Maple Finance
Every Maple number on this page is rebuilt from contract events and state on Ethereum and Robinhood Chain (239-contract registry), except OTC desk revenue (published by Maple) and SYRUP price (CoinGecko).
The business: revenue, AUM, multiple
| pool | TVL (AUM) | share | deposits | collateral | loans out | utilization |
|---|---|---|---|---|---|---|
| Syrup USDC | $2.76B | 58.6% | $970.7M | $1.79B | $1.04B | 106.7% |
| High Yield Secured Lending Maple Pool USDC1 | $864.0M | 18.3% | $339.5M | $524.5M | $337.9M | 99.5% |
| Syrup USDT | $668.1M | 14.2% | $233.9M | $434.2M | $313.3M | 133.9% |
| syrupUSDG | $410.9M | 8.7% | $115.4M | $295.5M | $204.8M | 177.4% |
| AQRU Maple Pool USDC1 | $7.9M | 0.2% | $7.9M | $0 | $7.4M | 93.4% |
| Orthogonal Credit Maple Pool USDC1 | $348K | 0.0% | $348K | $0 | $0 | 0.0% |
| M11 Credit Maple Pool USDC2 | $196K | 0.0% | $196K | $0 | $0 | 0.0% |
| Opportunistic High Yield Maple Pool USDC1 | $1K | 0.0% | $1K | $0 | $0 | 0.0% |
| year | months | onchain rev | OTC / offchain | total revenue | AUM (yr-end) | mcap (yr-end) | P/S | buybacks |
|---|---|---|---|---|---|---|---|---|
| 2024 | 12 | $1.7M | $974K | $2.6M | $185.1M | $87.4M | 33.1x | |
| 2025 | 12 | $7.9M | $7.4M | $15.3M | $2.11B | $374.2M | 24.5x | $2.4M |
| 2026 | 10 | $11.0M | $4.6M | $15.7M | $1.79B | $265.5M | 16.9x | $973K |
Onchain revenue = open-term ClaimedFundsDistributed (platform + delegate fees) + fixed-term ManagementFeesPaid / ServiceFeesPaid / OriginationFeesPaid + strategy StrategyFeesCollected. WETH pools excluded. OTC / offchain = Maple-reported monthly revenue (transparency page) − our onchain fees. It reconciles to Maple's published OTC desk revenue within ~$60k in most months.
Lenders and borrowers
Lenders = distinct share recipients of ERC-4626 Deposit on every USD Maple pool. Borrowers = loan.borrower() for every loan that made a payment (ClaimedFundsDistributed, fixed-term fee events). Rebuilt from contracts; replaces the Dune versions.
syrupUSDG: Maple's Robinhood channel
syrupUSDG is the Maple pool built for USDG. Most of it sits on Robinhood Chain as collateral in Robinhood Earn; the loans and the fees live on Ethereum.
| loan | payments | principal repaid | interest | maple rev | first | last |
|---|---|---|---|---|---|---|
| 0x90de…8e59 | 4 | $0 | $787K | $107K | 2026-07-10 | 2026-10-09 |
| 0x84a6…4334 | 2 | $0 | $363K | $41K | 2026-07-15 | 2026-09-09 |
| 0x8536…cdb1 | 34 | $97.0M | $171K | $28K | 2026-07-08 | 2026-10-08 |
| 0xb695…6fed | 2 | $15.0M | $149K | $23K | 2026-09-18 | 2026-10-07 |
| 0x7ceb…ee32 | 1 | $0 | $55K | $9K | 2026-09-18 | 2026-09-18 |
| 0x2d70…9286 | 1 | $7.6M | $19K | $2K | 2026-07-15 | 2026-07-15 |
| 0x2f9b…8adc | 1 | $0 | $11K | $2K | 2026-10-08 | 2026-10-08 |
| 0x603c…ef35 | 1 | $1.5M | $9K | $1K | 2026-09-09 | 2026-09-09 |
| 0xa437…ebd7 | 2 | $1.0M | $5K | $652 | 2026-08-02 | 2026-08-06 |
| 0x3d04…6f84 | 1 | $0 | $1K | $317 | 2026-08-21 | 2026-08-21 |
| 0x6f99…62f9 | 1 | $0 | $149 | $37 | 2026-06-30 | 2026-06-30 |
| 0x8c39…a71d | 1 | $10 | $0 | $0 | 2026-06-24 | 2026-06-24 |
| 0xb1b5…b8e7 | 1 | $2 | $0 | $0 | 2026-07-02 | 2026-07-02 |
| 0x678e…f0f3 | 1 | $10 | $0 | $0 | 2026-08-26 | 2026-08-26 |
| 0x9a77…9f93 | 1 | $5 | $0 | $0 | 2026-06-24 | 2026-06-24 |
SYRUP: value accrual
Buyback amounts and SSF holdings are Maple-reported (transparency page). June, July and August 2026 are verified onchain: each matches a SYRUP withdrawal from Binance that ends in the same wallet (0x99f0…a9ca), within a few tokens (July exactly). Maple executes buybacks on a centralised exchange, not onchain.