What is Maple Finance (SYRUP Coin)? How to buy?

Source: BTCHaber Original Title: What is Maple Finance (SYRUP coin)? Original Link: https://www.btchaber.com/maple-finance-syrup-coin-nedir/

What is Maple Finance?

Maple Finance is a digital asset lending platform aimed at improving processes in traditional markets. The project’s cryptocurrency, formerly known as MPL, is now SYRUP. Aiming to revolutionize capital markets through digital assets, Maple operates in the digital economy by providing unsecured lending for institutions and income opportunities for lenders.

When evaluating Maple Finance, both the Maple and Syrup sides should be considered. Maple encompasses the infrastructure for institutional credit services. Syrup, on the other hand, includes the smart contracts that manage the on-chain lending process.

Founder of Maple Finance

Maple Finance was founded in 2021 by Sid Powell and Joe Flanagan. Sid Powell, who has a banking background, currently serves as the CEO of Maple Finance. Recognizing the potential of Web3 technology to solve inefficiencies in traditional markets, Sid and Joe developed Maple Finance. The project’s cryptocurrency, SYRUP coin, was launched in 2024.

How Does Maple Finance Work?

Maple Finance operates by creating a marketplace for corporate credit. This marketplace is managed by smart contracts. Liquidity providers deposit stablecoins into specific pools. In return, they receive syrupUSDC or syrupUSDT based on their deposited assets. The more funds used in lending within the pool, the higher the value of these assets.

Professional users known as pool managers act as fund managers. They are responsible for reviewing and selecting corporate borrowers, setting loan terms, managing risk, and conducting necessary due diligence on behalf of the investors in the pool.

Corporate investors are the borrowers. They apply for loans from the pools. All details of the lending process are recorded on the blockchain as on-chain contracts.

What is SYRUP Coin?

SYRUP coin is the governance token used in Maple Finance. It is created according to the ERC-20 token standard. The total supply is 1.21 billion SYRUP. This supply is controlled through minting and burning mechanisms by authorized modules. Users holding the previous token MPL can transfer their assets to SYRUP on a one-to-one basis.

Liquidity tokens are known as syrupUSDC and syrupUSDT. These are the tokens received by liquidity providers when they deposit funds into the pool. They are created according to the ERC-4626 token standard.

Where to Buy SYRUP?

To buy SYRUP, you first need to create an account on a cryptocurrency exchange. Then, complete the identity verification process for your account. To complete the purchase, you must have a balance in your wallet. If you do not have a balance, you can choose payment methods such as bank transfer or credit card. After depositing your funds, you can purchase the desired amount of assets.