Syrup

Syrup (SYRUP) is an ERC-20 token created to replace MPL as the native asset of the Maple protocol. Its launch accompanies the protocol’s transition to a more modular, flexible, and on-chain governed architecture. The token contract is based on a customised ERC-20 implementation, deployed via a NonTransparentProxy, enabling future upgrades controlled by governance.

SYRUP functions as a unit of account, governance token, and revenue distribution mechanism. Its minting, permissions, and supply control are managed through authorised modules, each assigned specific roles such as recapitalisation, emergency action, or migration.

The initial distribution includes a one-time mint of 10% of the total supply to the treasury and 10 million SYRUP tokens allocated to the Migrator contract, enabling a 1:1 conversion from MPL to SYRUP.

The SYRUP token has multiple functions within the Maple ecosystem:

• Governance: Serves as the primary asset for proposals and decisions affecting protocol parameters and smart contracts.

• Revenue distribution: The protocol collects fees (e.g., managementFeeRate, platformServiceFee, and delegateServiceFee) in stablecoins, which are directed to the SYRUP Treasury.

• Scheduled issuance: Through the RecapitalizationModule, SYRUP can be issued over time via predefined issuance windows. Each window defines an issuance rate (tokens per second), and the structure is linked, allowing future governance to extend or replace it.

• Security mechanisms: Modules like the EmergencyModule enable exceptional actions, such as minting or burning tokens in response to critical events, always under the control of the Governor.

• Pool integration: SYRUP is central to the creation and operation of liquidity pools, permission controls, and withdrawal cycle configuration.

Syrup (SYRUP) was developed by the team at Maple Finance, co-founded by Sidney Powell and Joe Flanagan in 2019. The token's design reflects their combined expertise in traditional finance and technology, aiming to modernise capital markets through blockchain-based lending.

Sidney Powell is the CEO and co-founder of Maple Finance. He has a background in debt capital markets and institutional banking. Before founding Maple, Powell worked at National Australia Bank, where he was involved in over $3 billion of corporate bond issuance and managed a $200 million bond funding programme. He also served as Treasurer at Angle Finance, a non-bank asset finance company in Australia. Powell holds a Bachelor of Finance and Bachelor of Laws from the University of Adelaide and completed a Bachelor of Business Administration in International Finance at HEC Montréal.

Joe Flanagan, the co-founder of Maple Finance, has a background in financial management consulting. He previously worked as a Chief Financial Officer for a listed company in Australia and has experience at PricewaterhouseCoopers (PwC).

Their combined experience in traditional finance and business strategy was instrumental in the creation of Maple and the development of its updated token, SYRUP.