or staked funds, and finally, losses are borne by the lenders. This mechanism incentivizes Pool Delegates to lend prudently while protecting lenders' interests.

Maple's target clients are reputable institutions with stable operating histories, such as Wintermute and Amber Group, who have high liquidity needs and find traditional financial loan channels slow. With legal contracts and low-collateral arrangements, Maple can provide funds quickly.

Overall, the Maple model combines on-chain smart contracts with off-chain legal agreements to achieve low-collateral or even unsecured institutional loans, while ensuring loan safety through multi-layered risk mitigation and prudent management by Pool Delegates, providing institutions with efficient and accountable financing channels.

IV. Product and Model Evolution

Limitations of v1

Maple Finance launched its first version in May 2021, aiming to revolutionize institutional lending on the blockchain by providing credit channels that do not require extreme over-collateralization (unlike traditional DeFi models).

The protocol operates through lending pools managed by representatives who are responsible for selecting borrowers and setting loan terms. These loans are divided into different parts, allowing investors to choose their preferred risk and return levels. This approach was highly successful, quickly attracting billions of dollars in loans to cryptocurrency institutions.

However, while low collateral made funds more accessible, it also exposed the protocol to higher risks in the event of defaults. The bear market of 2022—especially the $36 million default by Orthogonal Trading—revealed this weakness. This resulted in significant losses for lenders and called into question the viability of the initial model.

Improvements in v2

To address this issue, the project team developed a second version, released at the end of 2022, which made significant improvements to the protocol's security and flexibility. From now on, all loans must be over-collateralized and underwritten by Maple's internal credit department, Maple Direct. Additionally, Maple introduced a wider range of loan structure options, including amortizing loans, bullet loans, fixed-rate loans, and more.

If borrowers encounter difficulties, they now have refinancing options to renegotiate contracts without having to immediately repay existing loans. Finally, the second version also introduced new flash loan liquidation options, reducing the capital loss risk for liquidity providers in the pool.

SyrupUSDC Era

The Syrup protocol was launched by the Maple team in 2024, marking another significant transformation that allows DeFi users in eligible jurisdictions to borrow more easily while enhancing the protocol's security. Unlike Maple's traditional lending pools, Syrup allows non-institutional investors to participate in the credit market by depositing USDC stablecoins, which are then automatically deployed into Maple's lending pools. These deposits allow users to mint SyrupUSDC and sell it at any time through Uniswap.

With SyrupUSDC, Maple enables small investors to contribute to its liquidity pools, thereby expanding the market. This strategic decision has enhanced Maple's visibility by offering more attractive interest rates than other lending platforms, resulting in strong growth in its total locked value (TVL) over the past 12 months, with accelerated growth expected in the first quarter of 2025.

Maple Finance Services/Products

1. Institutional Lending Pools (Institutional / Overcollateralized Loans)

Maple offers lending pools managed by "Pool Delegates." Borrowers are typically cryptocurrency trading companies, market makers, and institutions that must meet KYC/AML requirements. Assets are usually backed by stablecoins or recognized collateral (such as BTC, ETH).

2. Fixed-Term, Fixed-Rate Loans (Term Loans)

Within these lending pools, some loans are fixed-rate with agreed terms (term loans), providing stable and predictable yields, making it easier for lenders (fund providers) to assess risk and return.

3. "Syrup" Series Yield Products (Yield / Vault / Stablecoin Deposit Products)

Maple offers syrupUSDC products, allowing users to deposit USDC (stablecoin) into Maple's yield strategies (typically loan pools or lending activities) to earn interest/yield. These yield products are usually liquid and can be further utilized within the DeFi system.

4. Categorized Products such as "Blue Chip / High Yield / Bitcoin Yield / Overcollateralized Loans"

Maple's "Curated Opportunities / Earn" (which allows users to deposit to earn interest) is often divided into different risk/return tiers, such as Blue Chip (safer, only accepting strong collateral like BTC, ETH), High Yield (higher returns but potentially higher risks), and Bitcoin Yield (primarily collateralized by Bitcoin or yield products denominated in Bitcoin).

5. Lend + Long Products

This uses the yield from the High Yield lending pool to buy Bitcoin call options. This is a combination strategy that allows earning interest from lending while also participating in the leveraged profit potential from Bitcoin's price increase.

Borrowing Services (Borrowing / Institution Finance)

In addition to allowing lending for interest, Maple also permits institutions to borrow. Institutions can borrow capital through their credit/collateral (depending on the pool and terms) for operations, liquidity needs, and more.

7. Risk Control and Transparency Mechanism

Maple's lending process involves Pool Delegates conducting credit assessments, with loan collateral, interest rates, terms, and other conditions being transparent on-chain; lending activities and fund flows can be audited/verified.

Maple's Tokens

Maple's token system primarily revolves around SYRUP (and the earlier MPL):

1. SYRUP Token

Maple's native governance + incentive token. Holders can participate in governance by staking, voting on protocol upgrades, fee structures, parameter adjustments, etc.

