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
4.75%
Active Users
3k
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 Permissions47
MMarket73
LLiquidity46
CCollateral78
PMProtocol Mechanics70
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures60
GGovernance61
FRFinancial Resilience56
TLCTeam Legal Compliance63
DTDocumentation Transparency67
Performance
Assets Under Management · 30D▼ 7.20%
$1b
Over the last 30 days, the total value of Maple syrupUSDC has dropped 7.20% with $100.83M in outflows.
Supply APY · 30D▼ 2.86%
4.75%
Over the last 30 days, the APY has decreased from 4.89% to 4.75%.
Active Users · 30D▼ 0.26%
3k
Over the last 30 days, active users have decreased by 0.26%, reaching 3.1K wallets.
Market Details
Component Ratings
Contract Addresses
Smart Contract0x80ac...f5Cc0b
PoolManager0x7aD5...B6158F
SyrupRouter0x134c...F8df76
GovernorTimelock0x2eFF...C0426b
OpenTermLoanManager0x6ACE...A10fAc
FixedTermLoanManager0x4A1c...63371b
WithdrawalManagerQueue0x1bc4...07cfE3
Key Strengths
S1Extensive audit program with multiple independent audits from top firms including Trail of Bits, Spearbit, and Sherlock
S2Active bug bounty on Immunefi with broad scope covering protocol smart contracts
S3Real-time invariant monitoring with automated alerting and escalation for anomaly detection
S4Zero losses under the V2 overcollateralized model through multiple market stress events including October 2025 volatility
Key Risks
R1Permanent uncompensated V1 lender losses trigger a Deal Breaker that cannot be mitigated by time alone
R2DAO multisig signer details not publicly disclosed despite controlling upgrades for a multi-billion dollar protocol
R3Thin secondary market liquidity relative to TVL creates exit constraints under stress scenarios
R4Extreme governance concentration with limited voter participation in key protocol decisions
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