The launch of the SYRUP token is a major milestone in the evolution of the Maple ecosystem.
We are excited to introduce SYRUP Staking, enabling our community to share in the growth of Maple as it solidifies its reputation as DeFi’s institutional lender. In the first 90 days, 5,000,000 SYRUP will be distributed to stakers. Assuming 25% of circulating supply is staked, this results in ~9% APY.
The token conversion and launch of staking will commence on 13th of November at 3PM UTC.
Here, we outline how users can participate in the migration and SYRUP staking.
Token Conversion
In order to participate in the conversion, users have several options. To convert MPL to SYRUP from a self-custody wallet, users can visit syrup.fi/convert to initiate the process.
The steps are simple:
- Navigate to the official Syrup webapp using a supported web browser
- Connect a self-custody wallet and follow the conversion workflow to select “Claim & Stake”
- SYRUP that is staked will be represented as stSYRUP in a user’s wallet, with the value of accrued SYRUP viewable in the staking dashboard
- SYRUP that is not staked will reflect in a user’s wallet balance
- The conversion ratio is 1 MPL to 100 SYRUP
While staking is the default option, it is not mandatory. A list of supported wallets can be found here.
Users converting their MPL to SYRUP on an exchange must comply with each exchange’s unique processes. While some exchanges will enable automatic conversion of MPL to SYRUP, others will require users to transfer their MPL balance into a self-custody wallet in order to participate in the conversion.
A list of exchanges is included below, each with their own guidelines on SYRUP’s launch and conversion.
Staking
All value from institutional loans facilitated through Maple and Syrup accrues to the SYRUP token. By staking, SYRUP holders are able to grow their SYRUP balance as they participate in the growth of the Maple & Syrup ecosystem.
SYRUP tokens will also be distributed linearly throughout the 90-day period, incentivizing token holders to stake immediately and for the duration of the program.
When stakers deposit their tokens to share in protocol rewards, they are free to un-stake and withdraw their SYRUP tokens at any time. All staked SYRUP (stSYRUP) remains idle in the smart contract - it is not deployed for any commercial use.
Stakers retain ownership of their tokens for the duration of the staking period, and all staked SYRUP (stSYRUP) remains idle in the smart contract - it is not deployed for any commercial use.
stSYRUP increases in value over time relative to SYRUP as rewards accumulate. As a result, the amount of stSYRUP tokens a user receives for staking SYRUP decreases over time.
When unstaking, users keep all staking rewards earned and can instantly withdraw their SYRUP, with no lock-up period. See more technical details here.
Governance
The SYRUP token will be the governance token for the Maple DAO and govern both the Maple and Syrup ecosystems. All SYRUP tokens, whether staked or unstaked, will be eligible for use in the governance process.
Voting is conducted by connecting a wallet with sufficient SYRUP or stSYRUP balance to Snapshot. More details on the governance process can be found here.
Resources
For more information, visit our FAQs and our website. Answers to commonly-asked questions and major protocol updates can also be found on our blog, while unique queries can be answered by contacting a team member in Telegram.
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