Bubble
Maple Finance SYRUP
Maple Finance (SYRUP) was trading at $0.2039, ranked #153 by market cap at $237.80M, with 24h volume of $16.70M.
Data snapshot: 2026-09-02 12:15 UTC.
Maple Finance runs institutional lending on-chain, where professional credit teams underwrite borrowers rather than loans being purely overcollateralised by code. That means real credit risk sits behind the yield — Maple took losses when borrowers defaulted after the 2022 collapses — and the protocol has since moved toward more heavily collateralised lending. Maple operates in a part of the market most DeFi avoids: under-collateralised lending to institutions. Loans are underwritten by pool delegates who assess borrower creditworthiness, which reintroduces exactly the credit risk that over-collateralisation was designed to remove. The 2022 credit cycle showed what that means in practice — defaults occurred and lenders took losses. SYRUP is the protocol's token. It belongs on this map as the clearest case of on-chain credit risk, distinct from the liquidation risk that defines the rest of the lending group.
What is under-collateralised lending?
Lending where the borrower does not post collateral worth more than the loan, so repayment depends on their creditworthiness rather than on liquidating collateral.
How is that risk managed?
Through underwriting by pool delegates who assess borrowers, rather than through automated liquidation. That is credit analysis, not code.
What happened in 2022?
Several institutional borrowers defaulted during the credit contraction, and lenders in the affected pools took losses. It is the clearest on-chain example of credit risk materialising.
How does this differ from Aave's risk?
Aave's risk is that liquidations fail to clear fast enough. Maple's risk is that a borrower simply does not repay. They are different failure modes.
Market cap decides how big a bubble is drawn, so rank is what places SYRUP on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #120 | Falcon Finance (FF) | $338.86M |
| #131 | Pendle (PENDLE) | $306.77M |
| #153 | Maple Finance (SYRUP) | $237.80M |
| #167 | Convex Finance (CVX) | $216.12M |
| #173 | Compound (COMP) | $189.55M |