Syrup Launches USDT & cbBTC Support, Integrates OKX & Binance Wallets
London, United Kingdom, September 12th, 2024, Chainwire
This week, lending protocol Syrup announced a series of integrations and partnerships that are expected to build on its recent momentum. Syrup was launched by Maple in June of this year and has rapidly surpassed $100M in total value locked.
Maple provides fixed-rate, overcollateralized loans to institutional borrowers. According to the team, these short duration loans enable Maple to provide consistent high yield and short-term liquidity for lenders. While Maple is a permissioned product, Syrup makes the Maple Finance lending infrastructure accessible to all through DeFi.
This week, Syrup announced it will be accepting USDT, expanding the assets accepted from lenders beyond USDC. USDT depositors will receive a 50% Drips boost for the first 25M deposited. Users have already deposited 12M; with another 5M expected to come shortly, this leaves 8M of space for new depositors.
Drip rewards convert to SYRUP token during the MPL token conversion in Q4 2024; Drips Season 3 is live and running through September 30th with additional seasons to come.
Further, Maple and Syrup are offering Day 1 support for cbBTC. cbBTC is a wrapped Bitcoin token – launched by Coinbase – that unlocks BTC utility for holders across blockchain networks including Ethereum and Base. This enables institutional holders of cbBTC to borrow USDC against their holdings through fixed rate, short term loans.
Additionally, Syrup announced wallet integrations – with OKX Wallet and Binance Web3 Wallet – two of the premier gateways to Web3 and crypto. These integrations provide a seamless solution for USDC and USDT holders to access Syrup’s consistent yield from institutional lending. To mark the launch, depositors into Syrup with OKX Wallet and Binance Web3 Wallet will earn a 2x boost on Drips rewards.
Maple co-founder and Executive Chairman Joe Flanagan added commentary on Syrup’s recent partnerships: “We’re delighted to partner with trusted ecosystem partners across DeFi, as part of Maple and Syrup’s expanded product offerings. By integrating Tether and expanding access for Syrup’s lending pools, we are taking further steps to become a global hub for institutional lending.”
About Syrup
Syrup’s aim is to make consistent high yield available to everyone in DeFi. The yield is generated by Maple’s lending platform that provides fixed-rate, overcollateralized loans to institutional borrowers. These short duration loans enable Syrup to provide consistent yield as well as short term liquidity for Syrup users. The strategy has a track record of consistent yield outperformance compared to leading DeFi lending protocols.
About Maple
Maple is a leading digital asset lending platform, empowering the digital asset economy with secure, innovative lending solutions. Lending opportunities are tailored to meet diverse liquidity needs, risk appetites, and return expectations and facilitated through Maple’s technology to provide real time monitoring and transparency. Scale your digital asset business confidently with flexible, cost-effective lending solutions sourced from Maple’s broad capital network.