Maple Finance, a DeFi institutional lending platform, recently unveiled Syrup, a new protocol designed to offer institutional yield to the DeFi community. This development follows Maple Finance’s challenges stemming from the FTX-Alameda collapse, leading to the termination of its partnership with Orthogonal Trading in December 2022.
Syrup provides users with unrestricted access to secure institutional lending. By depositing USDC on the platform, users can acquire syrupUSDC LP tokens, enabling them to earn yield. Maple Finance plans to extend fully collateralized loans to major crypto institutions to source the generated yield, a move met with skepticism by some community members due to the FTX-Alameda incident.
Maple Finance faced loan defaults linked to entities associated with FTX, like Orthogonal Trading, resulting in substantial losses for lenders on the platform. The launch of Syrup elicited mixed reactions from the community, with some questioning the introduction of a new token and others expressing distrust over unresolved FTX-Alameda issues.
In response to concerns raised by users, Maple Finance introduced the Syrup (SYRUP) token, allowing MPL token holders to migrate on a one-to-one basis without further dilution. The Syrup.fi protocol clarified that the new token was simply a rebranding of the MPLv2 token.
To address questions and provide more insight into the Syrup launch, Maple Finance will host a webinar on June 4 at 7:00 pm UTC. Additionally, the crypto world anticipates the launch of Ether ETFs in June, while CZ departs Binance France, among other significant news updates in Hodler’s Digest from May 26 to June 1.