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 dispute settled in May 2026.
Ranked 8th of 251 rated tokens. Scoring pass 18 Sept 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.
93.8% 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.
SYRUP is 64.9% off its all-time high of $0.6532, a 2.8x round trip from here.
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.
$2.50B sits in the protocol. The token is capitalised below the value locked in the protocol.
SYRUP's strengths split in two. Market Share, Institutional Adoption and Catalyst Calendar are variables the market already pays up for, so that part of the score is priced. P/S Multiple, Buyback and Burn, Insider Selling and Real Staking Yield are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it.
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 dispute settled May 2026, ARR is projection not achieved
Market and supply
| Price | $0.2295 |
| Market cap | $268.1Mrank 158 |
| All-time high | $0.653225 Jun 2025 |
| Circulating supply | 1,167,271,959 |
| Eventual supply (total supply) | 1,244,677,493 |
| Dilution to full supply | 1.07x |
| Total value locked | $2.50B |
| Listed on | Binance, Coinbase, Bybit |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
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.
SYRUP compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
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 5 Oct 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?
- 93.8% of eventual SYRUP supply is circulating today, leaving 1.07x the current float still to arrive. At a flat price per token that is 6.2% of fully diluted value ahead of current holders.
- How far is SYRUP from its all-time high?
- SYRUP trades 64.9% below its all-time high of $0.6532. Returning to that high requires a 2.8x move from the level used in this scoring pass.
- 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.