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Maple (SYRUP) is up 26% in the past week, outperforming all other currencies on our index. Next to Sky, it is the only product in the index with a better year-to-date performance, and on a larger scale, up 112% against Sky’s 7%. What is Maple’s strength, and how has it remained strong despite a tough market?
Maple, as one of the oldest DeFi lending products, was able to bounce back from the 2022 credit crisis by transitioning from limited lending to a secured, leveraged model. organizational processes: Unauthorized Syrup pools accept USDC or USDT deposits (syrupUSDC, syrupUSDT), while authorized pools only accept USDC. Payments from these pools are sent OTC to borrowers, made in BTC or other highly liquid cryptoassets.
As seen below, Maple has exceeded $4 billion in deposits, with approximately 63% of deposits coming from the syrupUSDC pool, 27% from the syrupUSDT pool, and 10% from Maple Institutional (its official authorized pool).
How does Maple compare to other financial markets? Among the protocols with more than $ 3 billion in revenue, Maple has been growing the fastest every year this year except Q3, when it was second after Fluid. Q2 marked Maple’s strongest quarter yet, with deposits up 225% and loans up more than 250%. Year-on-year, deposits have grown by a staggering 701%, while outstanding loans have increased by 1,118%. Of course, lending is growing more than the number of deposits, which emphasizes consumption.
Maple’s growth is largely driven by syrupUSDC, which, as mentioned, accounts for 63% of Maple’s deposits ($2.66 billion) as of Dec. 21. One of the attractive selling points of USDC syrup is its high yield, coupled with steady demand from Maple’s customer base. syrupUSDC has outperformed all other yields year to date, with an average APY of ~8%. However, it’s worth noting that in recent months yields have fallen, Morpho’s USDC yield has remained competitive since August and outperformed in November.
For this method, we use market-weighted USDC rates for all competing protocols, based on the interest rates paid by borrowers (excluding any incentives). We then calculate the 30-day trailing price and compare it to the benchmark yield, syrupUSDC.
Another factor behind the growth of syrupUSDC and syrupUSDT has been the depth of DeFi integration. Maple’s productive stablecoins have been included in Pendle’s PT markets and have been raised as collateral in several financial markets (Aave, Fluid, Jup Lend, Spark, and Kamino), which support cutting strategies against unproductive stablecoins. Such a distribution could improve Maple’s growth, especially at a time when syrupUSDC outperforms benchmark yields, including Athena’sUSDe.
Putting it all together, Maple has outperformed competitive financial markets year after year in terms of deposit and loan growth, as well as USDC yields. How has this work turned into money? The table below compares Maple against its peers in terms of quarterly revenue and average sales price.
Based on Q4 2025 earnings, Maple (SYRUP) is trading at the group’s fair value for growth and FDV/Sales. Maple’s annual revenue is up 533% YoY, from $1.0 million in Q4 2024 to $6.6 million in Q4 2025.
In terms of token distribution, all initial groups, advisors, seeders, and public trading groups had sufficient capacity starting in 2023, eliminating concerns about oversupply. Note, SYRUP scored 37 pa Token Transparency Frameworkwhich shows that the project has properly disclosed its financial performance, cooperation to token holders, advisors, and key stakeholders.
Considering Maple’s fundamentals, along with the good nature of the tokens (sufficient liquidity and clear exposure to price growth), it is not surprising that SYRUP is the most successful lending system year after year and continues to show recent strength.
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