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Cryptocurrency lending firm Maple Finance unveils syrup yield platform and reward token
Cryptocurrency lending firm Maple Finance has unveiled Syrup, a new lending and reward token platform of the same name, aiming to bridge the gap between institution-friendly yielding digital assets and the permissionless world of finance decentralized (DeFi).
Maple’s Syrup promises users a 15% return by depositing Circle’s USDC stablecoin into the platform, for which users receive LP tokens (syrupUSDC), with an additional return in the form of “Drips”, a loyalty payment derived from using the SYRUP reward token, Maple said in a press release on Tuesday.
Holders of MPL, Maple’s native token, will be ready to migrate to the SYRUP token on a one-to-one basis.
Many centralized crypto lending companies have taken a hit over the past couple of years. Maple has weathered the storms of the bear market thanks to its limited approach, offering authorization-only deposits from accredited investors with comprehensive know-your-customer (KYC) checks, allowing the company to operate in the United States while serving a regulated wider. conscious institutions, said Maple co-founder Joe Flanagan.
“We want to maintain this institutional focus, but also make sure we stay close to our DeFi roots,” Flanagan said in an interview. “The launch of Syrup allows us to operate within the broader DeFi ecosystem. So we can bring the same institutional-quality returns that come from collateralized loans to the largest institutions in the industry, and bring them to the DeFi public.”