Maple FinanceCrypto lending company has launched Syrup, a new lending platform and rewards token that aims to integrate digital assets with institutional-friendly yields with the decentralized finance sector.
Maple’s Syrup platform offers users returns of up to 15% by depositing Circle’s USDC. Stablecoin. Users receive additional revenue in the form of “Drips,” which are royalty payments generated from the use of LP tokens (syrupUSDC) and SYRUP reward tokens, as announced in a press release Tuesday.
Holders of MPL, Maple’s native token, can migrate to SYRUP tokens on a one-to-one basis.
While many centralized cryptocurrency lending companies have struggled over the past few years, Maple has weathered the bear market by maintaining a strict approach to only accepting deposits from accredited investors with comprehensive know-your-customer checks. According to Maple co-founder Joe Flanagan, this method allows Maple to operate within the United States and provide services to regulatory sensitive entities.
“We aim to maintain an institutional focus while staying true to our DeFi origins,” Flanagan said in an interview. “The launch of Syrup allows us to function within the broader DeFi ecosystem. This allows us to deliver institutional-level returns through over-collateralized lending to the largest institutional and DeFi audiences.”
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