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

Key Points Summary

• With institutional investors entering the crypto market, the demand for professional asset management solutions is rising. Maple Finance fills this gap and establishes its position as an on-chain asset management platform.

• Maple not only connects lenders and borrowers, but also conducts structured assessments of borrowers, strategically manages collateral, and operates more like a traditional asset management company. Recently launched a Bitcoin yield product that turns Bitcoin into an income-generating asset.

• With institutions entering the crypto space, well-prepared asset management platforms like Maple are expected to establish early institutional relationships, which could translate into long-term market leadership.

1. The demand for asset management in the crypto market

In the traditional financial sector, large asset investors typically rely on professional asset management services. However, in the crypto space, managing large-scale assets is complex and carries high risks. Structured and reliable asset management institutions are scarce, which presents opportunities for crypto asset management.

As institutional participation in the crypto space deepens, the demand for professional and structured asset management is becoming increasingly important. One example is the large-scale Bitcoin purchases by Strategy Company that began in 2020. This momentum is further enhanced after the approval of spot Bitcoin ETFs in the United States and Hong Kong in 2024.

The market, once dominated by retail investors, is approaching its limits. The current environment requires specialized asset management solutions tailored to institutional needs.

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

2. On-chain Asset Management: Maple Finance

Maple Finance's structure is simple and clear, connecting capital providers with institutional borrowers to facilitate credit-based on-chain lending.

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 capital management, utilizing mechanisms such as collateralized staking and re-lending. This operational model clearly goes beyond basic lending intermediaries and is more akin to the functions of modern asset management companies.

3. Core Participants and Operating Mechanism of Maple Finance

The operation of Maple Finance revolves around three key participant roles:

• Lender ( LP ): providing funds
• Borrower: The institution applying for the loan
• Authorizer: manage the lending pool and conduct due diligence

This structure reflects the security mechanisms in traditional finance. Maple's credit team sets the terms based on collateral ratios and asset quality. Lenders function similarly to depositors, while $SYRUP holders take on the role of shareholders, participating in decision-making at the protocol level.

$SYRUP holders also receive staking rewards funded by protocol revenue. 20% of the revenue is used for buybacks to support these rewards.

The differentiation of Maple lies in its ability to go beyond basic loan intermediation, actively managing collateral, including secondary lending and collateral staking to enhance capital efficiency. In certain cases, loans are also constructed based on guarantees from the parent company's business.

In fact, the services provided by Maple can compete with those of traditional financial institutions. It actively manages funds and reinforces its positioning as a trusted institutional-grade asset management company.

4. Core Products of Maple Finance

4.1. Maple Institutional

Maple Finance has established itself as an on-chain asset management institution through a diversified and structured product portfolio. The products are mainly divided into lending products and asset management products.

Lending products include blue-chip and high-yield products. Blue-chip products are designed for conservative investors and only accept mature assets such as Bitcoin and Ethereum as collateral. High-yield products target investors seeking higher returns and actively manage over-collateralized assets.

Asset management products start with BTC yield products. This product allows institutions to deposit BTC to earn interest, generating returns from existing assets. It utilizes dual staking provided by Core DAO, where institutions securely store Bitcoin in a custody institution and earn staking rewards by committing not to use the assets for a specified period.

Maple Finance plans to expand from Bitcoin yield products to 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-unmet demand.

4.2 syrupUSDC

To address the issue of retail participation restrictions, Maple Finance has launched syrupUSDC and syrupUSDT, which are liquidity pools targeted at retail investors. The funds raised through syrupUSDC will be lent to institutional borrowers from Maple's blue-chip and high-yield pools.

The syrup pool is independently managed, lowering the entry barrier for retail users. Maple has introduced the "Drips" reward system to enhance long-term participation and provide additional token rewards. Through this incentive mechanism and active fundraising strategy, Maple Finance has attracted approximately $1.9 billion in USDC and USDT.

5. Key Differentiating Advantages of Maple Finance

5.1. Services developed by traditional finance experts

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

Leadership Team Background:

• CEO Sidney Powell: National Australia Bank and Angle Finance asset management experience
• Co-founder Joe Flanagan: PwC advisor, Axsesstoday CFO
• CTO Matt Collum: Senior Engineer at Wave HQ, Founder of Every
• COO Ryan O'Shea: Strategic work experience at Kraken

Maple's core advantage lies in the fusion 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 applies the methodologies validated in traditional finance to on-chain. Key components include:

• Loan Assessment: Borrower screening conducted by Maple Direct, implementing a prudent underwriting model.
• Liquidation process: Issue a 24-hour notice, allowing borrowers time to provide additional collateral.
• Settlement Execution: Ensure controlled execution through OTC transactions arranged in advance with market makers.
• Withdrawal System: Processes withdrawals in order or at scheduled batches, providing users with a clear expectation of fund availability.

This structured approach adds certainty and confidence to Maple's risk management framework.

5.3. Integrated Ecosystem Structure

Maple Finance adopts a prudent growth strategy, prioritizing internal risk management and strategic synergies. Collaborating with leading platforms such as Spark and Pendle, it has achieved a diversified revenue structure and multiple user access points.

BTC yield products offer institutional-grade custody through partnerships with BitGo and Copper, while generating returns through the dual staking model of Core DAO, creating an integrated system where custody and yield coexist.

6. Maple Finance in 2025 and Beyond

Maple Finance released its strategic roadmap in December 2024, with many goals already achieved:

• TVL exceeds 4 billion USD
• The first TradFi partner has borrowed over $100 million through Maple Institutional.
• Syrup.fi's first DeFi integration exceeding $100 million
• Protocol revenue exceeds $25 million

By 2030, Maple aims to achieve an annual loan management volume of $100 billion. Strategic focuses include:

1. Expand BTC yield product adoption
2. Expand the range of asset products and extend income-generating products to various digital assets.

7. Maple Finance: Moving Towards a More Prominent Position

Institutional investors will play a key role in driving growth in the cryptocurrency market. Maple Finance aims to serve this institutional segment by building comprehensive financial services to meet institutional standards.

Recent milestone: Reached the first phase of Bitcoin-backed financing arrangement with Canto Fitzgerald, which plans to provide up to $2 billion in initial funding.

The next 2-3 years will determine which platforms can become leaders in the institutional crypto finance space. Maple's proven institutional track record gives it a strong advantage.