Maple changed its governance unit, permanently closed migration from MPL to SYRUP, and wrapped private-credit pools in ERC-4626 shares. That sequence gives SYRUP a governance role without making it a creditor’s deed to every Maple loan.
MIP-009 introduced SYRUP in 2023, and MIP-010 fixed the public economic conversion at 1 MPL to 100 SYRUP. Maple described it as a redenomination without dilution for holders who migrated.
The launch arithmetic combined 1,000,000,000 new units, 100,000,000 from the initial inflation tranche and 54,930,000 emitted through 1 October 2024. It produced an approximately 1.15 billion starting frame rather than a fixed lifetime cap.
The original converter stopped on 30 April 2025. MIP-017 briefly reopened it from 19 May 2025 at 14:00 UTC until 21 May at the same hour, then the mechanism was permanently disabled.
Unconverted MPL in the converter was deemed unclaimed, and the corresponding SYRUP at the conversion ratio of 1 MPL to 100 SYRUP went to a segregated Syrup Strategic Fund. This is economic equivalence under the redenomination, not the same numerical token count. MPL and xMPL now lack Maple governance and staking utility; possession of the old ticker no longer preserves the conversion claim.
A lender deposits USDC, USDT or USDG through an authorized Syrup route and receives a specific ERC-4626 pool LP token. Borrower payments and other strategies affect that share’s asset value; SYRUP does not stand in for it.
Maple’s contracts keep loan administration with Pool Delegates. They structure and manage credit, while the Governor can also impair loans and accounting records unrealized losses when payment is doubtful.
Redemption follows a FIFO queue. The guide says it is typically under two days but can take up to 30 days when liquidity is scarce, and impairment can change how many assets a share represents.
SYRUP or stSYRUP can take part in governance. Staking can receive scheduled token distributions, but Maple’s legal note says there is no contractual or promised return and future distributions depend on votes.
That boundary matters: governance may choose parameters or rewards, but it does not force a borrower to repay, guarantee pool liquidity or grant the token holder title to a pool’s loan agreements.
The tokenomics page projected 1,228,740,800 SYRUP by September 2026. On 4 September 2026, the verified Ethereum token page displayed about 1,244,677,492.51—roughly 15.94 million more than that old forecast.
The token is a proxy, and Maple’s system places upgrades and protocol parameters behind a GovernorTimelock managed by a multisig and designated roles; a Security Admin can pause functions in emergencies. Release audits narrow known code risk, but they neither reconcile every minted unit nor insure lenders against default.
MIP-009 introduces SYRUP.
Tokenomics counts roughly 1.15 billion units.
MIP-011 ends the first window.
MIP-017 starts a 48-hour extension.
Legacy MPL loses its bridge to SYRUP.
Two listed audits cover the release.
Last evidence review: 2026-09-04
SYRUP is Maple’s current Ethereum governance token. It succeeded MPL through a time-limited 1 MPL to 100 SYRUP conversion and can be staked as stSYRUP for governance and distributions that the protocol funds; it is distinct from syrupUSDC, syrupUSDT and syrupUSDG lending-pool shares.
Maple combines an onchain vault system with human underwriting, legal loan agreements and administrator roles. The recurring confusion is to treat one SYRUP balance as a claim on the pools’ borrower interest, when lending exposure belongs to ERC-4626 pool-share holders and token rewards remain vote-dependent.
Authorized depositors place USDC, USDT or USDG into named ERC-4626 pools and receive LP shares. Pool Delegates manage loans; borrower payments can raise share value, while impairment, default and illiquidity can reduce or delay redemption. SYRUP/stSYRUP votes sit beside this machinery, and a multisig-managed GovernorTimelock plus Security Admin retain configuration, upgrade and pause powers.
No. Holders had to use the converter. Its initial window ended 30 April 2025, a final 48-hour exception ended 21 May 2025 at 14:00 UTC, and conversion is permanently disabled.
No. A lending position is represented by the relevant ERC-4626 pool LP token. SYRUP and stSYRUP provide governance participation and can receive distributions approved and funded through the protocol.
No. Maple’s own legal note says staking carries no contractual or promised return; future distributions depend on token-holder votes.
Not always. Withdrawals enter a FIFO queue, depend on pool liquidity and can take up to 30 days under the published integration guide.
A GovernorTimelock managed by a multisig and designated roles controls protocol settings and upgrades; a Security Admin can use emergency pause functions.
The launch tokenomics projected 1,228,740,800 by September 2026, while Etherscan displayed about 1,244,677,492.51 on 4 September 2026. The reviewed public documents do not reconcile the difference allocation by allocation.
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