To fuel the next wave of growth for Maple, MIP-010 proposes the launch of SYRUP token, conversion of MPL to SYRUP, and the introduction of SYRUP staking. This latest proposal follows on from MIP-009, which recapitalised the Maple Treasury and helped the protocol launch key growth initiatives.

As part of this launch, 1 MPL will convert to 100 SYRUP, with no dilution for existing MPL token holders. The split is expected to accelerate the distribution of SYRUP tokens, by presenting a more approachable option for the crypto ecosystem.

The launch of Syrup.fi has given the Maple community permissionless access to its core institutional lending product through DeFi. In order to share the growth of Maple and Syrup.fi with the community, Core Contributors are proposing the implementation of staking rewards.

Fee revenues generated from Maple’s and Syrup’s lending operations will be used to buy back the SYRUP token, which will form part of the token emissions that go to stakers. In the first 90 days after token launch, a fixed amount of SYRUP emissions will go to SYRUP stakers, ensuring that all early stakers are incentivised with a staking yield for participating actively in the growth of the protocol.

As part of the implementation, the Syrup protocol will mint approximately 1.15 billion SYRUP.

Annualised recapitalisation would follow the same schedule as passed in MIP-009; all issuance from the initial schedule will also be minted as SYRUP tokens, broken down as follows:

1. 1,000,000,000 (new SYRUP supply)
2. 100,000,000 (initial 10% from inflation schedule)
3. 54,930,000 (from inflation schedule till 1st Oct 2024)

A migrator contract will be deployed to allow MPL users to convert to SYRUP, and all issuance and emissions related to MIP-009 will also be minted as SYRUP tokens.

For token holders, the migration is simple:

• MPL holders enter the Syrup webapp and connect their wallet
• Token holders can convert directly to staked SYRUP (stSYRUP)
• stSYRUP holders immediately begin receiving staking yield

We’re excited to build on Maple and Syrup’s recent growth by strengthening and expanding the community. This proposal will help Maple reach new markets and more widely distribute the benefits of Maple’s consistent, high yield!

Read more on our governance forum. Be sure to vote  on September 2!

‍