#Maple

Maple Finance is onchain institutional credit: deposit stables, get lent to KYC’d trading firms and market makers against overcollateralized crypto (custodied offchain), earn the spread as yield. Retail front door is Syrup (syrupUSDC / syrupUSDT receipt tokens). Institutional side is permissioned pools and borrower tooling. Not Aave. Credit risk and withdrawal queues matter. Rebuilt hard after 2022 uncollateralized defaults. SYRUP is the governance token (ex-MPL).