Maple
Maple syrupUSDC
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
$1.84b+7.56%
Supply APY
4.44%-8.26%
CCC+Rated Protocol
Updated Mar 11, 2026Risk Rating
CCC+
This rating is based solely on publicly available information. 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.
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
Challenge this ratingContract Addresses
LendingPool
0x80ac...Cc0b
PoolManager
0x7aD5...158F
SyrupRouter
0x134c...df76
GovernorTimelock
0x2eFF...426b
OpenTermLoanManager
0x6ACE...0fAc
FixedTermLoanManager
0x4A1c...371b
WithdrawalManagerQueue
0x1bc4...cfE3
Key Strengths
- Extensive audit program with multiple independent audits from top firms including Trail of Bits, Spearbit, and Sherlock
- Active bug bounty on Immunefi with broad scope covering protocol smart contracts
- Real-time invariant monitoring with automated alerting and escalation for anomaly detection
- Zero losses under the V2 overcollateralized model through multiple market stress events including October 2025 volatility
- Strong organic yield from real institutional lending activity with consistent revenue growth
Key Risks
- Permanent uncompensated V1 lender losses trigger a Deal Breaker that cannot be mitigated by time alone
- DAO multisig signer details not publicly disclosed despite controlling upgrades for a multi-billion dollar protocol
- Thin secondary market liquidity relative to TVL creates exit constraints under stress scenarios
- Extreme governance concentration with limited voter participation in key protocol decisions
- Treasury at a fraction of TVL falls well below minimum backstop thresholds for a protocol of this scale
Market Overview
ChainEthereum
Treasury$7.50M
Oracles Used
Stated Withdrawal TimeVariable
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