Maple (formerly Maple Finance) — Project Update

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Biggest Stories of 2025

• Maple's founders published a Founders Letter outlining a strategic shift from asset-under-management (AUM) growth toward revenue generation in 2026, aiming to extend Maple's reach across new assets, partners, and channels within DeFi and into fintech apps, while introducing new yield products focused on stablecoins, BTC, and other liquid assets. This reframes the project's priorities around building a durable business that creates lasting value for SYRUP holders. (December 23, 2025) 1
• Maple revealed plans to transition from MapleKit to "Maple Builder Codes" in 2026, enabling fully permissionless and customizable integrations where partners can onboard independently and configure select parameters, including revenue share percentages. This is intended to let partners autonomously embed Maple products like syrupUSDC and syrupUSDT into mainstream platforms. (December 19, 2025) 23
• SYRUP jumped as much as 16% after Maple announced a buyback of 2 million native tokens using 25% of its November revenue, marking the first execution under the new tokenomics policy approved by stakers in October. Maple projected that maintaining this pace could remove over 2% of all SYRUP from circulation annually. (December 5, 2025) 4
• In a podcast discussion, Maple co-founder Sid Powell described the October 10 flash crash as a successful stress test, noting Maple met all margin calls within three hours and subsequently saw $150 million in inflows over 48 hours, framing the product as a safe haven. The discussion also outlined Maple's evolving moat toward vertical integration and a target of over $100 million in annual recurring revenue (ARR) in 2026. (December 2, 2025)
• Maple announced that its on-chain credit engine is live on Ethereum and the Robinhood Chain with syrupUSDG, offering yield options including syrupUSDG at 5.0% APY, syrupUSDC at 4.8% APY, syrupUSDT at 4.2% APY, and Maple Institutional Secured Lending at 5.1% APY. This expanded the platform's on-chain lending and earning capabilities across new networks. (December 1, 2025) 6
• The Maple team introduced an upgrade to its Withdrawal Manager contract, allowing users to submit multiple concurrent withdrawal requests instead of being limited to one active request at a time, improving liquidity management for integration partners that batch deposits. The new contract was fully audited by Spearbit and Sherlock and deployed following the standard three-day timelock process. (November 28, 2025) 7
• The Core Foundation issued a statement regarding a dispute with Maple Finance, disclosing that on September 26, 2025, the Grand Court of the Cayman Islands granted an injunction against Maple entities over alleged breaches of a commercial agreement to develop lstBTC, a joint Core-powered liquid staked Bitcoin token. The injunction prohibits Maple from using Core Foundation's confidential information, launching or promoting syrupBTC or any similar product, or dealing in CORE tokens without prior written consent. (November 19, 2025) 8
• Maple published a security audits summary detailing its on-chain credit engine integration with syrupUSDG on Ethereum and the Robinhood Chain, along with yield offerings across its syrup assets and institutional secured lending. The page emphasized security, audits, integrations, and documentation as part of the ecosystem. (November 1, 2025) 9
• The Maple Finance DAO approved MIP-019, authorizing the activation of the Syrup Strategic Fund (SSF) and the discontinuation of SYRUP staking rewards. This formalized the protocol's transition from staking-based distribution toward treasury growth and liquidity initiatives. (October 31, 2025) 10
• Maple proposed ending staking and launching a buyback program to enhance protocol sustainability and long-term value growth, allocating 25% of protocol revenue to a Syrup Strategic Fund for buybacks and liquidity building. The proposal noted Maple generated over $1 million monthly in H2 2025, with a $2.1 billion active loan book and over $4 billion in assets under management, mainly in yield-bearing stablecoins. (October 28, 2025) 11
• The Maple team started a discussion on MIP-019 proposing three protocol changes: activation of the Syrup Strategic Fund (SSF), sunsetting of SYRUP staking rewards, and expansion of governance participation to include both SYRUP and stSYRUP holders. The SSF would receive 25% of protocol revenue starting in Q4 2025, allocated toward buybacks and building a diversified DAO balance sheet. (October 24, 2025) 12
• Maple announced that it issued the first loan backed by ETH on the Linea network, marking a deployment on the Linea Layer 2. This expanded Maple's lending infrastructure to a new network. (October 7, 2025) 13
• The Maple team announced plans to launch a syrupUSDT vault with XPL rewards in partnership with Plasma, with a pre-deposit vault launching on September 16, 2025, and an initial cap of $200 million. This expanded Maple's yield-bearing stablecoin offerings into a new partnership. (September 15, 2025) 14
• The Maple team introduced MapleKit, an integration guide for Maple's syrupUSDC (an ERC-4626 vault) offering distinct paths for frontend, backend, and smart contract integrations, with a $250,000 reward pool dedicated to qualified partners. This provided developers with tooling to integrate Maple's products. (August 22, 2025) 15
• Maple Finance released its Q2 2025 market update, reporting $2.6 billion in AUM at the end of the quarter and $3.2 billion at the time of publication, driven by performance across institutional and DeFi products, including syrupUSD reaching $1.9 billion in AUM. The report raised full-year AUM targets to $5 billion and annual recurring revenue projections to $30 million. (July 24, 2025) 16
• The Maple team announced that Hyperliquid (HYPE) is now accepted as collateral for institutional borrowers, expanding the range of digital assets usable as collateral on the platform. (June 26, 2025) 17
• The Maple Finance team announced the technical issues with its AML (anti-money laundering) provider had been resolved, allowing new users to deposit syrupUSDC again. This restored normal deposit functionality for the vault. (June 10, 2025) 18
• The Maple Finance team announced the closing of its first tranche of a Bitcoin-backed financing facility from Cantor Fitzgerald, as an inaugural borrower, with Cantor's Bitcoin Financing Business expecting to make available up to $2 billion in financing during its initial phase. Anchorage Digital served as the custodian for the transaction. (May 27, 2025) 19
• Following the conclusion of the final MPL to SYRUP conversion window, the Maple team consolidated all of its products under the new Maple brand, with SYRUP as its sole token. This completed the project's rebranding and token transition. (May 21, 2025) 20
• Following the approval of MIP 017, the MPL to SYRUP migration process was reopened for a final 48-hour window, with conversions permanently closing on May 21, 2025, after which remaining MPL tokens in the converter contract were considered unclaimed and allocated to the Syrup Strategic Fund (SSF). This marked the end of the legacy MPL token migration. (May 19, 2025) 21
• Voting on the Maple Strategies Aave implementation proposal (MIP 015) ended, passing with 100% of votes in favor. The integration enabled Maple pools to access base yields from Aave when competitive with institutional loan rates. (February 6, 2025) 22
• Voting on the Maple Strategies roll-out and Sky implementation proposal (MIP 014) ended, passing with 100% of votes in favor. This introduced the base strategy framework and approved the Sky Savings Rate (SSR) as the first supported protocol, enabling pools to deploy capital into Sky while maintaining Maple's core infrastructure. (January 30, 2025) 23
• Voting started on a proposal to integrate Aave v3 within the Maple Strategies framework established by MIP 014, enabling Maple pools to access base yields from Aave when competitive with institutional loan rates. (January 30, 2025) 24
• Voting started on a proposal to approve the foundational implementation of Maple Strategies, beginning with Sky protocol integration, introducing the base strategy framework and seeking approval for the Sky Savings Rate (SSR) as the first supported protocol. (January 23, 2025) 25