Project and Team
Description of Project
A narrative description of the purpose of the project and its operation in layman's terms is provided.
Maple is an onchain asset manager focused on institutional lending. Its core product is overcollateralized stablecoin loans to crypto-native institutions. Maple has facilitated over $7b in loans since inception.
Disclosure of Revenue Streams
A narrative description of the Project's primary sources of revenue is provided, broken out by entity (e.g. Foundation, Labs, DAOs, or other).
Maple receives fees from the interest on loans it originates. Maple typically charges an average of 1.5-2% of the value of loans outstanding on the platform. These fees come from two sources, 1) the direct interest paid by borrowers; and 2) the yield on the collateral, where this is a proof of stake token. Maple's monthly revenue is reported on its self-published Dune dashboard, available here: https://dune.com/maple-finance/maple-finance.
Equity-Token Relationship
The Project must clearly disclose the rights, value accrual mechanisms, and distinctions between token holders and DevCo equity holders. Any value allocated specifically to equity holders (e.g., dividends, profit-sharing) must be communicated separately from value accruing to token holders.
The SYRUP token does not represent equity ownership in any Maple legal entity. Instead, it is a governance token that may be staked (stSYRUP) to provide holders with the right to participate in voting via the Maple DAO.
There are no explicit legal rights to assets or revenues linked to SYRUP. However, a portion of protocol revenues (20%) are used at the discretion of DAO votes to buy back SYRUP tokens from the market and distribute them to stakers. This is a governance-led allocation mechanism.
Maple Labs Pty Ltd has never sold equity to raise funds. The Cayman Foundation, Maple, is a not-for-profit entity. Maple, the non-profit legal entity, has not raised funds through equity. All funds used in the development of the protocol have been solely raised through token sales or direct revenues. There has been no fundraising through equity sales in a corporate entity, removing any conflict of interest between SYRUP holders and equity investors.
For further reading: https://docs.maple.finance/maple-for-token-holders/syrup-tokenomics
Disclosure of Advisory Billings to the Foundation
If core team members are compensated by any Tokens allocated to the Foundation through advisory services or similar agreements, or by any other payment method (i.e. fiat), these payments must be disclosed. Note, foundation team members known and exclusively compensated by the Foundation are excluded.
Core team members are employed by Maple Labs Pty Ltd. This entity receives a quarterly grant from the Maple DAO to cover budgeted operating expenses. This is disbursed from the Maple DAO address listed in 2D.
Known Project Team
The identities of key team members (e.g., founders, CEO, CTO, COO of Labs, President of Foundation, etc.) are publicly disclosed.
Token Supply and Allocation
Governance & Token Documentation Provided
The Project must provide publicly accessible documentation covering the Token's governance rights, rights to value accrual, any additional utility, and the mechanism by which token governance is implemented (e.g. an insider multi-sig).
The SYRUP token carries governance rights. It must be staked (stSYRUP) to participate in governance.
Governance proposals must be published on Maple's Community Forum (https://community.maple.finance/) and after a 3 day comment period, a proposal will go to a vote on Snapshot (https://snapshot.org/#/s:maple.eth/proposals/).
An overview of Maple's Governance Process is publicly available on the Community Forum. Once a vote is passed, it will be implemented by the Maple DAO multi-sig wallet.
Initial Allocation
Disclosed information explaining the launch and initial supply that includes: the total number of tokens issued, the category of the recipient (team, investor, foundation, community), the total supply of the token and if it is capped, and the initial vesting schedule.
The SYRUP token is the sole governance token of the Maple ecosystem, replacing the MPL token, which was deprecated in May 2025 after a 6 month migration window.
Abbreviation: SYRUP
Total Supply: 1,193,569,783 SYRUP
Circulating Supply (as at 21 June 2025): 1,073,833,091 SYRUP
Inflation: 5% p.a from Nov 2023 - Nov 2026
Initial Allocation (April 2021):
Team and Advisors: 25% Seed Round: 26% Treasury: 14% Public Launch: 5% Ecosystem Development: 30%
For further reading: https://docs.maple.finance/maple-for-token-holders/syrup-tokenomics
Vesting Insider Tokens
All Insider Token allocations (team, investor, foundation) must be transparent, per the disclosed Initial Allocation. If vesting occurs at a custodian, clearly disclose the employee categories and associated vesting schedules clearly in your documentation.