Staking SYRUP can earn rewards, including a share of protocol revenue (i.e., Maple's income-driven token buyback mechanism, etc.).

SYRUP is also used to incentivize users participating in yield products (such as syrupUSDC, etc.).

2. MPL (now migrated / legacy)

MPL is Maple's early token used for governance, staking, and participating in early platform pools. In 2024-2025, the Maple community approved a migration plan to replace MPL with SYRUP at a conversion ratio of 1:100. MPL and its staking forms (like xMPL) will lose some functions/utilities after the migration window closes.

V. Market Performance and Data Analysis

As of 2024, Maple has issued over $2 billion in loans, with current outstanding loans of approximately $332 million. After the default events, the protocol's TVL dropped to a low point, but it rebounded strongly in the second half of 2023, currently around $58 million, growing over four times in a few months.

Tokenization of government bonds is a new growth engine. The on-chain government bond products launched by Maple have reached a scale of $27 million, providing stable income channels for risk-averse investors and DAO treasuries. This segment not only diversifies the protocol's risks but also improves its image, gradually transforming from a "high-risk unsecured lending platform" to a "diversified on-chain capital market."

The profiles of investors and borrowers are also changing. Early major borrowers were cryptocurrency trading companies and market makers, while now institutions, DAOs, and some hedge funds are also starting to invest in government bonds or low-risk assets through Maple. The upgrade in user structure helps the protocol establish a more solid funding base.

VI. Features of the Maple Project

Unsecured/Low-Collateral + Credit Assessment Combined Model

This is one of Maple's core features. Many DeFi lending protocols require borrowers to over-collateralize (e.g., using ETH, BTC, or stablecoins as collateral) to ensure that even if the borrower defaults and collateral prices plummet, lenders can recover compensation through liquidation. Maple, however, allows low-collateral or unsecured loans for some loans, provided that borrowers pass a relatively strict credit assessment and reputation mechanism. This model is much more capital-efficient and aligns more closely with traditional institutional lending (especially corporate bonds and credit loans). This hybrid approach of credit + collateral is a distinctive advantage of Maple.

Professional Credit Risk Management and Pool Delegate System

Maple does not leave all risks to be automatically handled by smart contracts and the market. It introduces the role of "Pool Delegates," who are typically credit experts or institutions with traditional finance backgrounds. They conduct due diligence on borrowers, assess operational and financial health, define loan terms (interest rates, collateral ratios, repayment periods, etc.), and assume roles similar to underwriters or credit committees in TradFi to some extent. This combination of "human credit judgment + smart contract execution" allows Maple to make more detailed assessments of credit risk while improving efficiency.

Product diversification, especially in government bond tokenization and Cash Management pools.

Maple does not only pursue unsecured loans. It has launched the "Cash Management Pool" (government bonds/U.S. Treasury bill pool), allowing non-U.S. accredited investors/entities/Web3 DAOs to directly hold U.S. government bonds (or short-term Treasury bills) on-chain or earn returns through similar instruments. The characteristics of this product include:

• Good liquidity: Typically no or very short lock-up periods, allowing for quick redemptions. For example, Maple's Cash Management pool supports "next-day redemption" or processing redemptions on the "next U.S. banking day."
• High transparency: Investors can view borrowers' Treasury bill portfolios and holdings in real-time, reducing trust costs through regulated custodianship.
• Compliance attempts: Maple allows U.S. accredited investors to participate in these government bond pools through Reg D exemptions. This makes its products more accessible to traditional financial asset categories and provides a certain compliance foundation.

Loans V2 and Enhanced Capital Efficiency and Flexibility

Maple continues to iterate on product design, such as launching Loans V2, which includes:

• Streamlined or reduced transaction (gas) costs, improving the efficiency of loan issuance and operations.
• Support for various loan structures (amortizing loans, bullet loans, balloon loans, start and end structures, etc.), allowing borrowers to choose terms that suit their cash flow and debt structure.
• Introduction of refinancing options, meaning borrowers can adjust (e.g., interest rates, collateral ratios) during the loan term based on market and personal circumstances without having to fully repay and re-borrow/re-submit. This can improve capital utilization.
• Improvements in the liquidation mechanism, such as setting discounts during liquidation and using methods like flash loans or flash liquidations to enhance liquidation efficiency and reduce losses.

Transparency and Auditability

Transparency is a point frequently mentioned about Maple in the market:

• All loan contracts (or loan terms), funding pools, borrower default statuses, etc., are highly traceable on-chain, allowing investors or funders to check themselves.
• In products like the government bond pool, assets are held by regulated custodians or brokers, with public holdings and interest situations.
• Maple has taken decisive actions against dishonest behavior, such as cutting off cooperation and pursuing legal responsibility when Orthogonal Trading concealed its financial status, which is uncommon in DeFi projects.

