On-chain asset manager Maple Finance is integrating its dollar-yield product syrupUSDT with Ink, the Ethereum Layer 2 built by the team behind Kraken, according to a press release shared with The Defiant.
The move expands Maple’s distribution to Kraken’s more than 10 million users and positions syrupUSDT as a core yield asset within the Ink ecosystem.
Maple, which manages $3.8 billion in assets on-chain, said users will be able to earn yield on syrupUSDT directly within Ink-native applications, including lending and borrowing protocol Tydro, the largest protocol by TVL on Ink.
An incentive and rewards program tied to the launch is expected in the coming weeks, per the release. The integration follows syrupUSDC crossing $1 billion in supply last September as Maple has aggressively expanded across chains.
“By bringing syrupUSDT to Ink, we are ensuring that the next wave of users have access to the most transparent and scalable yield sources available,” said Maple CEO Sid Powell in the release.
Ink’s TVL Drop
The Defiant reported in January that the L2 had crossed $500 million in TVL, a level it broadly maintained until the April 18 Kelp exploit, which involved attackers depositing unbacked assets on Aave to borrow real funds.
Ink’s TVL fell from roughly $490 million to around $322 million as of today, Mary 5. The sharp drop was led by Tydro, a white-label deployment of Aave, while Aave’s own TVL plunged by $10 billion as capital rotated out, as The Defiant reported.
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