{"id":"syrup","title":"Syrup","content":"**Syrup** is a yield-generating protocol built on top of [Maple’s](https://iq.wiki/wiki/maple-finance) institutional lending infrastructure. It offers access to fixed-rate, overcollateralized loans issued to institutional borrowers through [Maple’s](https://iq.wiki/wiki/maple-finance) platform. It allows users to [mint](https://iq.wiki/wiki/minting) and trade synthetic tokens that track the price of [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas) without requiring direct ownership of the underlying assets.  [\\[2\\]](#cite-id-9QvYXOLYpQ)​\n\n[YOUTUBE@VID](https://youtube.com/watch?v=xKKO0BWUf2s)\n\n## Overview\n\nSyrup is a [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) protocol developed by [Maple](https://iq.wiki/wiki/maple-finance) that provides access to institutional-grade yield for the [DeFi](https://iq.wiki/wiki/defi) ecosystem. It leverages [Maple’s](https://iq.wiki/wiki/maple-finance) established lending infrastructure to offer permissionless entry into secured lending markets. Users can deposit [USDC](https://iq.wiki/wiki/usdc) into the platform and receive [SyrupUSDC](https://iq.wiki/wiki/syrupusdc) LP tokens, which begin accruing yield immediately. The yield is generated through overcollateralized loans issued to crypto-native institutional borrowers, backed by liquid digital assets.\n\nBuilt on [Maple’s](https://iq.wiki/wiki/maple-finance) [smart contract](https://iq.wiki/wiki/smart-contract) framework and supported by its credit underwriting system Syrup is structured to offer transparent and secure access to yield. As the protocol expands, it is expected to integrate with other [DeFi](https://iq.wiki/wiki/defi) platforms to support interoperability, allowing features such as collateralization and liquidity provision through [SyrupUSDC](https://iq.wiki/wiki/syrupusdc) across broader [DeFi](https://iq.wiki/wiki/defi) networks  [\\[1\\]](#cite-id-O4AyKjlM1A) [\\[2\\]](#cite-id-9QvYXOLYpQ)​\n\n![](https://ipfs.everipedia.org/ipfs/QmaGdxTw1WtNhQbkdxJhxxMVrtyL2LCeGH8eMKeENkE3aW)\n\n## Key Features\n\n### Drip Rewards\n\nThe Drip Rewards program is a mechanism within the Syrup protocol that distributes SYRUP tokens as incentives for participation and sustained engagement. The program operates on a monthly cycle, referred to as a \"Season,\" during which users accumulate Drips—a unit representing eligibility for SYRUP rewards.Users earn Drips daily at a base rate of 1 Drip per 1 USDC deposited. This rate can be increased through specific activities, such as using integrated wallet partners or utilizing syrupUSDC across decentralized finance protocols.  [\\[6\\]](#cite-id-HOABhSTExX)​\n\n### **Staking**\n\nSyrup [staking](https://iq.wiki/wiki/staking) allows SYRUP token holders to earn rewards by participating in the economic activity of the [Maple](https://iq.wiki/wiki/maple-finance) ecosystem. Stakers receive stSYRUP, a token that accrues SYRUP rewards over time. Rewards are funded through a combination of token inflation (scheduled at 5% annually) and buybacks using revenue generated from lending fees.\n\nstSYRUP represents a non-custodial, decentralized staking position. Users can stake SYRUP to receive stSYRUP and may unstake at any time without a lock-up period. As rewards accumulate, the value of stSYRUP increases relative to SYRUP, though the number of stSYRUP tokens received per SYRUP decreases over time.  [\\[7\\]](#cite-id-kpOEKk0HPY) [\\[8\\]](#cite-id-nvUiijntOp)​\n\n## **Tokenomics**\n\n### **Syrup Token ($SYRUP)**\n\nThe SYRUP token's supply structure was defined through [Maple](https://iq.wiki/wiki/maple-finance) governance proposals MIP-009 and MIP-010. Under these proposals, the total SYRUP token issuance reflects the conversion of existing MPL tokens at a fixed rate of 1 MPL to 100 SYRUP, ensuring no dilution for existing MPL holders.  [\\[5\\]](#cite-id-EwFuJqzToI)​\n\n### **MPL to SYRUP Conversion**\n\nThe transition from MPL to SYRUP was initiated following the [Maple](https://iq.wiki/wiki/maple-finance) community’s approval of MIP-009 and MIP-010, which established the framework for token migration and future issuance. Under this arrangement, each MPL token can be converted into 100 SYRUP tokens. The total supply of SYRUP is projected to reach 1,228,740,800 by 2026, in line with the agreed inflation and issuance schedule detailed in MIP-009. [\\[3\\]](#cite-id-Kz5URB616w) [\\[4\\]](#cite-id-XpPhBTAlfN)​","summary":"Syrup is a decentralized platform designed to enhance liquidity and trading efficiency in the DeFi space, offering innovative solutions for users.","images":[{"id":"QmeLkVTVAyFuTm6PaHWUeyR1wXxRVLacVFpvKA7ULaeh2F","type":"image/jpeg, image/png"}],"categories":[{"id":"projects-and-protocols","title":"Projects & Protocols"}],"tags":[{"id":"RWA"},{"id":"DeFi"}],"media":[{"id":"https://www.youtube.com/watch?v=xKKO0BWUf2s","size":null,"name":"xKKO0BWUf2s","type":null,"source":"YOUTUBE"},{"id":"QmaGdxTw1WtNhQbkdxJhxxMVrtyL2LCeGH8eMKeENkE3aW","size":null,"name":"66ec3465c3e57e86e3a6e084_Twitter.-min.png","type":null,"source":"IPFS_IMG"},{"id":"QmeV3X8FoqDebxoPvjH1KLi3iTDsMP9XWhc4JHNYze8mF1","size":null,"name":"rys7ciQq_400x400.jpg","type":null,"source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[{\"id\":\"O4AyKjlM1A\",\"url\":\"https://syrup.gitbook.io/syrup\",\"description\":\"Syrup Documentation\",\"timestamp\":1744423602699},{\"id\":\"9QvYXOLYpQ\",\"description\":\"Syrup Docs: Introduction to SYRUP\\n\",\"timestamp\":1744424037872,\"url\":\"https://syrup.gitbook.io/syrup/syrup-token/mpl-to-syrup-migration\"},{\"id\":\"Kz5URB616w\",\"description\":\"Maple Finance Wiki\",\"timestamp\":1744424485573,\"url\":\"https://iq.wiki/wiki/maple-finance\"},{\"id\":\"XpPhBTAlfN\",\"description\":\"Syrup Docs: MPL --> SYRUP Conversion\",\"timestamp\":1744424537818,\"url\":\"https://syrup.gitbook.io/syrup/syrup-token/mpl-conversion\"},{\"id\":\"EwFuJqzToI\",\"description\":\"SYRUP Docs: SYRUP Tokenomics\",\"timestamp\":1744424736077,\"url\":\"https://syrup.gitbook.io/syrup/syrup-token/syrup-tokenomics\"},{\"id\":\"HOABhSTExX\",\"description\":\"SYRUP Docs: Drip Rewards\",\"timestamp\":1744424870093,\"url\":\"https://syrup.gitbook.io/syrup/syrup-token/drips-rewards\"},{\"id\":\"kpOEKk0HPY\",\"description\":\"SYRUP Docs: SYRUP Staking\",\"timestamp\":1744425560863,\"url\":\"https://syrup.gitbook.io/syrup/syrup-token/staking\"},{\"id\":\"nvUiijntOp\",\"description\":\"GateIO: A Comprehensive Overview of Syrup\\n\",\"timestamp\":1744425685755,\"url\":\"https://www.gate.io/learn/articles/a-comprehensive-overview-of-syrup/7479\"}]"},{"id":"website","value":"https://syrup.fi/"},{"id":"twitter_profile","value":"https://x.com/syrupfi"},{"id":"telegram_profile","value":"https://t.me/+6UdN_NkuRroyNGRl"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/syrupusdc"},{"id":"rootdata_profile","value":"https://www.rootdata.com/projects/detail/Syrup?k=MTI5NDk%3D"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmbZV4J1T2VzmvnL2hCnwSgQ2GVJUcKibeotKWYiGFBqPR\""},{"id":"commit-message","value":"\"Updated wiki content; 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