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In this edition, we’re covering Maple’s August Update a comprehensive snapshot of Maple’s performance in August, highlighting key metrics, syrupUSDC’s expansion, and the latest ecosystem developments.

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Let’s get into it.

Key Takeaways

• Strong protocol growth: AUM and active loans both up +15% in August, with revenues hitting a new ATH of $1.41M (+8% MoM).
  

• syrupUSDC expansion: Supply surpassed $1B, boosted by Spark allocations ($630M) and rapid adoption on Solana (~$150M TVL across Jupiter, Kamino, Drift).
  

• Yield recovery: syrupUSDC yield rebounded from 6.3% in July to 6.9% in August, supported by higher borrowing demand and stronger DeFi returns.
  

• Ecosystem innovation: New Pendle pool, collateral integrations on Solana, and the launch of the Maple Kit ($250K incentives) are accelerating adoption.
  

• $SYRUP token resilience: Despite lower trading volume, price rose +14% and holders +10%.

Introduction

Welcome back to our Monthly Maple Update.

With August now behind us, a month that is traditionally quiet for our industry, it is the perfect moment to review the protocol’s performance and share key insights.

We will also take this opportunity to highlight the latest developments and the expansion of syrupUSDC, Maple Finance’s flagship yielding dollar, which has just reached the symbolic milestone of 1 billion dollars in supply.

Let’s dive in, starting with the protocol’s performance.

Protocol Performance

To kick off this monthly update, here’s a look at the evolution of Maple’s key metrics between August 1st and August 31st: 

Maple’s Protocol Metrics

• Asset Under Management (AUM): +15% (from $2,89B to $3,33B)

• Active Loans: +15% (from $1,16B to $1,34B)

• Revenue in ATH ($1.41M): +8% month-over-month

Maple’s Token: $SYRUP Metrics

• Token Holders: +10% (from 11,400 to 12,600)

• Monthly Trading Volume: -49% (from $3.95B to $1.98)

• Token Price: +14% (from $0.414 to $0.472)

As you can see, all protocol metrics have shown strong growth and it's even more impressive considering these results reflect just a 30-day period.

We’ll now dive into the key factors behind these changes, starting with the protocol metrics.

Maple’s Protocol Performance 

We believe Maple delivered a solid month in August across its protocol metrics. Both AUM and active loans increased by 15%, which on an annualized basis represents over 400% growth.

What stands out most is that active loans have tracked AUM growth closely. This is critical because maintaining, or ideally narrowing, the gap between AUM and deployed loans is essential to preserving healthy yields for protocol lenders and syrupUSDC holders.

On the revenue side, as we have highlighted in previous reports, Maple historically experienced a “revenue lag” compared to the rapid growth in TVL and AUM. This dynamic is natural in a permissionless environment since liquidity can be onboarded quickly, while deploying that liquidity into loans with institutional borrowers requires negotiation, due diligence and risk management. This inevitably creates a short-term delay between inflows and revenue generation.

That gap is now closing. Maple’s growth is translating into consistent revenue expansion, with new all-time highs being reached each month. In August, revenues reached $1.4 million, which annualizes to approximately $16.8 million and continues to grow month over month. With a year-end target of $30 million in ARR, Maple is still on track to meet its objectives.

In summary, the liquidity pipeline built up in recent months is now being effectively deployed, converting into tangible revenue and underscoring the strength and sustainability of Maple’s growth trajectory.

Maple’s Key August Developments

Maple’s AUM growth in August was driven primarily by syrupUSDC, its yielding dollar product, which has been the main focus of Maple’s efforts over the past month. SyrupUSDC continues to expand across multiple chains and the largest money markets in the ecosystem.

During August, syrupUSDC’s AUM grew from $1.91B to $2.28B, an increase of $375M (+19%), supported in large part by Spark. Spark boosted its allocation by $100M on August 5, another $50M on August 13, and an additional $50M on September 4.

Spark now holds a total allocation of $630M in syrupUSDC, representing 17.6% of its liquidity layer. Spark’s appetite for Maple’s yielding dollar stems from the fact that it offers one of the highest and, more importantly, most consistent yield products in the ecosystem. Allocations are expected to continue increasing in the coming months.

