Summary

• Zero liquidations across Maple’s loan book, despite the largest single-day liquidation event in crypto history.
• 15 margin calls successfully resolved, ensuring all loans remained healthy.
• $10M in new deposits into Maple pools since the event, demonstrating lender confidence and strong demand for secured yield.

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Crypto’s Largest Liquidation Event

On February 2nd, crypto markets experienced their largest liquidation event in history, with over $10B in liquidations in a single day. ETH briefly wicked into the low $2,000s, and many digital assets fell 10–30%.

Despite the extreme volatility, Maple’s Blue Chip and High Yield Secured Lending products remained fully overcollateralized, with risk actively managed by our team in real time.

Unlike automated liquidations on DeFi money markets, Maple’s structured credit model allows for proactive risk management—loans are conservatively structured, margin calls are issued before collateral levels become critical, and liquidations are a last resort.

This approach enabled us to execute 15 margin calls across pools, all of which were resolved within hours. Borrowers either posted additional collateral or repaid loans early, ensuring zero liquidations across all pools.

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Margin Calls and Pool Performance

Maple’s proactive risk management ensured all loans remained at healthy collateral levels throughout the volatility. Here’s how each pool performed:

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Blue Chip Secured

• Zero margin calls.
• Built for stability — overcollateralized by BTC at conservative LTVs.
• Premier solution for corporate treasuries, family offices, yield strategies and conservative allocators. The starting point for new Maple lenders.

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High Yield Secured

• All loans received margin calls, reflecting the conservative thresholds set for altcoin collateral.
• All borrowers topped up collateral within hours, reinforcing all positions.
• $2M+ in inflows since Monday, demonstrating lender confidence in Maple’s risk management.
• Another stress-test endured seamlessly, with no liquidations and strong borrower communication.

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Syrup

• 35% of loans received margin calls across a mix of BTC and altcoin collateral
• All borrowers topped up collateral within hours, reinforcing all positions.
• Initial outflows from lenders reallocating to buy the dip, followed by $5M in new deposits.

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In total, borrowers posted an additional $7.4M in collateral and repaid $7.4M in loans, further strengthening the loan book.

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Rebounding Stronger: The Power of Maple’s Model

Unlike DeFi lending platforms where liquidations automatically occur when collateral falls below a set threshold, Maple’s model ensures loans become more overcollateralized during market recoveries, with a ~165% average collateralization level across pools as of Feb 6th.

By collecting additional collateral during periods of volatility, Maple improves loan health during the rebound, creating a stronger position if further volatility occurs. (see August 2024 volatility event)

The result? Lenders are protected, and borrowers maintain flexibility — a win-win that reinforces Maple’s status as the leading institutional private credit platform in digital assets.

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Yield Outperformance vs. Peers

Following the February 2nd volatility event, on-chain yields have broadly declined as traders de-risk and leverage was reduced across DeFi:

• sUSDe seven-day yield has fallen 20% to approximately 10%.
• Aave USDC seven-day yield has declined to 6%, while Aave USDT is now at 6.3%.
• Sky and Spark yields remain steady, but rate reductions of approximately 375 basis points are expected soon.

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Maple pools continue to deliver higher, more consistent yields:

• Blue Chip Secured seven-day yield: 11.6%
• High Yield Secured seven-day yield: 13.6%
• Syrup USDC seven-day yield: 13.6%
• Syrup USDT seven-day yield: 13%

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While DeFi money markets and funding rate strategies have seen significant drawdowns in yield, Maple’s model ensures stability. By structuring loans with short-term liquidity while locking in interest rates, Maple continues to provide reliable outperformance, even through periods of volatility. (For a deeper analysis of Maple’s historical yield performance, read our 2024 Performance Report)

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‍Maple: The Leading Venue for Digital Asset Credit

Zero liquidations. Zero defaults. $10M in inflows. As institutional demand for secured credit accelerates, Maple continues to set the benchmark for digital private credit.

Learn more about our underwriting and risk management: Read here

‍Explore our lending opportunities: Maple | Syrup

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