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.