The initial allocation of SYRUP tokens to Maple Labs core team members from 2021 was 25%.
Vesting has occured on chain using established streaming services.
The standard vesting schedule for core team members is a 12 month cliff followed by a linear 24 month vest (36 months total). Over 90% of the initial allocation to core team members has been vested given 4 years have passed since TGE. To retain talent and attract new talent, new grants may be awarded as a grant from the Maple DAO.
Labelled Unissued Token Wallets
Addresses that hold any Unissued Tokens (e.g. foundation, future contributors, treasury) must be publicly labelled (address listed in docs) and be held in distinct wallets. This includes the foundation allocation. The party (e.g. team, foundation, DAO) that controls the funds must also be disclosed.
Key Wallets:
* Maple DAO: https://etherscan.io/address/0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196#tokentxns - this is the primary DAO address which manages raised stablecoins and SYRUP tokens.
* Maple Treasury 1: https://etherscan.io/address/0x6a01C16EB312B80535F4799E4BF7522B715AAcfF - a staging wallet used for OpEx related expenses.
* Maple Treasury 2: https://etherscan.io/address/0x9e786E5E2fFE875cdEb3bDd34f932B9bAeD69423 - used for day to day operations involving SYRUP eg MM contracts.
* SYRUP Token Migrator (non-circulating): https://etherscan.io/address/0x9c9499edD0cd2dCBc3C9Dd5070bAf54777AD8F2C - this held SYRUP tokens which were released in the migration and was used by MPL holders to migrate to SYRUP. It currently retains a residual balance of unmigrated tokens.
Airdrop Process
The project must disclose all airdrop eligibility criteria clearly and provide a full CSV list of recipients, including addresses and amount received.
Maple historically ran a liquidity mining campaign in 2021-2022. Addresses which had lent funds in lending pools active at the time received rewards without any criteria attached.
Since July 2024, Maple has run a drips campaign where lenders who deposited to syrupUSDC received Drips points, these points could be converted to SYRUP tokens and claimed on a quarterly basis. The conversion rate was published each month at https://app.maple.finance/earn/drips. Participants referred through partners such as Pendle, Kamino, BInance Wallet and OKX Wallet received a transparently disclosed points multiplier. Notably, this is an incentive campaign not an initial TGE airdrop.
Locked Staking Reward to Insiders
Disclose information on insiders (Team, Investors, Foundation, Advisors) tokens that are locked and can earn rewards.
Limited locked tokens and no unvested tokens receive rewards of any kind.
Future Token Issuance
The project commits that any future token issuance (e.g., minting or emissions outside scheduled vesting) will be publicly disclosed and justified on an official platform (e.g., governance forum, blog, or docs).
Maple maintains a transparent and decentralized governance process for all token issuance decisions. Proposals related to token minting, supply adjustments, or allocation changes must first be published and discussed publicly on the Maple Governance Forum: https://community.maple.finance/ . Following community discussion, proposals advance to an on-chain vote via Snapshot at https://snapshot.org/#/maple.eth .
The only instance of new issuance was MIP-010, the proposal that initiated the migration from MPL to SYRUP and introduced a 3-year controlled inflation schedule. This proposal was first published in the governance forum and later ratified by token holders through Snapshot vote. MIP-010 authorized a 10% one time mint followed by 5% p.a inflation for 3 years.
Going forward, all proposals for new token issuance must follow this governance path: (1) post on the forum, (2) open to public discussion, and (3) voted on by token holders.
This ensures transparency, community oversight, and enforceable governance accountability.
Future & Related Token Launches
The team discloses all tokens launched by its key team members in the past and explicitly lays out its philosophy around launching new tokens, related to the project or otherwise. (e.g. "We do not plan to launch additional tokens" or "Any additional tokens will be given 1:1 to existing token holders who can then vote on proposals submitted by the management team.")
No representation to launch additional tokens.