Maple’s Expansion on Solana 

August also marked a major milestone with the expansion of syrupUSDC on Solana. After its successful launch in June via Chainlink CCIP, syrupUSDC was initially only available on Kamino. On August 13, however, it went live on Drift as a collateral asset. This means users can now trade futures while posting syrupUSDC as collateral and simultaneously earning a consistent yield—a true innovation and a powerful new use case for Maple’s yielding dollar.

Later in the month, on August 27, syrupUSDC also became a collateral asset on the newly launched Jupiter Lend, with strong incentives to kick off adoption. Similar to Kamino, Jupiter Lend enables users to borrow against syrupUSDC collateral and loop the process to amplify yields.

On both Jupiter and Kamino, users can currently loop up to 8x, pushing potential yields to nearly 30%. For those interested in advanced yield strategies, exploring Solana’s money markets may be worthwhile.

Since its launch in June, syrupUSDC’s adoption on Solana has been a remarkable success. Supply has grown from literally zero to nearly $200M—representing about 15% of total syrupUSDC supply—distributed as follows:

• $106M TVL on Jupiter Lend

• $56M TVL on Kamino

• $5M TVL on Drift

Notably, the number of holders on Solana (2,333) has now surpassed that on Ethereum (2,212).

This strong momentum on Solana has been a key driver in pushing syrupUSDC past the $1B supply milestone, with current supply standing at $1.13B at the time of writing.

New Pendle pool maturity: syrupUSDC

On August 14, Maple and Pendle relaunched a new pool with maturity set for October 30 (48 days remaining).

In our view, Pendle is the best tool to gain exposure to syrupUSDC yield, particularly with the ongoing Drips X5 campaign, which creates very attractive short-term opportunities through the YT.

With the PT currently trading at 9.4% vs 7% native yield, this sets up a significant YT opportunity.

Just last week, we released a strategy that can deliver between 8–26% ROI until maturity, or up to 170% APY annualized via the YT.

If you are interested, you can access our article here 

Since bottoming at 6.3% in July, the yield on syrupUSDC has steadily recovered, rising to 6.6% and then 6.9% throughout August, where it currently stands.

This rebound is largely driven by improving market conditions:

• Higher borrowing demand across Maple’s credit pools has pushed up interest rates, directly benefiting syrupUSDC holders.

• Collateral deployed into DeFi protocols has also generated stronger returns, supported by increased activity and liquidity incentives across money markets.

Overall, these dynamics have contributed to a healthier yield environment, which is a positive signal both for the YT strategy we published last week and for all syrupUSDC holders.

Maple Kit launch

To further accelerate the expansion of syrupUSDC, Maple launched the “Maple Kit” on August 22. This integration toolkit allows crypto builders to onboard Maple’s yielding dollar in just a few minutes or hours, a process that previously could take several days or even weeks when done manually.

This is a major step forward. To incentivize adoption, Maple has also introduced $250K in rewards for builders who integrate syrupUSDC using the Kit.

syrupUSDC’s expansion continues at a rapid pace, and yield sourced from the institutional credit markets via Maple will soon be available across the entire ecosystem

Maple’s Token: SYRUP Token Performance 

Regarding the Syrup governance token, August was a relatively quieter month, with trading volumes declining compared to previous months.

That said, the token still delivered solid performance, posting +14% price growth over the period and a +10% increase in holders.

The drop in trading activity is not a concern in our view. August is historically a slower month across financial markets, and Maple has just come off a strong run in recent months with multiple Tier 1 CEX listings. It is therefore natural to see activity around the token stabilize.

As for token-specific news, there were no major updates to report in August.

Closing Thoughts

August was another month of strong execution and continued momentum for Maple. The protocol delivered double-digit growth across both AUM and active loans, while revenues hit new all-time highs, confirming that the “revenue lag” observed earlier in the year is now closing.

syrupUSDC remains the clear growth engine, with significant traction on Solana, increasing allocations from major partners like Spark, and new integrations through Drift, Jupiter Lend, and Pendle. The launch of the Maple Kit further strengthens the product’s expansion potential by making integrations faster and easier for builders across the ecosystem.

On the governance side, the Syrup token showed resilience with healthy gains in both price and holders, despite lower trading volumes in what is historically a quieter month for markets.

Looking ahead, Maple is well-positioned to sustain its trajectory, converting its growing TVL into revenue and continuing to scale syrupUSDC as one of the ecosystem’s most consistent and innovative yield products.

Hope you enjoyed reading this Monthly Update about Maple.

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Stay tuned, more in-depth insights are coming your way soon.