Maple Finance: On-chain Asset Management Platform for Institutional Capital Era

Key Points Summary

• Institutional investors entering the crypto market have driven the growing demand for professional asset management solutions. Maple Finance has emerged to fill this gap, establishing its position as an on-chain asset management platform.

• Maple not only connects lenders and borrowers, but also conducts structured assessments of borrowers and strategically manages collateral, making it operate more like a traditional asset management company. Recently, Maple also launched Bitcoin yield products, transforming Bitcoin from passive holding into an income-generating asset.

• As institutional participation increases, well-prepared asset management platforms like Maple are expected to establish early institutional relationships, and this advantage may translate into a long-term market leadership position.

1. The demand for asset management in the crypto market

In the traditional financial sector, large investors typically rely on professional institutions for asset management services. However, in the crypto market, structured and reliable asset management institutions are very scarce. This presents a clear opportunity for crypto asset management. Applying proven models from traditional finance to digital assets could unlock significant market potential.

As institutional participation in the crypto space accelerates, this demand is becoming increasingly significant. A key example is a tech company’s large-scale Bitcoin purchases that began in 2020. This momentum is further boosted after the approval of spot Bitcoin ETFs in the United States and Hong Kong in 2024.

Therefore, a market that was once dominated by retail investors is approaching its limit. The current environment requires professional asset management solutions tailored to institutional needs.

Maple Finance was created to meet this demand. Founded in 2019, the company combines traditional financial expertise with blockchain infrastructure and has steadily established its position as a leading on-chain asset management provider.

2. On-chain Asset Management: Maple Finance

The structure of Maple Finance is clear and straightforward. It facilitates credit-based on-chain lending by connecting fund providers with institutional borrowers.

After examining the actual operations of Maple Finance, it can be seen that the platform employs professional asset management practices that go beyond simple loan matching. It conducts thorough credit assessments of institutional borrowers and makes strategic decisions regarding fund allocation and loan terms.

Throughout the loan process, Maple also engages in active fund management, utilizing mechanisms such as collateral quality staking and re-lending. This operational model clearly goes beyond basic lending intermediaries and is closer to the functions of modern asset management companies.

3. Core Participants and Operating Mechanism of Maple Finance

Maple Finance's role as an on-chain asset management institution stems from its clear participant structure and systematic operational framework. Its product model is built around three core participant roles:

• Lender: Provides funds
• Borrower: The institution applying for the loan
• Principal: Manage the loan pool and conduct due diligence

This structure reflects the existing guarantee mechanisms in traditional finance. The operation of Maple Finance is similar. When a borrower applies for a loan, Maple's credit team sets the terms based on the collateral ratio and asset quality. Lenders provide funds, functioning similarly to depositors, while $SYRUP holders take on a governance role similar to shareholders, participating in decision-making at the protocol level.

It is worth noting that $SYRUP holders will also receive staking rewards funded by protocol revenue. 20% of the revenue is allocated for buybacks to support these rewards.

The differentiation of Maple lies in that it goes beyond being a basic loan intermediary, actively managing collateral – including enhancing capital efficiency through secondary lending and collateral staking. In certain cases, Maple also constructs loans based on the corporate guarantee of the parent company ( instead of traditional collateral ).

In fact, the services provided by Maple can compete with traditional financial institutions. It actively manages funds, rather than just connecting lenders and borrowers. This approach reinforces Maple's positioning as a trusted institutional-grade asset management company.

4. Core Products of Maple Finance

4.1 Maple Institutional

Maple Finance has established its position as an on-chain asset management institution by offering a diverse and structured product portfolio. Its products are mainly divided into lending products and asset management products, with each category designed to match investors with different risk tolerances and return objectives.

Lending products include Blue Chip ( and High Yield ) products. The Blue Chip product line is designed for conservative investors who prioritize capital preservation. The High Yield products are aimed at investors seeking higher returns and willing to take on greater risks.

Maple Finance's asset management products began with its BTC Yield ( BTC Yield ) product. This product was launched earlier this year, in response to the growing demand for Bitcoin from institutions. Its value proposition is simple: institutions do not need to passively hold Bitcoin, but can deposit BTC to earn interest, generating returns from existing assets.

Maple Finance's Bitcoin yield product utilizes dual staking ( provided by Core DAO. In this model, institutions securely store their Bitcoin with specific institutional-grade custodians and earn staking rewards by committing not to use their assets for a predetermined period.

Starting with Bitcoin yield products, Maple Finance plans to expand into a broader range of asset management products. This strategy is crucial for bridging the gap between institutional investors and the crypto market, addressing a long-standing unmet demand.

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) 4.2 syrupUSDC

To address the access limitations for general retail participants, Maple Finance has launched syrupUSDC and syrupUSDT—liquidity pools aimed at retail investors built on top of Maple's existing lending infrastructure and borrower network.

