Following recent events at Binance, we published an updated proof of reserves, verified by The Network Firm. None of the collateral is held on Binance.
Collateral totals $2.05B against $1.23B in outstanding loans:
• syrupUSDC: 172.1%
• syrupUSDT: 144.1%
• syrupUSDG: 166.8%
Loan-level detail and the full proof of reserves https://t.co/vZeLAtD43h
Maple Finance
Institutional onchain lending protocol managing over $4.6B across overcollateralized credit pools
4.0/ 5
Our score
Very good
Lending model
Pooled
Chains
Ethereum
Main collateral assets
USDCUSDTBTC
Audited
Yes
Governance token
SYRUP
What is Maple Finance?
Maple Finance is an institutional onchain asset management and lending protocol that issues overcollateralized debt facilities to institutional borrowers while providing liquid yield tokens to depositors. Unlike retail pooled money markets with dynamic interest rate curves, Maple structures underwritten credit facilities where institutional borrowers pledge collateral to secure financing, directing interest back to capital providers. Total assets under management reached $4.66B in October 2026, with more than $26.29B in cumulative loan origination across 400+ loans issued.
Founding and institutional backing
Maple was founded in 2019 by Chief Executive Officer Sidney Powell and Executive Chairman Joe Flanagan. The project raised early capital across several rounds, starting with a $1.3M seed round in December 2020. It later raised $10M through a public sale in April 2021 and completed a $5M strategic round in August 2023 co-led by BlockTower Capital and Tioga Capital, with participation from Cherry Ventures, GSR, and The Spartan Group.
Credit mechanics and yield tokens
The protocol operates permissioned institutional lending pools alongside retail-accessible liquid yield assets. Institutional borrowers access tailored debt facilities, typically settling loans within 24 hours at overcollateralized thresholds, maintaining an aggregate pool collateral ratio of approximately 153%. For depositors, Maple issues yield-bearing ERC-20 tokens, including syrupUSDC, syrupUSDT, and syrupUSDG, which aggregate returns from the underlying loan book. The protocol expanded deployment across Ethereum, Solana, and Robinhood Chain, integrating Chainlink CCIP bridges for multichain transfers.
Governance and risk management
The SYRUP governance token coordinates network parameters. Under proposal MIP-021, passed in July 2026, Maple executes programmatic SYRUP token buybacks funded directly by protocol revenue, repurchasing 2.9M tokens in the third quarter of 2026 as annualized run-rate revenue reached $17.6M. Smart contracts undergo routine auditing, completing dual independent reviews for major core releases through September 2025. Continuous risk mitigation uses automated Tenderly Web3 Actions to verify protocol invariants onchain every block, alerting engineering responders to state deviations.
Access limits and trade-offs
Deposits in Maple yield pools remain restricted to non-US users, and institutional borrowing mandates direct onboarding and compliance screening. Yield depends on the solvency and execution of institutional borrowers rather than algorithmic liquidation mechanics typical of standard peer-to-pool money markets. In April 2026, during an external DeFi exploit involving wrapped rsETH collateral, Maple detected anomalous behavior, unwinding positions across Mantle and Aave V3 within 24 hours to honor over $800M in withdrawal requests without interruption.
Founders
Sidney PowellCEO & Co-Founder
Joe FlanaganExecutive Chairman & Co-Founder
Best for:Non-US stablecoin yield seekersInstitutions seeking secured onchain creditDeFi treasuries allocating to real yields
Pros and cons
Pros
- Over $4.6B in assets under management backed by overcollateralized loans
- Maple monitors smart contract invariants every block
- Processed over $800M in redemptions within 72 hours during the rsETH exploit
- Regular SYRUP token buybacks funded directly by protocol cash flow
Cons
- Liquid yield products exclude US residents and entities
- Borrowing requires offchain compliance and institutional underwriting approval
- Returns depend on institutional counterparty solvency rather than instant liquidations
Our review
4.0/5
Very good
Maple Finance offers institutional lending and yield products backed by overcollateralized loans, but its permissioned pools and non-US retail restrictions limit open, permissionless participation.
Maple Finance operates as an onchain asset manager connecting institutional borrowers with wholesale capital and liquid yield strategies. Founded in 2019 by Sidney Powell and Joe Flanagan, the protocol has expanded across Ethereum, Solana, and Robinhood Chain, managing $4.66B in assets as of October 2026. Maple coordinates credit via dedicated secured lending pools and liquid stablecoin yield tokens such as syrupUSDC, syrupUSDT, and syrupUSDG.
- Over 400 loans issued amounting to more than $26.29B in cumulative volume, with a collateral ratio of 153.2%.
- Demonstrated crisis handling, including rapidly unwinding Mantle and Aave V3 positions during the April 2026 rsETH exploit and processing over $800M in redemptions without downtime.
- Continuous contract verification through Tenderly Web3 Actions checking onchain invariants every block, backed by completed audit cycles in 2024 and 2025.
Maple is not a permissionless money market. Institutional lending facilities require permissioned onboarding, while consumer-facing yield products exclude US residents. Lenders face counterparty risks rather than immediate, autonomous onchain liquidation guarantees.