Transactions & Market Structure
Insider & Related Person Transactions
The project commits to disclosing any material Related Party & Insider Transaction within 30 days and includes: The nature of the transaction, the Related Person, the basis on which the person is a Related Person, and the number of tokens involved in the transaction. This includes tokens issued by the foundation.
We do not disclose explicitly related party transactions, but all transactions occur onchain from publicly available addresses and can therefore be tracked and verified.
Prior Token Sales & Fundraising
Disclosed information of previous fundraising rounds, material OTC rounds to investors, or discounted market maker sales involving the Project and its Token that includes: the date of sale, number of tokens sold, and the vesting schedule of these tokens. The Project commits to disclosing any material OTC deal involving token sales and purchases by the foundation within 30 days.
The prior sales are as follows: * Oct 2020: Private sale, $1.3m raised, $5m FDV, 18 month vesting schedule.
* Jan 2021: Private sale, $1.4m raised, $30m FDV, 12 month vesting schedule.
* April 2021: Public sale, $10m raised, fully liquid.
* June 2023: Private sale, $5m raised, $50m FDV, 18 month vesting schedule.
Transparent Market Maker Deals & Exchange Listings
Projects must disclose key details of market making and centralized exchange agreements affecting token liquidity, including: names of all market makers & centralized exchanges involved, the token allocation for each (as % of total supply), and the duration of each agreement.
The Maple DAO Foundation has made native token loans to several firms that provide CeFi liquidity. Total loans outstanding are, in aggregate, ~2% of SYRUP supply divided between counterparties GSR, Keyrock and STS. Liquidity is provided on the following exchanges from these partners: Binance, Coinbase, BitGet, Gate, Kucoin, and MEXC. These loans bear interest and have maturities ranging from 9-18 months. These agreements were put in place in Q3 of 2024 and the latest one matures in Q1 2026.
Strict monitoring is in place to verify use of loan inventory including idle tokens.
Financial Disclosure
Disclosure of Assets and Cash Flow
The Project commits to providing updates to token holders on a quarterly basis via forum posts, live dashboards, or reports that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and expenses. The Project may engage third-party contractors to prepare and deliver these updates.
Maple publishes Treasury Reports on a quarterly basis disclosing protocol revenue and expenses. These reports are shared publicly on the Maple Blog (https://maple.finance/insights), the most recent report is Q4 2024 (https://maple.finance/insights/q4-2024-treasury-report).
Maple will continue to publish these reports and also holds monthly community calls on X.
Public Token Holder Relations Reports
The foundation's assets or working capital are held onchain and publicly labelled, providing the ability to track asset holdings, revenue, and expenses. Or, the foundation publishes a quarterly, publicly available financial report of its assets, working capital, revenue and expenses.
Maple's treasury wallets and operational wallets are publicly labelled (refer to previous answer in 2.D). Maple publishes quarterly financial reports, with the most recent being Q4 2024 https://maple.finance/insights/q4-2024-treasury-report
Given that Maple's business is a hybrid of onchain loans, integrated with CeFi service providers including custodians, it is not possible for all revenue and expense flows to be traceable on chain. However these are aggregated into the quarterly Treasury Reports.
Token Addresses and Deployments
[Optional] Token Addresses and Deployments
Identify to the best of your ability the token's current deployments across chains, including project-issued deployments, project-endorsed representations, and, if possible, documented third-party wrapped or bridged representations. For each entry, provide:
- Token Contract Address or Chain-Specific Asset Identifier
- Chain
- Deployment Type: Protocol-level asset / Direct token issuance / Wrapped or bridged representation
- Project Relationship: Native-token / Project-endorsed / Endorsed third-party / Third-party, endorsement not established / Explicitly unsupported
- Supporting Source: Link to supporting source
Multiple entries on the same chain are permitted.
Definition: A protocol-level asset is an asset whose balances and transfers are handled directly by the blockchain's core rules, rather than by a token smart contract. For protocol-level assets without a token contract address, enter "No contract address" and identify the asset and chain.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Maple Finance is solely responsible for the content, accuracy, and legality of its disclosures.