Maple Finance

Use snapshotted liquid SYRUP voting units to influence covered Maple proposals without native custody.

Native stSYRUP custody supplies wrapper voting units; an eligible ballot influences the same Maple resource decisions, with immediate principal redemption and no ongoing rewards.

Operating-revenue purchases create indirect SYRUP cohort value while acquired tokens remain deployable SSF inventory, without a guaranteed dividend or supply retirement.

Factual cutoff: 2026-10-08. Fixed state anchor: Ethereum block 26,149,727, 2026-10-08 19:19:47 UTC; hash 0x4f44…0322. Research uses official sources available by the cutoff; the chain observations stop at the anchor.

Identity and scope

SYRUP is Maple's governance token, distinct from the yield-bearing lender assets syrupUSDC and syrupUSDT. Borrower interest or lender yield is not automatically income to SYRUP holders. The official Ethereum token is 0x643C…2d66; native stSYRUP is 0xc7E8…0B45. Native wrapper custody and voting belong in scope; third-party lending of SYRUP does not. Token page · Official FAQs

Governance

Both SYRUP and stSYRUP balances qualify for Maple voting following MIP-019. Wallet holders act through Snapshot; decisions include token distribution, treasury recapitalization, product launches and contract upgrades. A vote conveys influence within the governance process, rather than unilateral control or an individually redeemable treasury claim. Staking is no longer a requirement for the liquid-token voting route. Governance and voting · Staking rewards

Funding and recognition

The August purchase amount is a realized reported buyback expenditure. July is another monthly observation, not a same-month component. June USD 375,000 is contextual; the table has 13 entries, so the displayed rows do not establish complete lifetime purchases. These dollars are directly reported and do not use a spot-price conversion. No total adds purchases to treasury inventories or wrapper principal. Transparency

Holder reach and qualification

Under VCIP rules purchases count as indirect effective Cashflow, even when retained as deployable treasury inventory. This does not promise individual cash distributions, lasting supply reduction or market gains. Outside cash and indirect cohort reach pass on the documented revenue-funded purchases; dated-onchain remains unknown for the purchase leg. Scaling is usage/revenue linked, while its disputed current rate is omitted. The renderer therefore provides qualified credit without a strict realized-holder headline. Transparency · MIP-021

Native custody and discontinued income

The current staking-rewards page says the interface supports only unstaking. Existing stSYRUP can be redeemed for SYRUP immediately without penalties, with earned rewards retained. The custody position remains native even though new staking rewards ended. Verified native deposit/_mint code has no owner gate, maxDeposit is unrestricted at the fixed block, and direct entry remains executable with ordinary token approval. At block 26,149,727, the asset is SYRUP; totalAssets is 152501806.804376217786554239 SYRUP; share supply is 145098648.972005046047014615; one share converts to 1.051021549027651647 SYRUP. issuanceRate is zero, and vesting ended before the pin. These are existing principal and accrued history, not a current reward programme. The interface sunset does not disable direct native entry. Deployed source · Reward sunset

Policy conflicts and exclusions

Maple's token site says 25% of protocol revenue funds purchases; its staking page instead describes a 25% SSF allocation covering purchases and balance-sheet building. These are not interchangeable definitions of holder payout. MIP-021 proposes monthly purchase rates of 10% below USD 1.5 million revenue, 20% from USD 1.5 million to USD 2 million, and 30% above USD 2 million, for six months; the team clarified that the basis is protocol fees less lender interest and that execution/reporting should occur by the following month's 15th. The operational purchase rows confirm purchases but do not independently establish that exact new policy. This package admits the ongoing mechanism without promoting either disputed rate. Closed MPL conversion, historic emissions, lender-asset returns and third-party lending stay outside the graph. No missed data is treated as zero. MIP-021 · Token page · Migration

Acquisition routes

Maple links centralized exchanges and Uniswap as purchase routes. Availability and execution terms are venue-dependent; market purchase is acquisition, not a separate native value mechanism. An incumbent stSYRUP holder may redeem existing principal and accrued historical rewards for SYRUP; redemption does not create a new stream of staking income. MPL conversion was closed after the final May 19–21, 2025 window; MPL/xMPL no longer carry Maple governance or staking utility. Launch-period emissions and prior fee-funded staker distributions are not current yield; MIP-019 sunset staking rewards. Official purchase list · Staking rewards · MPL migration

Qualification and measurement limits

The transparency page's monthly revenue and last-twelve-month metrics are separate from the dated purchase rows. An undated dashboard snapshot does not establish the revenue denominator for either purchase month. Treasury value is inventory rather than holder distributions. No current spot-price conversion is needed for the purchase USD figures. Expected admitted paths are liquid and native-wrapper governance, native custody, and revenue-funded treasury buybacks. Third-party lending, lender-asset yields, closed migration, old staking emissions and proposed rates are excluded from current Cashflow until their distinct live status is proven. The exact enacted MIP-021 policy and dated transaction provenance of reported purchases remain unverified. The model therefore retains the live purchase mechanism with qualified credit and omits disputed allocation parameters. Transparency

Source packet retained byte-exact as analysis, atomic evidence, lite, full and use cases.