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.

#	Instrumen	Bursa	Skor Tolok Ukur	Harga	Perubahan 24j	Volume 24j	Trading 24j	Pembukaan 24j	Tertinggi 24j
1	SYRUP-USDT SYRUPUSDT	binance	AA	0.2232USDT	9,63%	6.848.406,50SYRUP	42.035	0.2036USDT	0.2270USDT
2	SYRUP-USD SYRUP-USD	coinbase	AA	0.2230USD	9,69%	4.022.196,50SYRUP	6.672	0.2033USD	0.2266USD
3	SYRUP-USDT SYRUP_USDT	whitebit	BB	0.2233USDT	9,51%	2.633.102,20SYRUP	22.091	0.2039USDT	0.2271USDT
4	SYRUP-USD SYRUPUSD	kraken	AA	0.2232USD	9,82%	1.967.383,12SYRUP	1.964	0.2033USD	0.2277USD
5	SYRUP-USDC SYRUPUSDC	binance	AA	0.2228USDC	9,48%	1.574.635,70SYRUP	6.714	0.2034USDC	0.2268USDC
6	SYRUP-USDC SYRUP_USDC	whitebit	BB	0.2228USDC	9,75%	675.649,40SYRUP	514	0.2030USDC	0.2291USDC
7	SYRUP-USDT SYRUP_USDT	gateio	A	0.2234USDT	9,83%	615.995,65SYRUP	1.886	0.2034USDT	0.2276USDT
8	SYRUP-TRY SYRUPTRY	binance	AA	10,90TRY	10,31%	565.404,40SYRUP	1.374	9,88TRY	11,00TRY
9	SYRUP-USDT SYRUPUSDT_SPBL	bitget	BB	0.2224USDT	9,29%	591.210,94SYRUP	1.445	0.2034USDT	0.2266USDT
10	SYRUP-USDT SYRUP-USDT	kucoin	BB	0.2230USDT	9,58%	271.120,60SYRUP	488	0.2034USDT	0.2290USDT
11	SYRUP-EUR SYRUPEUR	kraken	AA	0.1950EUR	10,10%	226.303,33SYRUP	191	0.1771EUR	0.1970EUR
12	SYRUP-USD syrupusd	bitstamp	AA	0.2237USD	10,27%	153.857,60SYRUP	145	0.2029USD	0.2266USD
13	SYRUP-EUR syrupeur	bitstamp	AA	0.1480EUR	0,00%	0SYRUP	0	0.1480EUR	0.1480EUR
14	SYRUP-USD SYRUP_USD	cryptodotcom	AA	0.2233USD	12,41%	89,20SYRUP	2	0.1987USD	0.2233USD
15	SYRUP-KRW KRW-SYRUP	upbit	B	307,00KRW	9,25%	3.074.475,99SYRUP	1.795	281,00KRW	312,00KRW
16	SYRUP-USDT syrup_usdt	lbank	C	0.2231USDT	9,63%	1.636.953,14SYRUP	13.162	0.2034USDT	0.2271USDT
17	SYRUP-USDT SYRUPUSDT	toobit	C	0.2232USDT	9,63%	1.037.267,50SYRUP	9.336	0.2036USDT	0.2268USDT
18	SYRUP-USDT SYRUPUSDT	bitrue	D	0.2229USDT	9,48%	694.009,81SYRUP	5.539	0.2036USDT	0.2267USDT
19	SYRUP-EUR SYRUP-EUR	bitvavo	B	0.1943EUR	9,64%	596.636,68SYRUP	5.480	0.1772EUR	0.1976EUR
20	SYRUP-KRW SYRUP_KRW	bithumbkorea	-	306,00KRW	8,51%	442.768,19SYRUP	405	282,00KRW	311,00KRW
21	SYRUP-USDT SYRUP-USDT	bingx	D	0.2229USDT	9,46%	403.957,28SYRUP	9.744	0.2036USDT	0.2268USDT
22	SYRUP-USDT SYRUP_USDT	bitunix	C	0.2230USDT	9,58%	394.199,60SYRUP	9.222	0.2034USDT	0.2267USDT
23	SYRUP-USDT SYRUPUSDT	mexc	C	0.2236USDT	9,90%	372.436,78SYRUP	3.328	0.2035USDT	0.2269USDT
24	SYRUP-USDT SYRUP_USDT	bydfi	-	0.2230USDT	9,57%	354.995,91SYRUP	3.318	0.2035USDT	0.2266USDT
25	SYRUP-USDC SYRUPUSDC	mexc	C	0.2234USDC	9,83%	266.230,74SYRUP	2.988	0.2034USDC	0.2267USDC
26	SYRUP-USDT syrupusdt	huobipro	C	0.2246USDT	9,51%	243.829,76SYRUP	944	0.2051USDT	0.2378USDT
27	SYRUP-EUR SYRUPEUR	bit2me	B	0.1958EUR	10,58%	216.218,53SYRUP	190	0.1771EUR	0.1970EUR
28	SYRUP-USDT syrup_usdt	digifinex	D	0.2230USDT	9,58%	193.433,93SYRUP	8.956	0.2034USDT	0.2267USDT
29	SYRUP-USDT SYRUP_USDT	cryptology	D	0.2231USDT	9,63%	40.380,64SYRUP	1.965	0.2035USDT	0.2267USDT
30	SYRUP-USDT SYRUPUSDT	coinex	C	0.2233USDT	9,15%	28.247,05SYRUP	8.418	0.2046USDT	0.2256USDT
31	SYRUP-BRL SYRUP-BRL	mercadobtc	C	1,10BRL	6,90%	3.969,88SYRUP	33	1,03BRL	1,15BRL
32	SYRUP-USD SYRUPUSD	edxmarkets	C	0.2231USD	7,81%	3.379,14SYRUP	56	0.2069USD	0.2261USD
33	SYRUP-USDT sSYRUPUSDT	phemex	C	0.2092USDT	0,00%	0SYRUP	0	0.2092USDT	0.2092USDT
34	SYRUP-INR SYRUPINR	coindcx	-	22,32INR	7,29%	2.238,44SYRUP	11	20,80INR	22,32INR
35	SYRUP-THB THB_SYRUP	bitkub	C	7,61THB	13,41%	1.993,93SYRUP	7	6,71THB	7,88THB
36	SYRUP-KRW syrup_krw	korbit	C	281,10KRW	0,00%	0SYRUP	0	281,10KRW	281,10KRW
37	SYRUP-IDR syrupidr	indodax	E	4.086,00IDR	16,54%	95,02SYRUP	9	3.506,00IDR	4.086,00IDR
38	SYRUP-BTC BTC-SYRUP	upbit	B	0.0₅2630BTC	0,00%	0SYRUP	0	0.0₅2630BTC	0.0₅2630BTC
39	SYRUP-KRW SYRUP_KRW	coinone	C	309,10KRW	15,59%	35,37SYRUP	1	267,40KRW	309,10KRW
40	SYRUP-USDT SYRUP_USDT	poloniex	C	0.1659USDT	0,00%	0SYRUP	0	0.1659USDT	0.1659USDT
41	SYRUP-USDT SYRUPUSDT	hitbtc	E	0.2340USDT	0,00%	0SYRUP	0	0.2340USDT	0.2340USDT
42	SYRUP-USDT USDT-SYRUP	upbit	B	0.1811USDT	0,00%	0SYRUP	0	0.1811USDT	0.1811USDT