Question 1

What is Syrup (SYRUP)?

Accepted Answer

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.

Question 2

What is Syrup (SYRUP) used for?

Accepted Answer

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.

Question 3

Who created Syrup (SYRUP)?

Accepted Answer

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.

Question 4

Migration from MPL to SYRUP

Accepted Answer

In 2023, Maple Finance initiated a governance-approved token migration from MPL to SYRUP as part of a broader evolution in protocol governance and utility. Under proposals MIP-009 and MIP-010, MPL and xMPL holders were given the opportunity to convert their tokens to SYRUP at a fixed rate of 1 MPL to 100 SYRUP. The primary conversion window closed on April 30, 2025, with a final 48-hour extension granted under MIP-017. After this period, all unconverted MPL was considered unclaimed, and an equivalent amount of SYRUP was minted into the Syrup Strategic Fund to support future ecosystem initiatives. MPL and xMPL tokens are now obsolete, with SYRUP and stSYRUP serving as the sole governance and utility tokens in the Maple ecosystem.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	SYRUP-USDT SYRUPUSDT	binance	AA	0.2556USDT	0.08%	6,516,278.50SYRUP	32,721	0.2554USDT	0.2662USDT
2	SYRUP-USDT SYRUP_USDT	whitebit	BB	0.2560USDT	0.08%	2,925,682.20SYRUP	10,393	0.2558USDT	0.2669USDT
3	SYRUP-USD SYRUP-USD	coinbase	AA	0.2555USD	0.04%	2,378,378.70SYRUP	5,750	0.2554USD	0.2659USD
4	SYRUP-USDC SYRUPUSDC	binance	AA	0.2555USDC	0.04%	1,754,169.20SYRUP	7,368	0.2554USDC	0.2657USDC
5	SYRUP-TRY SYRUPTRY	binance	AA	12.54TRY	-0.45%	1,370,783.10SYRUP	2,179	12.60TRY	13.09TRY
6	SYRUP-USD syrupusd	bitstamp	AA	0.2551USD	-0.43%	937,915.33SYRUP	301	0.2562USD	0.2650USD
7	SYRUP-USDT SYRUP_USDT	gateio	A	0.2555USDT	0.04%	793,108.89SYRUP	1,758	0.2554USDT	0.2656USDT
8	SYRUP-USD SYRUPUSD	kraken	AA	0.2552USD	-0.14%	791,446.04SYRUP	968	0.2556USD	0.2657USD
9	SYRUP-USDT SYRUPUSDT_SPBL	bitget	BB	0.2547USDT	-0.08%	615,913.48SYRUP	1,350	0.2549USDT	0.2660USDT
10	SYRUP-USDT SYRUP-USDT	kucoin	BB	0.2553USDT	0.16%	478,055.13SYRUP	722	0.2549USDT	0.2657USDT
11	SYRUP-USDC SYRUP_USDC	whitebit	BB	0.2546USDC	-0.43%	462,540.90SYRUP	757	0.2557USDC	0.2659USDC
12	SYRUP-EUR SYRUPEUR	kraken	AA	0.2298EUR	0.87%	141,770.44SYRUP	144	0.2278EUR	0.2351EUR
13	SYRUP-USD SYRUP_USD	cryptodotcom	AA	0.2277USD	0.00%	0SYRUP	0	0.2277USD	0.2277USD
14	SYRUP-EUR syrupeur	bitstamp	AA	0.2338EUR	1.71%	2,320.76SYRUP	5	0.2299EUR	0.2354EUR
