Cryptocurrencies

On May 28, it launched Maple Finance, an institutional lending platform in the financial sector.

On May 28, Maple Finance, an institutional lending platform in the decentralized finance (DeFi) space, launched Syrup, a new protocol aimed at providing institutional yield to the DeFi community.

The syrup launch comes after the company faced major challenges due to the collapse of FTX-Alameda, including severing ties with Orthogonal Trading in December 2022.

Free the drink

Syrup provides users with unauthorized access to secured institutional loans. By depositing Circle USD (USDC) on the platform, users receive USDC Liquidity Pool (LP) tokens, which they can use to get a return.

According to the press release, Maple Finance will use fully collateralized loans from the “largest” crypto institutions to capture the resulting yield – a move viewed with skepticism by some in the community in light of the FTX-Alameda debacle.

source: mowed

about: The former CEO of FTX was sentenced to 7.5 years in prison after pleading guilty.

How sweet is too sweet?

Maple Finance faced defaults due to its exposure to FTX-related entities, such as Orthogonal Trading, which defaulted on $36 million in loans. The default impacted Maple’s loan pools and resulted in significant losses for the platform’s lenders.

source: Drop Fighter

Members of the X community have expressed mixed reactions to the drink’s launch. Many users questioned the need to introduce a new token, while others expressed lingering distrust due to FTX-Alameda’s unresolved issues.

An X user’s response to Maple Finance’s announcement included the community’s general concern:

“It’s easy to unload here. But the joke is that you are combining kycdless amla lenders with amalgamated borrowers and I think… passing the burden on to the borrowers that this is an impermissible aggregation without kycd aml lenders? Since you are a technology platform, you don’t have to do this.

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Concerns About MPL Token Migration

In the announcement, Maple Finance also introduced the SYRUP token, which allows holders to stake and participate in the ecosystem.

Holders of Maple Finance’s native MPL token can upgrade to SIRUP on an individual basis without providing for further dilution.

An X user raised concerns about “the need for a new token” and the MPL migration:

“A new protocol powered by Maple has been introduced, but why do we need a new token and migrate $MPL to this new token? Why not just use $MPL to run the new protocol?

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However, its companion protocol, Sugar.fi, has addressed the issue, explaining that it is “just an MPLv2 codename.”

source: drink.fi

Maple Finance will host a webinar on June 4 at 7 p.m. UTC to discuss the inner workings of the Syrup launch.

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