Institutional crypto lending agency Maple Finance unveils its Syrup platform and rewards token.
The brand new permissionless service geared toward DeFi customers targets 15% yields sourced from absolutely collateralized loans to the biggest establishments within the crypto area.
Cryptocurrency lending agency Maple Finance has unveiled Syrup, a brand new loans platform and rewards token of the identical title, aiming to bridge the hole between institutional-friendly yield-bearing digital belongings and the permissionless world of decentralized finance (DeFi).
Maple’s Syrup guarantees customers yields of 15% by depositing Circle’s USDC stablecoin into the platform, for which these customers obtain LP tokens (syrupUSDC), with further yield within the type of “Drips,” a loyalty fee derived from utilizing the SYRUP rewards token, Maple mentioned in a press launch on Tuesday.
Holders of MPL, Maple’s native token, shall be out emigrate to the SYRUP token at a one-for-one foundation.
Many centralized crypto lending companies took a battering over the past couple of years. Maple has weathered the storms of the bear market due to its buttoned-up method, providing permission-only deposits from accredited buyers with full know-your-customer (KYC) checks, which permits the agency to function within the U.S. serving bigger regulation-conscious establishments, mentioned Maple co-founder Joe Flanagan.
“We need to keep that institutional focus, but additionally guarantee we’re staying near our DeFi roots,” Flanagan mentioned in an interview. “The launch of syrup allows us to function throughout the broader DeFi ecosystem. So we will carry the identical institutional high quality yields which might be sourced from over collateralized loans to the biggest establishments within the area, and produce that right into a DeFi viewers.”