Finance platform Maple achieves a 2-year peak TVL (Total Value Locked) propelled by Syrup.fi.
In the ever-evolving world of decentralised finance (DeFi), two platforms, Maple Finance and Syrup Finance, have been making waves. Both platforms have been growing rapidly, attracting institutional and retail investors alike.
Maple Finance, a platform that enables lending and borrowing of cryptocurrencies for accredited and institutional investors, has reported over 80 institutional users borrowing against its pools. The platform offers several pools for lenders, including High Yield Secured Lending and High Yield Corporate Loan. The two largest pools on Maple are High Yield Secured and Blue Chip Secured, offering APY figures of 17% and 10%, respectively.
Syrup Finance, a DeFi yield platform that launched in June 2023, allows anyone to connect a non-custodial wallet and deposit crypto, targeting an APY of up to 15%. The yield in Syrup Finance is derived from Maple's provision of overcollateralised loans to institutions. Syrup Finance has been a significant contributor to Maple's growth, with its TVL doubling since the beginning of August.
Syrup Finance's TVL hit a record $83 million on August 29, 2023, reaching its highest level since the end of 2022. The platform's own data on Dune suggests a record aggregate TVL of over $359 million as of the same date. Syrup Finance's daily inflows hit a record $8 million on August 8.
In addition to its attractive yields, Syrup Finance offers so-called drips rewards to early users as a form of user engagement incentive. Since its June launch, Syrup's TVL has increased to $31.75 million. According to DefiLlama, the increase in Maple's liquidity has been driven by Syrup Finance.
However, the exact current Total Value Locked (TVL) for Maple Finance and Syrup Finance on Ethereum as of August 29, 2023, is not explicitly provided in the available search results. More up-to-date or historical blockchain analytics sources would be needed for precise August 2023 TVL figures.
Investors can deposit USDC or Wrapped Ether (WETH) in these pools and aim for an annual percentage yield (APY) of up to 20%. As the DeFi landscape continues to evolve, it will be interesting to see how these platforms continue to grow and innovate.
- Daily news in the realm of decentralized finance (DeFi) reveals the growth of Maple Finance and Syrup Finance, with these platforms offering APYs of up to 20% for investors who deposit USDC or Wrapped Ether (WETH) in their pools.
- In the world of technology and finance, daily news showcases the significant contributions of Syrup Finance to Maple Finance, with Syrup's TVL hitting a record of over $359 million as of August 29, 2023, and attracting institutional and retail investors alike.
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