Maple vaults

Maple is a digital asset lending platform, founded in 2019, that lends to institutions onchain. Its Syrup products, launched in 2024, open this lending to DeFi users: depositing USDC or USDT mints syrupUSDC or syrupUSDT, tokens that rise in value as interest accrues. Maple also runs permissioned pools for KYC-approved institutional lenders.

Where the yield comes from. Returns come mainly from fixed-rate, overcollateralised loans to crypto-native institutions that post liquid digital assets as collateral, underwritten by Maple's lending arm, Maple Direct, with further yield from futures basis trades and DeFi liquidity provision. Each Syrup product sits in its own segregated portfolio, legally separate from Maple's institutional pools.

Withdrawals. Redemptions join a first-in, first-out queue and keep earning interest until paid; Maple says most are processed within 24 hours, but they can take up to 30 days. Holders who want to exit at once can sell syrup tokens on DEXs such as Uniswap and Balancer at market prices.

Risks, eligibility and fees. syrupUSDC is backed by the underlying loans, not by USDC, so depositors carry credit risk and can lose principal if a borrower defaults and the collateral does not cover the loan. Maple can impair a loan it does not expect to be repaid, lowering the pool's value before a formal default. Syrup is not available in the United States, Australia and other restricted jurisdictions. Maple's fees come out of yield: a management fee is deducted from the interest borrowers pay before it reaches the pool.