Maple is rapidly approaching the launch of Syrup protocol and token, and the team is excited to announce details of our innovative rewards program - Drips.

Syrup enables permissionless access to tier-1 institutional lending markets. The introduction of the SYRUP token fortifies the long-term alignment between Maple's stakeholders and enables the protocol to capture value from open and interoperable financial systems. 

In the last year, point programs across the crypto ecosystem have been wrought with opaque timelines, obscure incentive structures, and, in some cases, exploitative practices. We view the introduction of Drips as an opportunity to foster long-term engagement on the Syrup protocol, while incentivizing early participation. 

Syrup’s launch and the Drips program are based on the principles of transparency, compliance, and fairness. As such, we’ve accommodated all regulatory guidelines that would otherwise disrupt program participants’ token distributions. Further, the mechanisms for earning Drips will be announced at the start of each campaign and will not change for the duration of the campaign. By mid-September, the details of the SYRUP distribution for Drips holders will be disclosed and will henceforth not be amended. 

We want to emphasize that time is short; the migration from MPL to SYRUP will commence on 30 September 2024. The earlier a user deposits, the more SYRUP they will receive. 
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How Drips Work

Drips is a unique approach to bootstrapping the Syrup community by linking total rewards to early participation, social engagement, and contributions to our ecosystem partners. Each earning period for earning rewards is known as a Season. There will be multiple seasons leading up to the launch of SYRUP, with each season having its own defined timeline and rewards structure. 

Season One will run for the entirety of the Early Access period (25 June 2024 to 31 July 2024). Following Season One, each subsequent season will be shorter in length; each season will exhibit opportunities for earning Drip rewards, but earliest participants will earn the most - with a compounding effect. 

Each season starts with a unique “Base Rate;” this is the rate at which users accumulate Drips on a daily basis. For Season One, the base rate is 1 Drip per 1 USDC per day. Users can then perform actions that will increase this base rate, such as sharing a post about Drips and Syrup on social media, referring a friend, or rising up the ranks of the Drips leaderboard. These small actions translate directly into a higher base rate for the user. 

Furthermore, early depositors receive an additional enhancement to their base rate. For example, Season One users will receive an increase in their base rate during Season Two, and Season Two depositors will receive another enhancement to their base rate for Season Three. As a user’s base rate will continue to increase through time, the benefits of depositing in Season One become clear. 

In addition to these incentives and enhancements, depositors can also boost their Drip rewards by taking a more substantial stake in the Syrup ecosystem:

• A 3-month capital commitment to the Syrup platform will earn a 1.5x multiplier on the user’s base rate.
• A 6-month capital commitment would ensure a 3x multiplier on the user’s base rate. 
• Other opportunities, such as supplying to AMMs and depositing from integration partners, will earn further Boosts. 

These Boosts are designed to reward substantial actions that support the long term growth of Syrup. 

Boosts can also be compounded. For example, a 3-month capital commitment (1.5x) and a deposit from a Syrup integration partner at 3x would result in a 4.5x boost to a user’s base rate. 

A user’s Drips balance is calculated daily as “Deposit Amount x Base Rate x Boost,” with each day’s balance accumulating into a user’s total Drips balance. While users will need an early access code in order to access Season One, subsequent seasons will be available to the wider DeFi community. 

Post-launch, SYRUP token can be staked on the Syrup platform and throughout DeFi, providing an additional yield opportunity for token holders. 

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MPL and SYRUP

Once SYRUP tokens become claimable starting in early Q4, MPL token holders will be able to migrate to the SYRUP token. This migration signifies a strategic shift for Maple and an outward commitment to making institutional yield accessible for all. 

Keep an eye on our socials for details on each Season and opportunities to access base rate enhancements and Boosts. 

The launch of Syrup is an exciting milestone for Maple and the broader DeFi ecosystem, striking a unique balance between near-term action and long-term incentive alignment. 

For any questions or further details on Syrup, Drips or institutional lending, please reach out on X or Telegram.

@maplefinance 

@syrup.fi

Maple Telegram