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	0.2152USDT	-2,27%	4 566 823,90SYRUP	18 641	0.2202USDT	0.2275USDT
2	SYRUP-USD SYRUP-USD	coinbase	AA	0.2153USD	-2,14%	3 543 053,10SYRUP	5 092	0.2200USD	0.2273USD
3	SYRUP-USDT SYRUP_USDT	whitebit	BB	0.2153USDT	-2,09%	1 930 111,80SYRUP	19 216	0.2199USDT	0.2275USDT
4	SYRUP-USDC SYRUPUSDC	binance	AA	0.2151USDC	-2,27%	1 896 558,20SYRUP	7 907	0.2201USDC	0.2272USDC
5	SYRUP-USD SYRUPUSD	kraken	AA	0.2167USD	-1,47%	898 753,18SYRUP	1 142	0.2200USD	0.2270USD
6	SYRUP-USDT SYRUP_USDT	gateio	A	0.2161USDT	-1,91%	366 691,51SYRUP	1 042	0.2203USDT	0.2274USDT
7	SYRUP-TRY SYRUPTRY	binance	AA	10,47TRY	-1,19%	269 579,00SYRUP	1 120	10,60TRY	10,94TRY
8	SYRUP-USDT SYRUPUSDT_SPBL	bitget	BB	0.2154USDT	-2,22%	240 917,00SYRUP	1 105	0.2203USDT	0.2273USDT
9	SYRUP-USDT SYRUP-USDT	kucoin	BB	0.2168USDT	-0,64%	175 401,85SYRUP	327	0.2182USDT	0.2265USDT
10	SYRUP-USDC SYRUP_USDC	whitebit	BB	0.2150USDC	-2,49%	175 771,90SYRUP	389	0.2205USDC	0.2276USDC
11	SYRUP-EUR SYRUPEUR	kraken	AA	0.1869EUR	-2,21%	129 041,77SYRUP	116	0.1911EUR	0.1977EUR
12	SYRUP-USD syrupusd	bitstamp	AA	0.2163USD	-1,67%	122 003,97SYRUP	124	0.2199USD	0.2264USD
13	SYRUP-EUR syrupeur	bitstamp	AA	0.1480EUR	0,00%	0SYRUP	0	0.1480EUR	0.1480EUR
14	SYRUP-USD SYRUP_USD	cryptodotcom	AA	0.2237USD	0,17%	400,00SYRUP	1	0.2233USD	0.2237USD
15	SYRUP-KRW KRW-SYRUP	upbit	B	295,00KRW	-1,99%	4 114 875,19SYRUP	2 325	301,00KRW	311,00KRW
16	SYRUP-USDT syrup_usdt	lbank	C	0.2154USDT	-2,18%	1 058 187,68SYRUP	7 910	0.2202USDT	0.2278USDT
17	SYRUP-USDT SYRUPUSDT	toobit	C	0.2152USDT	-2,23%	773 132,20SYRUP	8 230	0.2201USDT	0.2274USDT
18	SYRUP-EUR SYRUP-EUR	bitvavo	B	0.1872EUR	-2,16%	518 267,35SYRUP	2 804	0.1913EUR	0.1977EUR
19	SYRUP-USDT SYRUPUSDT	bitrue	D	0.2154USDT	-2,14%	521 570,47SYRUP	5 366	0.2201USDT	0.2273USDT
20	SYRUP-KRW SYRUP_KRW	bithumbkorea	-	295,00KRW	-1,99%	461 725,92SYRUP	366	301,00KRW	309,00KRW
21	SYRUP-USDT SYRUP_USDT	bitunix	C	0.2153USDT	-2,14%	359 845,80SYRUP	7 622	0.2200USDT	0.2275USDT
22	SYRUP-USDT SYRUPUSDT	mexc	C	0.2153USDT	-2,20%	326 518,39SYRUP	3 201	0.2201USDT	0.2274USDT
23	SYRUP-USDT SYRUP-USDT	bingx	D	0.2152USDT	-2,21%	316 562,24SYRUP	8 378	0.2200USDT	0.2273USDT
24	SYRUP-USDT SYRUP_USDT	bydfi	-	0.2153USDT	-2,20%	310 489,73SYRUP	3 361	0.2201USDT	0.2274USDT
25	SYRUP-USDC SYRUPUSDC	mexc	C	0.2152USDC	-2,23%	245 129,03SYRUP	3 043	0.2201USDC	0.2273USDC
26	SYRUP-USDT syrup_usdt	digifinex	D	0.2153USDT	-2,31%	132 345,79SYRUP	5 629	0.2204USDT	0.2275USDT
27	SYRUP-EUR SYRUPEUR	bit2me	B	0.1873EUR	-1,97%	128 974,81SYRUP	115	0.1911EUR	0.1977EUR
28	SYRUP-USDT syrupusdt	huobipro	C	0.2163USDT	-1,68%	60 234,10SYRUP	246	0.2200USDT	0.2271USDT
29	SYRUP-USDT SYRUP_USDT	cryptology	D	0.2153USDT	-2,20%	27 184,64SYRUP	1 563	0.2201USDT	0.2271USDT
30	SYRUP-USDT SYRUPUSDT	coinex	C	0.2162USDT	-1,29%	11 026,19SYRUP	8 593	0.2190USDT	0.2273USDT
31	SYRUP-IDR syrupidr	indodax	E	3 845,00IDR	-0,39%	4 059,94SYRUP	40	3 860,00IDR	4 269,00IDR
32	SYRUP-KRW syrup_krw	korbit	C	293,20KRW	-2,46%	2 829,07SYRUP	10	300,60KRW	349,90KRW
33	SYRUP-USDT sSYRUPUSDT	phemex	C	0.2092USDT	0,00%	0SYRUP	0	0.2092USDT	0.2092USDT
34	SYRUP-BRL SYRUP-BRL	mercadobtc	C	1,02BRL	-12,12%	2 634,04SYRUP	12	1,16BRL	1,16BRL
35	SYRUP-USD SYRUPUSD	edxmarkets	C	0.2165USD	-0,82%	2 654,53SYRUP	37	0.2183USD	0.2266USD
36	SYRUP-INR SYRUPINR	coindcx	-	21,94INR	-0,25%	1 202,38SYRUP	9	21,99INR	22,74INR
37	SYRUP-KRW SYRUP_KRW	coinone	C	295,30KRW	-15,39%	1 114,96SYRUP	6	349,00KRW	349,00KRW
38	SYRUP-THB THB_SYRUP	bitkub	C	7,50THB	1,35%	70,72SYRUP	3	7,40THB	7,50THB
39	SYRUP-BTC BTC-SYRUP	upbit	B	0.0₅2630BTC	0,00%	0SYRUP	0	0.0₅2630BTC	0.0₅2630BTC
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