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
$481m
Net APY
4.12%
Active Users
1k
Type
Lending
Network
Ethereum
CCC+
High RiskCeiling BB+
AAAAAABBBBBBCCCCCCD
CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. 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.
SCSSmart Contract Security87
KMPKey Management Permissions64
MMarket60
LLiquidity46
CCollateral78
PMProtocol Mechanics70
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures60
GGovernance61
FRFinancial Resilience56
TLCTeam Legal Compliance63
DTDocumentation Transparency67
Performance
Assets Under Management · 30D▲ 24.95%
$481m
Over the last 30 days, the total value of Maple syrupUSDT has grown 24.95% with $96.10M in inflows.
Supply APY · 30D▼ 7.21%
4.12%
Over the last 30 days, the APY has decreased from 4.44% to 4.12%.
Active Users · 30D▲ 0.66%
1k
Over the last 30 days, active users have increased by 0.66%, reaching 1.1K wallets.
Market Details
ChainEthereum
Treasury$10.00M
Oracles UsedChainlink Price Feeds ↗Chainlink CCIP ↗
Asset ManagerMaple Direct
Stated Withdrawal TimeVariable
Component Ratings
Contract Addresses
Smart Contract0x356B...d5BA7D
PoolManager0x0cdA...F9E21a
SyrupRouter0xF007...1e5Ee2
AaveStrategy0x2b81...CA37E0
GovernorTimelock0x2eFF...C0426b
TreasuryMultisig0xa946...FD0B19
GovernanceMultisig0xd6d4...03a196
OpenTermLoanManager0x6160...F4FAFf
Key Strengths
S1Extensive audit program with audits by top-tier firms including Trail of Bits, Spearbit, Sigma Prime, Sherlock, and Dedaub
S2Active Immunefi bug bounty covering protocol smart contracts
S3DAO multisig verified as multi-signature wallet with GovernorTimelock enforcing a 24-hour delay on upgrades
S4Zero losses under V2 overcollateralized model through multiple years including the October 2025 stress event where redemptions were processed smoothly
Key Risks
R1Historical V1 lender losses from undercollateralized lending defaults permanently impact the protocol's risk record
R2USDT denomination creates Tether counterparty exposure due to reserve opacity and regulatory uncertainty
R3Thin secondary market liquidity relative to protocol size creates potential exit constraints during stress
R4High governance concentration with limited voter participation in protocol decisions
Institutional-Grade Research
Delivered to Your Inbox
In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more
Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.
