Maple Finance (SYRUP)
Institutional private-credit leader with a record ~$2B loan book, a Kraken on-chain warehouse (Jun 25) and a Revolut listing (Apr 30, UK/EU). But the 1.6x price-to-fees pitch uses gross fees; the token keeps ~$12-13M revenue, so it trades ~14x. Core Foundation injunction unresolved.
Ranked 8th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
SYRUP scores 168 of 250 across the 25-variable framework, which places it 8th of 251 rated tokens and inside the top 5% of the set. The framework verdict is HOLD.
SYRUP is a top-10 name in the set on 4 variables. The score rests on TVL Trend 9/10, 1st of 251, Buyback and Burn 9/10, 2nd of 251, Team Execution 8/10, 3rd of 251 and Real Staking Yield 7/10, 5th of 251.
93.5% of eventual supply is already circulating, so vesting is not a live risk for SYRUP. Price has to be justified by demand rather than absorbed against a cliff.
The framework score gained 93 points against the previous pass (75 to 168). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 7 | 10th of 251 | |
| Revenue Trend | 7 | 6th of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 7 | 5th of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 9 | 10th of 251 | |
| Buyback and Burn | 9 | 2nd of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 9 | 1st of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 7 | 14th of 251 | |
| Institutional Adoption | 8 | 9th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 8 | 3rd of 251 | |
| Treasury Runway | 7 | 11th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
$100M ARR target 2026, 25% revenue buybacks, institutional DeFi lending leader
Principal risk
Credit default risk (2022 FTX/Alameda losses), Core Foundation injunction unresolved, ARR is projection not achieved
Market and supply
| Price | not published |
| Market cap | not published |
| Circulating supply | 1,163,296,772 |
| Eventual supply (total supply) | 1,244,677,492 |
| Dilution to full supply | 1.07x |
| Total value locked | $2.50B |
| Listed on | Binance, Coinbase, Bybit |
We couldn't match SYRUP to a live market row, so no price, market cap or all-time high is shown. Publishing the figure recorded at the scoring pass would mean putting a months-old number next to analysis that looks current. The 25 scores below stand on their own.
Tokens with a similar profile
These are the closest matches to SYRUP measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Maple Finance Q2 2025] $100M ARR is forward run-rate projection (Q4 2025 peak), not achieved ARR
- [Maple Finance] 767% AUM growth in 2025 ($516M to $4.59B)
- [Maple Tokenomics] 25% of all revenue goes to SYRUP buybacks (not 20%)
- [CoinDesk] Sidney Powell (CEO, ex-NAB $3B bonds), Consensus 2026 speakerlink dead, claim unverified
- [DefiLlama] Maple TVL ~$2.5B / borrowed ~$2.1B; fees vs revenue
- [Kraken] Kraken on-chain warehouse facility (Jun 25 2026)
- [The Defiant] SYRUP on Revolut, UK and EU (Apr 30 2026)
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Maple Finance (SYRUP)?
- SYRUP scores 168 out of 250 on the 25-variable framework, ranking 8th of 251 rated tokens (top 5%). The framework verdict is HOLD.
- What are SYRUP's strongest fundamentals?
- SYRUP ranks highest on TVL Trend 9/10, 1st of 251, Buyback and Burn 9/10, 2nd of 251, Team Execution 8/10, 3rd of 251 and Real Staking Yield 7/10, 5th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much SYRUP supply is still to enter circulation?
- 93.5% of eventual SYRUP supply is circulating today, leaving 1.07x the current float still to arrive. At a flat price per token that is 6.5% of fully diluted value ahead of current holders.
- Which tokens have a similar profile to SYRUP?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to SYRUP are ETHFI (162), MKR (177), SKY (141) and ACX (137). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for SYRUP?
- $100M ARR target 2026, 25% revenue buybacks, institutional DeFi lending leader
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.