Stress Tests
Tokenomics and economic design put under load. Where value actually accrues, and what breaks first.
4 reports
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 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'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.
Supply followed yield. Both went down. (Ethena stress test)
Ethena's supply collapsed from $14B to $5.92B as sUSDe yields compressed from 11% to 3.72%. This is what the economic stress test actually revealed.