Maple (SYRUP) : Q1 2025 Activity Report

This market report was written in collaboration with our partner GLC Research.

Context About Maple

Maple is an innovative asset management platform that provides an institutional gateway to on-chain credit markets through a transparent, capital-efficient asset management model. Since launching in 2021, it has become a trusted platform for overcollateralized loans and structured yield strategies across institutional and DeFi users.

The protocol structures loans through thematic pools with clearly defined parameters (collateral type, maturity, fixed or variable rates, etc.) and upfront risk assessment. Since 2024, Maple has expanded its model to a broader audience with the launch of SyrupUSDC, a permissionless yield-bearing product aimed at DeFi-native users. By depositing USDC into the Syrup module, lenders receive SyrupUSDC, a liquid yielding dollar.

This product allows Maple to tap into a new user base and has already seen significant adoption, with over $200 million minted and growing traction across protocols like Uniswap, Balancer, Pendle, and Morpho. It strengthens both Maple's liquidity and interoperability within the DeFi ecosystem, while also creating a direct bridge between DeFi and institutional credit markets.

→ See our full presentation of Maple (SYRUP):

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Key Takeaways

• TVL Growth: Maple’s Total Value Locked grew by +56% in Q1, reaching $800M, and has since surpassed $1B.
• Revenue: Q1 revenue rose by +12% compared to Q4 2024, despite softer market conditions affecting yields.
• SyrupUSDC: It outperformed peers with a 10.6% annualized return and expanded across major DeFi protocols.
• New Products: Launched BTC Yield and Lend & Long products, broadening Maple’s offering into Bitcoin yield and structured credit.
• Token Activity: $SYRUP holders increased by +58%, trading volume jumped by +430%, and outperformed most peers despite a challenging market.
• Major Partnerships: Secured strategic deals with Bitwise, Spark, and joined the Convergence initiative.
• 2025 Targets: Maple aims to grow TVL to $4B by year-end across institutional, SyrupUSDC, and Bitcoin products.

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Key Metrics - Q1 Performance

With Q1 2025 now behind us, it's time to evaluate Maple's performance and how its key metrics evolved. The protocol posted strong growth across major indicators, despite market conditions having a noticeable impact on its revenue-generating capacity.

Note: This report covers the period from January 1st to March 31st (Q1 2025).

Protocol metrics

Let’s begin with the core protocol data. As an on-chain asset manager specialized in lending, the two most important indicators to monitor for Maple are TVL and active loans:

• Total Value Locked (TVL): +56% (from $511M to $800M)
• Active Loans: +48% (from $229M to $332M)

Both indicators saw significant growth over the quarter. In DeFi, TVL is a key measure of adoption and investor confidence, and a 56% increase in just one quarter is a notable achievement. By the end of Q1, Maple had reached $800M in TVL. However, it has continued to grow rapidly and has just surpassed the $1B milestone as of the time of writing.

Much of this growth is tied to the adoption of SyrupUSDC, a high-yield stablecoin. Thanks to new integrations across the DeFi ecosystem (Uniswap, Balancer, Pendle, Morpho), the total supply of SyrupUSDC rose from around $120 million in January to over $200 million by the end of Q1 2025.

Lending products are also seeing continued success. Active loans also hit a new ATH at $332M, reflecting the rising demand from institutional borrowers, who increasingly turn to Maple for on-chain financing solutions backed by collateral.

Q1 Revenue

In Q1 2025, Maple reported a 12% increase in revenue compared to the previous quarter, rising from $1.03 million in Q4 2024 to $1.16 million in Q1 2025. While this growth is positive, it raises a valid question: why isn’t revenue growing at the same pace as TVL or active loans?

The reality is that, like most companies in the sector, Maple’s revenue is linked to market conditions. Revenue is generated through two primary channels: fees collected as a percentage of interest paid by borrowers, and yields earned from collateral deployed in DeFi protocols.

This dynamic means that during market expansion phases (i.e when asset prices rise and the cost of capital increases as demand for borrowing grows) Maple’s revenue naturally benefits.

It is important to highlight that revenue is not necessarily lagging behind TVL growth; rather, January’s revenue was somewhat inflated due to favorable market conditions at the time.

To better illustrate this, we examine the Annualized Revenue/TVL (R/TVL) ratio, calculated by annualizing each month's revenue figures. Since January 2024, the median R/TVL ratio has been approximately 0.80%, fluctuating within a range of 0.5% to 1.4%, depending on market dynamics.

