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 GLC [@GLC_Research](/creator/twitter/GLC_Research) on x 6783 followers
Created: 2025-07-17 14:10:47 UTC
Q2 Product Performance || @maplefinance
Yesterday, we published our second quarterly report on Maple and its token $SYRUP. Given the depth of the report, we’ve decided to break it down into a series of shorter posts.
▫️Today, we’re starting with a focus on product performance over the past quarter.
Maple’s mission as an onchain asset manager is to build a comprehensive suite of financial products that can support a broad range of assets.
Currently, Maple’s offering is built around three products: Maple Institutional, the BTC Yield product, and SyrupUSDC.
▫️Here’s how each performed over the quarter:
As you can see, this quarter’s growth is primarily driven by SyrupUSDC(T), Maple’s yielding dollar, which contributed $1.5B in AuM.
The other two products saw more modest performance, with $100M in growth for the BTC Yield product and $200M for Maple Institutional.
▫️▫️ Behind SyrupUSDC growth ▫️▫️
This quarter, SyrupUSDC became the third-largest yield-bearing stablecoin, reaching a market cap of $920M at the time of writing.
This strong momentum was driven by integrations with leading DeFi protocols on Ethereum, a major allocation from Spark, and the successful launch on Solana.
▫️SyrupUSDC on Ethereum
Over the quarter, the amount of SyrupUSDC deposited across Ethereum money markets surged, alongside significant accumulation by Spark, which became one of the largest holders of the asset.
🔸Morpho: +64.2M (from 9.5M to 73.7M)
🔸Pendle: +103.5M (from 14.2M to 117.7M)
🔸Spark: +362.4M (from 22.9M to 385.3M)
Together, these represent over XX% of SyrupUSDC’s Ethereum supply actively deployed across DeFi protocols: X% on Morpho, XX% on Pendle, and XX% on Spark.
Additionally, ARFC proposal is live in Aave governance to onboard SyrupUSDC as a collateral asset on Aave V3, a potential catalyst for further growth in Q3.
▫️SyrupUSDC on Solana
Since June 5, 2025, SyrupUSDC has been available and mintable on @solana through a partnership with @chainlink. This launch played a significant role in SyrupUSDC’s impressive Q2 growth.
▫️Here are the key stats on Solana since launch:
🔸Market Cap: $56M → accounting for X% of SyrupUSDC’s total market cap ($920M)
🔸Holders: XXX → approximately XX% of total SyrupUSDC holders (3,032)
🔸Trading Volume: ≃$200M
The partnership with @Kamino has been the primary driver of SyrupUSDC’s success on Solana. In just a few weeks, $36M worth of SyrupUSDC has been supplied on Kamino, representing XX% of the total SyrupUSDC supply on Solana.
This makes SyrupUSDC one of the most actively used assets on the network.
▫️BTC Yield Product
The BTC Yield Product is currently "lagging" behind expectations.
Launched in Q1 in partnership with @Coredao_Org, the product initially gained strong momentum, quickly reaching over $180M in AUM, but has since declined to approximately $140M by quarter-end.
That said, we still see strong potential in this product. It offers approximately X% yield on $BTC, paid directly in $BTC, with institutional-grade security and assets remaining under qualified custody at all times.
Currently, access to the product is limited to accredited investors and institutions. However, it is expected that Maple will launch lstBTC, a liquid version of the product that will be integrated into DeFi, similar to SyrupUSDC.
In our view, this upcoming upgrade could be the catalyst that helps the product progress toward its $1.5B target by year-end.
▫️Maple Institutional
Maple Institutional is Maple’s pillar dedicated to enabling institutions to access overcollateralized lending. It currently comprises two offerings: "High Yield" and "Blue Chip." Both products are performing well and continue to grow steadily.
With $543M in AUM as of now, Maple Institutional has already surpassed XX% of its $1B year-end target, marking solid progress toward its goal.
▫️▫️Maple Finance 2025 Roadmap▫️▫️
At the end of Q1, Maple set a bold year-end TVL target of $4B.
With $2.5B already reached by the end of Q2, the goal now looks well within reach.
Breakdown of year-end targets:
🔸$1.5B for SyrupUSDC → Target reached ($2.12B)
🔸$1B for Maple Institutional → Currently at $619M
🔸$1.5B for the BTC Product → Currently at $175M
As you can see, SyrupUSDC has already surpassed its year-end target and continues to grow.
While the BTC Yield Product is currently behind, the upcoming launch of a liquid version is expected to drive renewed momentum.
This analysis is an excerpt from our quarterly report, a comprehensive breakdown of Maple Finance's performance in Q2.
