Summary
Maple Finance's SYRUP token is the sole governance token — there is no separate equity class above it. All protocol revenue flows to the Maple DAO Foundation (Cayman Islands foundation company with no members or shareholders). The Syrup Strategic Fund (SSF) receives 25% of all monthly revenue for buybacks, strategic growth, and token liquidity. In 2025, the SSF bought back 8M SYRUP; in 2026, buybacks were reduced to 2.5M to strengthen reserves. A new governance proposal (MIP-021) would tie buybacks to a formula based on revenue growth.
Key Points
- No separate equity: all fundraises since 2019 have been into SYRUP; no external equity class with superior rights
- Revenue flow: all revenue flows to Maple DAO Foundation; 25% goes to SSF, rest to Maple Treasury
- SSF mandate: strategic growth (acquisitions, partnerships), token liquidity (market depth), capital reserves and buybacks
- 2025 buybacks: 8M SYRUP bought back; 2026: 2.5M (deliberate reduction to build reserves)
- MIP-021 proposal: formula-driven buybacks tied to revenue growth; transparency dashboard; monthly reporting cadence
- syrupUSDG yield: generated from overcollateralized institutional loans (fixed-rate, short duration) and supporting yield strategies (futures basis trading, delta-neutral approaches, DeFi liquidity provision)
- Current APY: up to 4.9% on syrupUSDG; $4.47B AUM across 150+ integrations
- Risk structure: segregated portfolios (ring-fenced by statute); loans overcollateralized with monitoring systems