Summary

• Net APY of 15.7% on USDC in Q2 2024 with the strategy being live since August 2023.
• Over 200MM in loan originations — making us the largest Institutional DeFi platform.
• 0 losses for lenders since Maple's Secured Lending arm launched, with no loans approaching liquidation levels due to active collateral management.
• Syrup gives access to these high quality consistent yields with seamless DeFi access, no onboarding required.

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Maple Direct Launch

Maple’s smart contracts have facilitated more than $4B in loans since the protocol first launched in 2021. More than 500 loans have been issued to nearly 100 institutional borrowers, yielding  $50M of interest to our network of more than 1,500 lenders. Our smart contract infrastructure has a proven track record, with no exploits.

In 2023, Maple decided to utilize the team’s deep credit expertise and launch Maple Direct, our in house lending arm, leveraging this infrastructure. In August, we issued the first loan, collateralized by BTC with many loans following after and now bringing the total to over 200MM.

While Maple Direct manages multiple other strategies, the Secured lending arm is the biggest and most wanted product offering. Syrup will plug directly into that and Syrup users will enjoy the same yields as Institutional lenders on Maple.

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Secured Lending Structure

All loans in Secured Lending arm are collateralized with liquid digital assets such as BTC and ETH, at conservative LTVs that aim to protect lender principal throughout volatile market conditions. Historically collateralization levels have averaged >150%. Despite being overcollateralized, borrowers must also go through a rigorous credit due diligence process to demonstrate financial health and ability to post margin. Furthermore, the collateral assets themselves go through an in-depth assessment that primarily looks at liquidity and trading volumes.

To date, there have been zero losses in the Secured Lending Arm since inception. None of the loans have approached liquidation territory as borrowers have met margin calls on average within 4 hours. This demonstrates the quality of the institutions who borrow from Maple as well as the conservative ratios at which the collateralization levels are set.

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Consistent Yield Performance

The Maple Secured Lending Arm has generated ~15.7% net APY for Lenders in Q2 of 2024 and has been live since August 2023. It has also consistently outperformed the rate USDC lenders in Aave have received over the same timeframe; with daily APY higher than Aave’s >80% of the time.

The Secured strategy manages to deliver this consistent rate due to the nature of the underlying loans as well as the quality of our institutional borrowers. Open term loans are ideal for lenders, as they both provide stable yields, while at the same time providing the flexibility to have them called back at any moment in time to meet liquidity needs of lenders.

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Place to Park Capital

Lenders to the Secured Lending Arm have been very sticky since inception, with the average tenor being over 100 days and 87% of depositors remaining active since entering. In addition, nearly 40% of lenders have upsized their original position with subsequent deposits, demonstrating their satisfaction with the consistent yield generation.

While yields else in DeFi heavily fluctuate based upon funding rates, borrowing appetite and price momentum, the yields generated by the Secured Lending Arm of Maple are stable and consistent. The nature of consistent APY provides peace of mind to lenders and makes Syrup a great place to park capital. Performance is dampened during highly volatile periods but over a longer timeframe provides more overall stability in terms of yield, whilst still capturing yield upside during those volatile conditions.

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Now Available with DeFi Access

To date, the yield provided by the Secured Lending engine has only been available to Accredited Investors directly on the Maple platform. Syrup is a new protocol being powered by Maple’s infrastructure that enables broader access to these institutional yields across the DeFi ecosystem. There is no onboarding required - users can simply connect their wallet and proceed with a deposit.

With fully transferrable LP tokens (syrupUSDC), we’re excited about the possibilities for composability throughout DeFi. Starting with secondary market liquidity of the LP token in AMMs, this will expand through various partnerships with other DeFi protocols. We are excited to see where the community takes all of this and want to welcome you on the journey.

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Sign up for early access now on syrup.fi

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