High Focus on Liquidity and User-Friendly Withdrawal Mechanism

In many DeFi/RWA products, users may have a poor experience due to lock-up periods, long redemption cycles, withdrawal fees, or complex procedures. Maple's Cash Management pool supports almost "next-day withdrawals" or quick redemptions on the "same U.S. banking day," and the design of entry and exit fee rates, redemption fees, etc., is relatively user-friendly.

Expansion to Multiple Blockchains and Regions

Maple operates not only on Ethereum but has also expanded its Cash Management products to blockchains like Solana and Base. This allows users from different ecosystems and regions/blockchains to participate, reducing the risks of congestion and high gas fees on a single blockchain, and increasing the possibilities for cross-chain or multi-chain asset allocation.

Sensitivity to Legal/Regulatory Attempts

In the U.S. market, Maple's government bond pool products have obtained Reg D exemption qualifications, allowing U.S. accredited investors to participate, which is crucial. Many DeFi projects face a bottleneck of being classified as securities or facing high legal risks. Maple has considered these factors when designing these products.

Risk Bearing and Loss Absorption Mechanism

In the Orthogonal Trading default event, two aspects of Maple are particularly noteworthy:

After the default occurred, Maple cut off all cooperation with that borrower, including canceling the pool delegate's qualifications. There is a punitive mechanism for risky behavior.

Maple has designed certain "pool cover" or other buffer mechanisms in the protocol to reduce harm to funders in the event of a default. While it cannot completely avoid losses, this mechanism is more robust than those that rely entirely on collateral, automatic liquidation, and do not assume additional responsibilities.

VII. Competitive Landscape and Differentiation

The unsecured and low-collateral lending space is not exclusive to Maple. TrueFi and Goldfinch have also attempted similar models, but their scale and influence are limited. TrueFi has gradually faded after defaults, while Goldfinch focuses on emerging market RWAs, which carry higher risks.

Another category of competitors is government bond tokenization projects, such as Ondo Finance, which have greater scale and market recognition. In this field, traditional financial institutions like Franklin Templeton have also begun to enter, further intensifying competition.

Maple's differentiation lies in the team's traditional finance background, which makes its credit assessment and product design more aligned with institutional needs. At the same time, Maple is diversifying its product line by simultaneously laying out unsecured loans, government bonds, and RWAs, rather than focusing on a single track. Coupled with the protocol's transparency and gradually strengthened compliance awareness, it still holds an advantage in the vacuum market left by the exit of CeFi.

Positioning in the RWA Field

Maple is seen as a bridge connecting traditional institutional financing with DeFi, with its core approach being to put asset-backed lending (or over-collateralized loans) on-chain, thereby providing capital to institutional borrowers while offering predictable returns to capital providers.

Borrowers undergo credit screening, providing real assets or operational cash flows as support. Most of Maple's lending operations are over-collateralized (i.e., the value of collateral provided by borrowers exceeds the loan) or use traditional assets/debts/income streams as security support.

Recent Developments

Maple's "Active Loans" (ongoing loan balances) and Total Value Locked (TVL) in RWA lending have reached historical highs.

Maple Finance's assets under management (AUM) exceeded several billion dollars in 2025, with significant growth in institutional lending.

The Earn platform (formerly called syrup.fi) is an important milestone in the integration of DeFi + RWA, bringing yield opportunities from institutional lending to a broader user base by pooling capital into institutional lending pools, allowing ordinary DeFi users to participate in returns from asset-backed loans.

Product Strategy

Maple is expanding its RWA lending pool and executing credit assessments, issuing loans, and risk monitoring through Pool Delegates, which ensures the authenticity of borrowers and the quality of collateral.

In the "Institutional Credit Expansion" roadmap, Maple plans to launch deeper collaborations with traditional finance (TradFi), including more high-quality asset-backed products (potentially including private credit, corporate debt, asset securitization, etc.) and Bitcoin yield products.

Maple has integrated strategies and tools in its DeFi Earn product, making RWA lending yields more accessible and combinable (for example, strategies coupled with other DeFi protocols/derivatives).

Challenges

Although Maple does not directly "tokenize" traditional assets for fractional trading like some RWA projects (such as tokenization of real estate, securities, etc.), its model is more about loan contracts + collateral + yield distribution, which is a form of RWA to some extent, albeit with potentially lower liquidity and secondary market activity.

If Maple can continue to broaden the types of RWA lending, such as introducing more types of assets as collateral/support (like real estate, accounts receivable, commercial assets, etc.), and gradually address liquidity bottlenecks, its role in the institutional credit market within DeFi will grow increasingly significant.

IX. Future Outlook and Strategic Vision

Maple's long-term goal is to become a transparent alternative to CeFi lending, establishing a global on-chain debt capital market. The team hopes to provide borrowers with more competitive options by reducing financing costs and shortening funding cycles.

In terms of products, Maple will continue to advance its diversification strategy. On one hand, it will strengthen government bonds and digital asset-backed loans to maintain stable sources of income; on the other hand, it will explore real-world assets and gradually scale up. Geographically, the team has indicated a focus on expanding into the Asia-Pacific and European markets to leverage regulatory-friendly environments.

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