In January, the R/TVL ratio reached 1.03%, driven by higher borrowing costs and rising collateral asset prices. By the end of Q1, the ratio declined to 0.5%, reflecting weaker market conditions characterized by falling asset prices and decrease in borrowing costs, with USDC yields currently sitting at relatively low levels across the market, as we will detail later below.

As shown in the graph below, we compared the R/TVL ratio with the price of Solana (SOL). Why Solana? We believe SOL serves as a useful proxy for broader market conditions. Although the correlation is not perfect, the data suggests that movements in the R/TVL ratio tend to follow trends in SOL’s price, albeit with some time lag, showing the influence of market conditions on Maple’s revenue generation.

SyrupUSDC Relative Performance

When comparing SyrupUSDC's performance against other leading offerings in Q1, the results show a clear outperformance. SyrupUSDC delivered a total return of 2.5% (excluding Drips rewards), while the next best performers - Ethena’s sUSDe and Fluid USDC - achieved approximately 1.9% over the same period.

When annualized, SyrupUSDC’s return equates to 10.6%, compared to around 8% for both Ethena and Fluid, while Aave and Compound offerings posted annualized returns in the 5-6% range.

To ensure consistency across products, the returns were calculated as follows:

• For SyrupUSDC, daily returns were derived directly from the token’s price evolution.
• For the other products, daily returns were computed from their reported daily APYs, simulating a $1 investment with daily compounding over the quarter.

The graph below illustrates the comparative performance, highlighting SyrupUSDC’s relative outperformance when applying the same methodology and principal amount across all protocols.

Q1 APY Trends

Throughout Q1, APY levels across major protocols exhibited a clear downward trend, which helps explain the declining R/TVL ratio observed for Maple’s revenue generation. Despite this broader market compression, SyrupUSDC outperformed its peers while demonstrating lower volatility, maintaining a more predictable return profile.

Note: For this chart, two data points per month were used. While not capturing daily fluctuations, this approach provides a representative view of the overall trend.

$SYRUP Token

In Q1 2025, the broader crypto market saw a notable correction, with Bitcoin (BTC) down 12%. While Maple’s protocol growth is undeniably strong, the question remains: is this trend also reflected in the performance of the native token, $SYRUP?

Over the same period, here’s how key token-related metrics evolved:

• Token Holders: +58% (from 2,523 to 4,000 by the end of Q1)
• Weekly Trading Volume: +430% (≃$8M in Jan 2025 to ≃$42M in March 2025)
• SYRUP Token Price: -24% (from $0.157 to $0.12)

These metrics indicate growing activity around the token. Setting the price aside for a moment, we can observe some momentum building around the token. The number of holders grew by 58% in Q1, and weekly trading volume is showing an uptick-likely representing increased engagement and interest in $SYRUP.

That said, the token price did decline by 24% during the quarter, which at first glance might raise concerns. A closer look suggests the situation is not as negative as it may appear.

$SYRUP began the quarter with an upward price trend, reaching $0.19, driven by positive announcements, improving metrics, and growing mindshare. However, the second half of Q1 was marked by broader market uncertainty and the impact of tariff-related tensions, which triggered significant declines across the risky asset class.

$SYRUP’s relative performance among peers in Q1 2025:

• $AAVE: -49%
• $ONDO: -46%
• $LDO: -51%
• $CPOOL: -75%
• $ENA: -64%
• $PENDLE: -46%

$SYRUP’s price performance actually stands out as a strong relative performance for the quarter.

Note: Between the end of Q1 and April 20th, the date of writing, $SYRUP has delivered a performance of +30%.

New Products and Features

During Q1 2025, Maple reinforced its leadership position in the on-chain credit space by expanding its product suite. Several strategic launches took place, including two Bitcoin-backed offerings and key improvements to SyrupUSDC, its flagship product for DeFi users.

Lend & Long

Launched at the beginning of 2025, Lend & Long is a structured product offering upside exposure to Bitcoin while minimizing downside risk. It targets institutional or qualified investors looking to benefit from BTC performance with a controlled risk profile.

The structure is simple:

• If Bitcoin exceeds a defined price threshold before expiry, investors can earn up to 33% net APY.
• If the market stays below that level, investors still receive a guaranteed 4% net APY, backed by the underlying lending activity.

