Maple

Maple syrupUSDT

Maple Finance syrupUSDT is a lending vault on Ethereum where users deposit USDT to earn yield from overcollateralized institutional loans. Yield comes from fixed-rate interest paid by KYC'd borrowers whose collateral is held at institutional custodians in tri-party arrangements.

AUM

$440.21m-53.71%

Supply APY

4.22%+10.76%

CCC+Rated Protocol

Updated Mar 23, 2026

Risk Rating

CCC+

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This rating is based solely on publicly available information. The range from CCC+ to BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

LendingPool

0x356B...BA7D

PoolManager

0x0cdA...E21a

SyrupRouter

0xF007...5Ee2

AaveStrategy

0x2b81...37E0

GovernorTimelock

0x2eFF...426b

TreasuryMultisig

0xa946...0B19

GovernanceMultisig

0xd6d4...a196

OpenTermLoanManager

0x6160...FAFf

FixedTermLoanManager

0xC17a...aBDd

WithdrawalManagerQueue

0x86eB...eB8C

Key Strengths

Extensive audit program with audits by top-tier firms including Trail of Bits, Spearbit, Sigma Prime, Sherlock, and Dedaub
Active Immunefi bug bounty covering protocol smart contracts
DAO multisig verified as multi-signature wallet with GovernorTimelock enforcing a 24-hour delay on upgrades
Zero losses under V2 overcollateralized model through multiple years including the October 2025 stress event where redemptions were processed smoothly
Strong organic yield from real institutional lending to diversified borrowers, with consistent revenue growth

Key Risks

Historical V1 lender losses from undercollateralized lending defaults permanently impact the protocol's risk record
USDT denomination creates Tether counterparty exposure due to reserve opacity and regulatory uncertainty
Thin secondary market liquidity relative to protocol size creates potential exit constraints during stress
High governance concentration with limited voter participation in protocol decisions
Low treasury reserves relative to total protocol TVL, well below minimum backstop thresholds