The funds raised through syrupUSDC will be lent to institutional borrowers from the Maple blue-chip and high-yield pools, who undergo the same credit assessment process as other Maple products. The interest generated from these loans is directly distributed to syrupUSDC depositors.

Although the yield is slightly lower than the level offered to institutional participants, Maple has introduced a "Drips" reward system to enhance long-term participation. Drips provide additional token rewards, which are compounded in the form of points every four hours. At the end of each season, points can be converted into SYRUP tokens.

In summary, syrupUSDC/USDT extends institutional-grade products to retail investors, combining accessibility with a structured rewards mechanism.

5. Key Differentiating Advantages of Maple Finance

The core differentiated advantage of Maple Finance lies in the implementation of its fully on-chain institutional-grade system. Maple does not solely rely on algorithmic lending protocols, but instead combines on-chain infrastructure with human expertise to create an environment that meets institutional standards.

5.1 A service developed by traditional financial experts

The Maple team includes professionals with decades of experience in traditional finance and credit assessment. Their expertise enables rigorous credit evaluations and robust risk management, forming the trust foundation required by institutional clients.

The core advantage of Maple lies in the integration of traditional finance and blockchain expertise. The team's dual-domain knowledge enables them to meet institutional expectations while providing on-chain solutions with operational credibility and technical precision.

( 5.2 Differentiated Risk Management System

Maple Finance's risk management approach reflects the expertise of its professional team and sets it apart from most DeFi protocols. Maple directly applies proven methodologies from traditional finance to on-chain.

Maple Finance has implemented a more prudent underwriting model. Borrower screening is conducted by its investment advisory division, Maple Direct. This credit-first approach, along with a preference for over-collateralized structures, allows Maple to manage risk from the outset.

In the event of a need for liquidation, Maple takes a different approach — issuing a 24-hour notice to give borrowers time to top up their collateral. If the borrower does not respond within the window period, liquidation will take place.

Maple executes settlements through pre-arranged over-the-counter ) OTC deals with market makers, ensuring controlled execution and reducing volatility.

Maple's withdrawal system is also very prominent. Maple processes withdrawals in order or in scheduled batches, providing users with a clear expectation of fund availability. This structured approach allows investors to plan effectively, adding certainty and confidence to Maple's risk management framework.

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( 5.3 Integrated Ecosystem Structure

Maple Finance has adopted a prudent growth strategy—prioritizing internal risk management and strategic synergy over rapid expansion. Before engaging in external collaborations, the team established a comprehensive risk framework. Maple does not blindly expand its scale but focuses on collaborating with core partners that can generate meaningful value creation.

This strategy is clearly reflected in the expansion of the syrupUSDC ecosystem. To enhance its influence in the DeFi space, Maple has partnered with leading platforms to achieve a diversified yield structure and multiple access points for users.

BTC yield products also reflect the same approach. Maple provides institutional-grade custody by collaborating with specific institutions, while generating yields through the dual staking model of Core DAO, addressing the two core issues of secure custody and effective deployment. Ultimately, this has formed an integrated system where custody and yield coexist without trade-offs.

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6. Maple Finance in 2025 and Beyond

In December 2024, Maple Finance released its strategic roadmap for 2025. About six months later, many of those goals have been achieved:

• The total locked value of Maple ) TVL ### exceeds 4 billion dollars.
• The first traditional finance (TradFi) partner has borrowed over 100 million USD through Maple Institutional.
• Syrup.fi's first DeFi integration exceeding $100 million
• Protocol revenue exceeds $25 million

Maple's long-term vision is ambitious. By 2030, the platform aims to achieve an annual loan volume management of $100 billion—nearly 45 times its current $22 billion portfolio size. Achieving this scale requires broadening its asset management product suite, deepening partnerships with traditional financial institutions, and attracting institutional investors globally.

The first strategic focus is to expand the adoption of BTC yield products. The second strategy involves expanding the range of asset products offered by Maple. If Maple can provide effective asset management services to generate additional returns from these assets, significant growth opportunities will arise.

7. Maple Finance: Moving Towards a More Prominent Position

The cryptocurrency market has always been driven by retail investors. As of now, the total market capitalization is approximately $3.29 trillion - still relatively small compared to the $51 trillion in U.S. Treasury bonds and $18-27 trillion in gold. These comparisons highlight the growth potential if cryptocurrency fully integrates into traditional asset classes.

Institutional investors will play a key role in driving this growth. However, their entry comes with higher expectations—including regulatory compliance, complex risk management, and secure custody solutions.

Maple Finance is positioned to serve this institutional niche market. Maple has built a comprehensive suite of financial services designed to meet institutional standards. Its strategy now includes expanding partnerships and contractual relationships with traditional financial institutions to further enhance credibility.

A recent milestone highlights its positioning: Maple announced the first phase of Bitcoin-backed financing with a certain financial institution.