Maple Finance
Maple's buyback mandate was set by 26 wallets. One held 30%.
Every SYRUP buyback since November 2025 was authorized by a governance mandate approved by 26 wallets. One of those wallets cast 30% of all votes.
Maple Finance
Maple Finance
Maple made 65M for depositors in 2025. SYRUP holders received 2M.
Three layers of fee extraction sit between borrower interest and any value reaching SYRUP buyers. The 32:1 ratio between depositor yield and buybacks is the structure, not a rounding error.
Maple Finance
Maple's Stress Test: 18% Is the Number
At 17.7% simultaneous borrower default, syrupUSDC NAV drops below $1.00. The integration surface in Aave and Morpho adds a cascade channel that isn't visible in Maple's own risk model.