15	SYRUP-KRW KRW-SYRUP	upbit	B	345.00KRW	-0.58%	3,313,455.94SYRUP	2,048	347.00KRW	360.00KRW
16	SYRUP-USDT syrup_usdt	lbank	C	0.2556USDT	0.08%	1,662,558.25SYRUP	13,472	0.2554USDT	0.2661USDT
17	SYRUP-USDT SYRUPUSDT	toobit	C	0.2556USDT	0.04%	964,095.20SYRUP	9,687	0.2555USDT	0.2659USDT
18	SYRUP-USDT SYRUPUSDT	bitrue	D	0.2554USDT	-0.04%	661,744.22SYRUP	5,810	0.2555USDT	0.2661USDT
19	SYRUP-KRW SYRUP_KRW	bithumbkorea	-	340.00KRW	-1.45%	457,277.75SYRUP	438	345.00KRW	356.00KRW
20	SYRUP-USDT SYRUP-USDT	bingx	D	0.2555USDT	0.06%	441,834.07SYRUP	11,873	0.2554USDT	0.2652USDT
21	SYRUP-EUR SYRUP-EUR	bitvavo	B	0.2282EUR	0.61%	428,861.00SYRUP	2,205	0.2268EUR	0.2363EUR
22	SYRUP-USDT SYRUPUSDT	mexc	C	0.2556USDT	0.07%	429,758.21SYRUP	3,532	0.2554USDT	0.2660USDT
23	SYRUP-USDT SYRUP_USDT	bydfi	-	0.2556USDT	0.08%	396,423.22SYRUP	3,363	0.2554USDT	0.2660USDT
24	SYRUP-USDT SYRUP_USDT	bitunix	C	0.2555USDT	0.04%	346,020.70SYRUP	8,920	0.2554USDT	0.2658USDT
25	SYRUP-USDT syrupusdt	huobipro	C	0.2550USDT	0.00%	219,539.82SYRUP	1,026	0.2550USDT	0.2658USDT
26	SYRUP-USDC SYRUPUSDC	mexc	C	0.2555USDC	0.12%	216,335.54SYRUP	3,012	0.2552USDC	0.2659USDC
27	SYRUP-USDT syrup_usdt	digifinex	D	0.2554USDT	0.04%	182,031.86SYRUP	9,750	0.2553USDT	0.2658USDT
28	SYRUP-EUR SYRUPEUR	bit2me	B	0.2298EUR	0.87%	141,770.44SYRUP	144	0.2278EUR	0.2351EUR
29	SYRUP-USD SYRUPUSD	edxmarkets	C	0.2600USD	1.25%	77,141.33SYRUP	35	0.2568USD	0.2657USD
30	SYRUP-USDT SYRUP_USDT	cryptology	D	0.2552USDT	-0.06%	19,543.88SYRUP	1,996	0.2553USDT	0.2658USDT
31	SYRUP-BRL SYRUP-BRL	mercadobtc	C	1.43BRL	-3.46%	6,688.69SYRUP	32	1.48BRL	1.88BRL
32	SYRUP-IDR syrupidr	indodax	E	4,777.00IDR	4.92%	5,247.72SYRUP	13	4,553.00IDR	4,779.00IDR
33	SYRUP-KRW SYRUP_KRW	coinone	C	344.90KRW	-0.14%	4,230.15SYRUP	10	345.40KRW	357.50KRW
34	SYRUP-INR SYRUPINR	coindcx	-	25.60INR	-0.46%	3,643.71SYRUP	30	25.72INR	26.50INR
35	SYRUP-THB THB_SYRUP	bitkub	C	7.94THB	-7.32%	2,133.39SYRUP	19	8.57THB	8.82THB
36	SYRUP-BTC BTC-SYRUP	upbit	B	0.0₅3090BTC	1.98%	1,836.43SYRUP	14	0.0₅3030BTC	0.0₅3090BTC
37	SYRUP-USDT SYRUPUSDT	coinex	C	0.2250USDT	0.00%	0SYRUP	0	0.2250USDT	0.2250USDT
38	SYRUP-KRW syrup_krw	korbit	C	357.90KRW	2.14%	30.80SYRUP	2	350.40KRW	358.00KRW
39	SYRUP-USDT SYRUP_USDT	poloniex	C	0.1659USDT	0.00%	0SYRUP	0	0.1659USDT	0.1659USDT
40	SYRUP-USDT SYRUPUSDT	hitbtc	E	0.2340USDT	0.00%	0SYRUP	0	0.2340USDT	0.2340USDT
41	SYRUP-USDT USDT-SYRUP	upbit	B	0.2100USDT	0.00%	0SYRUP	0	0.2100USDT	0.2100USDT