Maple Finance suits yield-focused non-US individuals and institutional allocators seeking yields up to 5.4% APY backed by overcollateralized loans.
Specs
| KYC required ⓘ | Yes · unverified |
|---|---|
| Lending model | Pooled |
| Chains | Ethereum |
| Main collateral assets | USDC, USDT, BTC · unverified |
| Permissionless markets | No |
| Audited | Yes |
| Governance token | SYRUP |
| Isolated markets | Yes · unverified |
| Real-world-asset collateral | Yes · unverified |
| Own stablecoin | No · unverified |
Not disclosed by the provider: Flash loans, Bug bounty, Rates.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Liquid yield tokens
Depositors receive syrupUSDC, syrupUSDT, or syrupUSDG, earning interest generated by overcollateralized institutional loans.
Secured institutional pools
Lending pools maintain an aggregate collateral ratio of roughly 153% across institutional borrowers.
Automated invariant monitoring
Tenderly Web3 Actions verify onchain smart contract invariants every block to alert engineering responders.
Multichain credit deployment
Yield assets and credit products operate across Ethereum, Solana, and Robinhood Chain.
Programmatic token buybacks
Governance proposal MIP-021 uses monthly protocol revenue to purchase SYRUP tokens on open markets.
Institutional warehouse facilities
Custom credit arrangements support structured senior financing vehicles with third-party custodians like Kraken Financial.
Inside Maple Finance
Maple Institutional
Professionally managed, permissioned secured lending facilities tailored for sophisticated allocators and institutional borrowers.
syrupUSDG
A liquid yield-generating stablecoin deployed on Ethereum and Robinhood Chain, earning returns from overcollateralized digital asset loans.
syrupUSDC
A yield-bearing liquid stablecoin asset delivering returns sourced directly from institutional loan interest.
syrupUSDT
An institutional-backed liquid USDT product providing tokenized credit yield across supported chains.
Maple Finance screenshots
User reviews
No user reviews yet. Have you used Maple Finance? Share your experience below.
Funding and investors
$17.7MTotal raised
4Rounds
17Investors
-
Strategic Aug 2023 $5M
-
Venture Round Mar 2021 $1.4M
-
Seed Dec 2020 $1.3M
-
Funding round Amount undisclosed
FAQ
Who founded Maple Finance?
Maple Finance was co-founded in 2019 by CEO Sidney Powell and Executive Chairman Joe Flanagan.
Who can access Maple Finance yield products?
Retail yield products like syrupUSDC and syrupUSDG are open to global investors outside the United States. Maple's core institutional borrowing pools require permissioned onboarding.
Does Maple Finance have a governance token?
Yes, Maple Finance uses the SYRUP token for governance, with rules-based buybacks funded by monthly protocol revenue under MIP-021.
Has Maple Finance suffered smart contract exploits?
During the external April 2026 rsETH ecosystem exploit, Maple detected anomalous activity, unwound exposed positions, and serviced more than $800M in redemptions without interruption.
Which blockchains does Maple Finance support?
Maple operates primarily on Ethereum, with deployments and bridged yield assets available on Robinhood Chain and Solana.
What lending model does Maple Finance use?
Maple uses a managed pool model where institutional borrowers secure loans against overcollateralized digital assets and underwritten credit agreements.
Latest from Maple Finance on X
Maple has no Binance positions.
We are closely monitoring the developments around Binance.
The protocol is operating as normal.
We are closely monitoring the developments around Binance.
The protocol is operating as normal.
Maple has no assets on Binance. Protocol operations continue as normal.
Banks pay about 10 basis points on most deposits. Few people shop around for a better checking rate. It’s simply where money sits by default.
Money can now move in hours, and AI agents may soon manage balances like treasurers.
https://t.co/FLSQQF8CK7
Money can now move in hours, and AI agents may soon manage balances like treasurers.
https://t.co/FLSQQF8CK7
The Maple team has been on the ground for @money2020 this week.
You've seen our coverage of the stage sessions. Now read what happened off-stage.
Here's CEO of Maple @syrupsid with his observations.
You've seen our coverage of the stage sessions. Now read what happened off-stage.
Here's CEO of Maple @syrupsid with his observations.
Recent public posts from @maplefinance, shown as published. Not reviewed or endorsed by CryptoReview.
Alternatives to Maple Finance
Permissionless lending protocol and curated vaults securing over $11B across EVM chains
No KYCIsolated marketsEthereum · Base +2Permissionless markets
Pooled lending protocol founded in 2017, operating across 23 blockchain networks
No KYCPooledEthereum · Base +4Audited
Algorithmic money market lending single base assets across EVM networks since 2018
No KYCIsolated marketsEthereum · Arbitrum +1Audited
Solana money market protocol built by Jupiter with over $1B in total value locked
No KYCPooledSolanaAudited
Solana lending and liquidity protocol with over $1.3B in TVL and fixed-rate borrow markets
PooledSolanaAudited
Non-custodial lending and isolated liquidity markets on the Sui network
No KYCPooledSuiAudited