Maple Finance Launches Syrup Platform and Rewards Token

According to CoinDesk, Maple Finance, a cryptocurrency lending firm, has launched a new loans platform and rewards token named Syrup. The platform aims to bridge the gap between institutional-friendly yield-bearing digital assets and the decentralized finance (DeFi) world. Syrup promises users yields of 15% by depositing Circle’s USDC stablecoin into the platform. In return, users receive LP tokens (syrupUSDC), with additional yield in the form of 'Drips,' a loyalty payment derived from using the SYRUP rewards token. Maple Finance has managed to survive the bear market storms of the past few years due to its cautious approach. The firm offers permission-only deposits from accredited investors with full know-your-customer (KYC) checks, enabling it to operate in the U.S. and serve larger regulation-conscious institutions. Holders of MPL, Maple's native token, will be able to migrate to the SYRUP token on a one-for-one basis. Maple co-founder Joe Flanagan stated that the company aims to maintain its institutional focus while staying close to its DeFi roots. The launch of Syrup allows Maple to operate within the broader DeFi ecosystem, bringing institutional quality yields sourced from over collateralized loans to the largest institutions in the space to a DeFi audience.