Quarterly report in the first comment 👇
XXXXX engagements
**Related Topics**
[asset management](/topic/asset-management)
[onchain](/topic/onchain)
[token](/topic/token)
[maplefinance](/topic/maplefinance)
[$syrup](/topic/$syrup)
[syrup maple finance](/topic/syrup-maple-finance)
[coins defi](/topic/coins-defi)
[coins real world assets](/topic/coins-real-world-assets)
[Post Link](https://x.com/GLC_Research/status/1945848660283310550)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
GLC @GLC_Research on x 6783 followers
Created: 2025-07-17 14:10:47 UTC
Q2 Product Performance || @maplefinance
Yesterday, we published our second quarterly report on Maple and its token $SYRUP. Given the depth of the report, we’ve decided to break it down into a series of shorter posts.
▫️Today, we’re starting with a focus on product performance over the past quarter.
Maple’s mission as an onchain asset manager is to build a comprehensive suite of financial products that can support a broad range of assets.
Currently, Maple’s offering is built around three products: Maple Institutional, the BTC Yield product, and SyrupUSDC.
▫️Here’s how each performed over the quarter:
As you can see, this quarter’s growth is primarily driven by SyrupUSDC(T), Maple’s yielding dollar, which contributed $1.5B in AuM.
The other two products saw more modest performance, with $100M in growth for the BTC Yield product and $200M for Maple Institutional.
▫️▫️ Behind SyrupUSDC growth ▫️▫️
This quarter, SyrupUSDC became the third-largest yield-bearing stablecoin, reaching a market cap of $920M at the time of writing.
This strong momentum was driven by integrations with leading DeFi protocols on Ethereum, a major allocation from Spark, and the successful launch on Solana.
▫️SyrupUSDC on Ethereum
Over the quarter, the amount of SyrupUSDC deposited across Ethereum money markets surged, alongside significant accumulation by Spark, which became one of the largest holders of the asset.
🔸Morpho: +64.2M (from 9.5M to 73.7M) 🔸Pendle: +103.5M (from 14.2M to 117.7M) 🔸Spark: +362.4M (from 22.9M to 385.3M)
Together, these represent over XX% of SyrupUSDC’s Ethereum supply actively deployed across DeFi protocols: X% on Morpho, XX% on Pendle, and XX% on Spark.
Additionally, ARFC proposal is live in Aave governance to onboard SyrupUSDC as a collateral asset on Aave V3, a potential catalyst for further growth in Q3.
▫️SyrupUSDC on Solana
Since June 5, 2025, SyrupUSDC has been available and mintable on @solana through a partnership with @chainlink. This launch played a significant role in SyrupUSDC’s impressive Q2 growth.
▫️Here are the key stats on Solana since launch:
🔸Market Cap: $56M → accounting for X% of SyrupUSDC’s total market cap ($920M)
🔸Holders: XXX → approximately XX% of total SyrupUSDC holders (3,032)
🔸Trading Volume: ≃$200M
The partnership with @Kamino has been the primary driver of SyrupUSDC’s success on Solana. In just a few weeks, $36M worth of SyrupUSDC has been supplied on Kamino, representing XX% of the total SyrupUSDC supply on Solana.
This makes SyrupUSDC one of the most actively used assets on the network.
▫️BTC Yield Product
The BTC Yield Product is currently "lagging" behind expectations.
Launched in Q1 in partnership with @Coredao_Org, the product initially gained strong momentum, quickly reaching over $180M in AUM, but has since declined to approximately $140M by quarter-end.
That said, we still see strong potential in this product. It offers approximately X% yield on $BTC, paid directly in $BTC, with institutional-grade security and assets remaining under qualified custody at all times.
Currently, access to the product is limited to accredited investors and institutions. However, it is expected that Maple will launch lstBTC, a liquid version of the product that will be integrated into DeFi, similar to SyrupUSDC.
In our view, this upcoming upgrade could be the catalyst that helps the product progress toward its $1.5B target by year-end.
▫️Maple Institutional
Maple Institutional is Maple’s pillar dedicated to enabling institutions to access overcollateralized lending. It currently comprises two offerings: "High Yield" and "Blue Chip." Both products are performing well and continue to grow steadily.
With $543M in AUM as of now, Maple Institutional has already surpassed XX% of its $1B year-end target, marking solid progress toward its goal.
▫️▫️Maple Finance 2025 Roadmap▫️▫️
At the end of Q1, Maple set a bold year-end TVL target of $4B.
With $2.5B already reached by the end of Q2, the goal now looks well within reach.
Breakdown of year-end targets:
🔸$1.5B for SyrupUSDC → Target reached ($2.12B)
🔸$1B for Maple Institutional → Currently at $619M
🔸$1.5B for the BTC Product → Currently at $175M
As you can see, SyrupUSDC has already surpassed its year-end target and continues to grow.
While the BTC Yield Product is currently behind, the upcoming launch of a liquid version is expected to drive renewed momentum.
This analysis is an excerpt from our quarterly report, a comprehensive breakdown of Maple Finance's performance in Q2.
Quarterly report in the first comment 👇
XXXXX engagements
Related Topics asset management onchain token maplefinance $syrup syrup maple finance coins defi coins real world assets