This product relies on a dual strategy:

• Deposited USDC is first deployed into overcollateralized institutional loans, generating stable yield.
• Part of the interest is used to purchase Bitcoin call options, enabling upside exposure without liquidation risk or leverage.

Each program runs for a 3-month cycle, with a minimum deposit of 100,000 USDC. The first phase started on January 28, 2025, and ends April 25, 2025. Lend & Long showcases Maple’s innovation in yield structuring for institutional players through accessible derivatives with a seamless, passive experience.

BTC Yield

Developed in partnership with CoreDAO, BTC Yield is a native Bitcoin-backed product addressing growing demand for BTC yield. It enables qualified investors to earn a net 5.1% annual return in native BTC and crucially, without any lending involved.

The product stands out across three pillars:

• Institutional-grade security: BTC never leaves the custody of partners like BitGo, Copper, or Hex Trust.
• No lending, no leverage: Unlike other BTC yield products, BTC Yield introduces no counterparty risk. The funds are staked on the Core Chain to secure the network and generate yield.
• Optimized liquidity: Deposits are accepted continuously, with no subscription windows - making it more flexible than traditional structured notes.

With over 950 BTC already deposited, BTC Yield is one of Maple’s fastest-growing products, and reflects its ambition to offer simple, secure, and high-yield solutions for long-term Bitcoin holders in a compliant on-chain environment.

SyrupUSDC

Launched in 2024, SyrupUSDC is Maple’s yield-bearing stablecoin, designed for any eligible user to generate return on USDC without going through the institutional credit modules.

In Q1 2025, Maple significantly enhanced both the utility and secondary liquidity of SyrupUSDC through several key updates. First, it introduced instant liquidity, with two SyrupUSDC/USDC pools seeded with $10M on Uniswap and Balancer.

This allows users to exit their positions instantly, which is a major UX improvement over the previous model, which sometimes required a waiting period.

Maple also expanded SyrupUSDC’s DeFi integrations:

• A pool on Pendle, where users can speculate on or lock in future yields.
• A vault on Morpho, allowing SyrupUSDC to be used as productive collateral with yields above 11% APY.
• A neutral USD vault on Ether.fi, alongside other yield-bearing stablecoins.

With over $200M of SyrupUSDC issued, the product has become a key pillar of Maple’s DeFi strategy and liquidity architecture.

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Important Announcements

The first quarter of 2025 marked a strategic milestone for Maple, with a series of high-impact announcements that reaffirm its role as a leading protocol for institutional on-chain credit. Below is a full overview of the key updates.

• Strategic Partnership with Spark

On April 15, Maple announced a major partnership with Spark, including an initial allocation of 50 million USDC in SyrupUSDC to Maple. Spark aims to diversify into institutional credit markets and earn yield on its assets. This move strengthens Maple’s position as a trusted asset manager for both DeFi and TradFi powerhouses.

• Bitwise Allocates to Maple

In March, Bitwise, one of the world’s largest crypto asset managers, officially allocated funds to Maple. This decision highlights the protocol’s growing credibility among traditional financial institutions and furthers the institutionalization of DeFi. It also reflects Maple’s ambition to bridge regulated capital with on-chain yield strategies.

• BTC Yield Program Scales with Core

The BTC yield program developed in partnership with Core gained strong momentum in Q1. With over 950 BTC deposited and a net yield of 5.1% paid in native Bitcoin, lstBTC has emerged as one of Maple’s most promising products. Unlike conventional lending-based solutions, the BTC is staked on the Core Network to generate returns, and deposits are now accepted continuously.

For more details, see this official release from Maple

• Grayscale Adds SYRUP to Its Top 20 Index

At the end of March, Maple’s governance token SYRUP was added to Grayscale’s Top 20 Index for Q2 2025. This inclusion further legitimizes Maple as a core asset in the crypto space and validates its growing relevance in institutional portfolios.

• SYRUP Listed on Coinbase and MPL → SYRUP Migration Ending

The token migration from MPL to SYRUP, initiated in late 2023, is approaching its final deadline on April 30, 2025. SYRUP is playing an increasingly central role in Maple’s governance and economic model, notably through its “Buyback & Distribute” staking incentive program. As of Q1 2025, SYRUP is now listed on Coinbase, a major milestone for accessibility and user adoption.

• SyrupUSDC Expansion Across DeFi

SyrupUSDC adoption accelerated during Q1, with major integrations across leading DeFi protocols. Two new SyrupUSDC/USDC liquidity pools were launched on Uniswap and Balancer, seeded with $10 million in total liquidity.

