Maple Finance
SYRUP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SYRUP is the migrated and rebranded native token of Maple Finance (replacing MPL), an institutional on-chain lending and Real World Asset (RWA) protocol. The project demonstrates strong active development (score 8.0/10) with audited protocol upgrades across 2025 and 2026, multi-firm audit hygiene (Spearbit, Three Sigma, 0xMacro, Dedaub, Sigma Prime), and active bug bounty programs. However, this technical execution is overshadowed by structural and historical weaknesses. Tokenomics (score 3.0/10) suffer from high insider concentration (>41-51% controlled by team and early investors), uncapped emissions without direct token burning, and reduced utility following the sunsetting of staking in late 2025. Community support (score 3.5/10) is narrow relative to holder count, marked by governance centralization and grievances over conversion windows. On the risk front, Maple Finance has historical credit defaults totaling ~$54M from 2022 (Orthogonal Trading, Auros, Babel Finance) and faces ongoing legal headwinds, notably a $150M lawsuit by Core Foundation and a Cayman Islands injunction blocking the syrupBTC product line. With no data gaps across the six categories, the final score reflects the calculated weighted average of 4.7/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Maple Finance (SYRUP)
SYRUP is the migrated and rebranded native token of Maple Finance, replacing the protocol's original MPL ticker in 2024. Operating on Ethereum and Base, Maple Finance is an onchain institutional credit and Real World Asset (RWA) lending protocol designed to facilitate institutional borrowing and capital management. The protocol operates via smart contracts audited by multiple independent firms, including Spearbit, Three Sigma, 0xMacro, Dedaub, and Sigma Prime. Staking for SYRUP was discontinued in October 2025, replacing previous staking mechanisms with a model that directs 25% of protocol revenue toward token buybacks at DAO discretion.
Governance and protocol development are managed under a dual-entity structure consisting of DAO Labs and the Maple DAO Foundation. Tokenomics for SYRUP feature an uncapped supply with ongoing emissions and substantial insider concentration, with over 41% of the supply allocated to the core team and early seed investors. Holder engagement remains narrow relative to total addresses, and the community has recorded grievances concerning the MPL-to-SYRUP token conversion process.
The protocol has faced major financial, legal, and operational challenges. Maple Finance suffered approximately $54 million in total historical credit defaults across three separate borrowers: Orthogonal Trading (~$36 million in December 2022), Auros (~$10 million), and Babel Finance (~$10 million). In addition to credit losses, Maple Finance faces an active $150 million lawsuit filed by the Core Foundation alleging breach of contract and trade secret misappropriation, resulting in a Cayman Islands court injunction blocking the syrupBTC product line. Furthermore, the token has experienced an unrecovered market drawdown of approximately 59% from its all-time high.