Maple Finance, a cryptocurrency lending agency, has launched Syrup, a brand new loans platform and rewards token geared toward integrating institutional-friendly yield-bearing digital belongings with the decentralized finance sector.
Maple’s Syrup platform provides customers as much as 15% yields by depositing Circle’s USDC stablecoin. Customers obtain LP tokens (syrupUSDC) and extra yield within the type of “Drips,” a loyalty fee derived from the utilization of the SYRUP rewards token, as introduced in a press launch on Tuesday.
Holders of MPL, Maple’s native token, will be capable of migrate to the SYRUP token on a one-for-one foundation.
Whereas many centralized crypto lending corporations have struggled over the previous few years, Maple has endured the bear market by sustaining a stringent method, accepting deposits solely from accredited traders with complete know-your-customer checks. This technique permits Maple to function throughout the U.S. and serve regulation-conscious establishments, in accordance with Maple co-founder Joe Flanagan.
“We purpose to maintain our institutional focus whereas staying true to our DeFi origins,” Flanagan stated in an interview. “The launch of Syrup permits us to operate throughout the broader DeFi ecosystem. This permits us to deliver institutional-quality yields sourced from over-collateralized loans to the most important establishments and a DeFi viewers.”
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