Additionally, Maple continued its DeFi rollout through a SyrupUSDC vault on Morpho, where users can post SyrupUSDC as collateral to earn 11 to 12 percent annual yields. These updates position SyrupUSDC as one of the most compelling yield-bearing stablecoins in the ecosystem.

• Integration with the Convergence Ecosystem

On March 17, Maple announced its participation in the Convergence initiative, a collective of DeFi protocols led by Ethena and joined by Morpho, Horizon, Ethereal, Pendle, and others. The goal is to accelerate institutional adoption of real-world assets and on-chain credit, reinforcing Maple’s leadership in the future of institutional DeFi.

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Inside Maple’s Strategy

To put together this report, we had a direct conversation with the Maple team to make sure we fully captured the story behind this strong quarter. We also wanted to share some key takeaways from our discussion with Martin de Rijke, Head of Growth at Maple, to give readers a better sense of his perspective on what drove Maple’s impressive Q1.

• Strategic Shift and Drive Behind Maple’s Q1 Growth

During our conversation with Martin, we first explored the emotional context behind Maple’s remarkable growth in Q1, and how the team managed to pivot their strategy so effectively.

A key point Martin emphasized was: "Whatever we've done in the past is not going to get us to the next level of growth." He explained that each new stage of scaling requires almost a complete reset - confronting challenges the team hadn’t faced before and developing new capabilities to overcome them. This mindset was fundamental as Maple set out to craft a strategy capable of reaching several billions in AuM.

The significant growth in Q1 is directly tied to this strategic realignment. Martin shared that the approach which propelled Maple from $100M to $500M in TVL would not suffice to achieve their next targets. Recognizing this, the team shifted focus towards engaging large allocators and establishing strategic partnerships with leading institutions.

This initiative was launched at the start of Q1, requiring time to mature given the longer lead times typical when working with major investors. As an example, the partnership with Bitwise involved months of thorough due diligence. The tangible results of this effort became visible in March, when Maple recorded a surge of over $260M in TVL growth during that month alone.

On a personal and team level, Martin highlighted the importance of maintaining belief in the vision and strategy, even when immediate results are not apparent. He also reflected on the increased efficiency the new approach has unlocked - pointing out that a year ago, the same resources were primarily used to attract deposits of around $100K each, whereas today they are driving exponentially larger inflows.

• Looking Ahead: Key Priorities for Maple in Q2

Following a strong Q1, it’s equally important to highlight the areas where Maple is focused on further improvement and expansion. As we move into Q2, two main priorities stand out.

First, there is significant growth potential for SyrupUSDC. While Q1 saw a lot of momentum - including the launch of a new Pendle pool and a partnership with Morpho - SyrupUSDC still has considerable room to solidify its position as a major asset within the DeFi ecosystem. The team is working on expanding DeFi integrations and pushing forward SyrupUSDC’s development into a true cross-chain asset. The long-term vision is to make SyrupUSDC broadly accessible across all major blockchains, exchanges, wallets, and DeFi platforms.

Second, improving $SYRUP token liquidity is a top focus. In Q1, the primary emphasis was on strengthening the underlying protocol and driving organic growth across products, which delivered strong results across key metrics. In Q2, following the completion of the $MPL to $SYRUP migration on April 30, the team will shift more attention towards boosting $SYRUP’s liquidity and accessibility - critical elements for attracting larger capital flows. While progress has been made, notably with the recent Coinbase listing, Maple sees additional opportunities for improvement.

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Outlook for 2025

Following Maple’s strong performance in the first quarter, the team has unveiled their objectives for 2025.

Currently sitting at $1B in TVL, Maple is aiming to reach $4B by the end of the year, distributed as follows:

• $1.5B from Maple Institutional products
• $1B from SyrupUSDC
• $1.5B from the BTC yield product

These are ambitious yet achievable targets. We will revisit these figures in the next quarterly report to track their progress towards their 2025 goals.

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Conclusion

As this report has shown, Q1 2025 was a particularly strong quarter for Maple. Since January, the protocol has launched new products, secured major partnerships - including Bitwise, strengthened the adoption of SyrupUSDC in DeFi, and secured a listing for the $SYRUP token on Coinbase.

The team has consistently delivered, and this is reflected in the figures: the growth in activity over the last three months is indisputable. It's well deserved - but we'll need to maintain this momentum if we're to achieve our stated ambitions by the end of 2025.