Maple syrupUSDC DeFi Yield & Risk Rating
Maple syrupUSDC is an ERC-4626 lending pool on Ethereum where depositors earn yield from overcollateralized institutional loans. Interest is generated from fixed-rate lending to KYC'd borrowers with collateral held at institutional custodians.
AUM
$1b
Net APY
5%
Active Users
2k
Type
Lending
Network
Ethereum
CCC+
High RiskCeiling BBB-
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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 BBB- 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
MMarket73
LLiquidity46
CCollateral78
PMProtocol Mechanics70
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures60
GGovernance61
FRFinancial Resilience56
TLCTeam Legal Compliance63
DTDocumentation Transparency67
Performance
Assets Under Management · 30D▼ 2.99%
$1b
Over the last 30 days, the total value of Maple syrupUSDC has dropped 2.99% with $31.14M in outflows.
Supply APY · 30D▲ 1.83%
5%
Over the last 30 days, the APY has increased from 4.91% to 5.00%.
Active Users · 30D▲ 0.94%
2k
Over the last 30 days, active users have increased by 0.94%, reaching 2.4K wallets.
Market Details
ChainEthereum
Treasury$7.50M
Oracles UsedChainlink ↗
Asset ManagerMaple Direct
Stated Withdrawal TimeVariable
Component Ratings
Contract Addresses (7)
Key Strengths
S1Extensive audit coverage by multiple top-tier firms, with every core release audited before deployment
S2Active bug bounty program with a high maximum payout for critical vulnerabilities and a broad asset scope
S3Block-by-block invariant monitoring with automated on-call escalation to the engineering team
S4Zero depositor losses under the current overcollateralized lending model, including through recent market-wide stress events where overcollateralization held and redemptions were met
Key Risks
R1Permanent uncompensated lender losses under the protocol's earlier undercollateralized lending model trigger a deal breaker; the current model is architecturally different but the historical loss is not mitigated by age alone
R2The DAO multisig configuration is strong and independently verifiable, but signer identities are not publicly disclosed, so signer independence cannot be confirmed
R3Thin secondary market depth relative to pool size creates exit liquidity risk; most deposits are lent out and withdrawals are processed through a queue
R4High governance concentration, with a single address holding a large share of voting power and very low voter participation on recent proposals
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