Maple Finance’s $SYRUP token dropped 48.6% in roughly four weeks, reaching $0.1381 early on Nov. 10. The decline extended its underperformance against bitcoin and ether, while the onchain lender’s assets also contracted.
The Defiant’s calculations, based on CoinGecko dollar-price observations, show bitcoin down 11.0% and ether down 16.4% over comparable periods starting Oct. 13. $SYRUP was trading at $0.2685 at the beginning of that period.
DefiLlama now lists Maple’s total value locked at $2.22 billion. Maple’s dashboard shows $2.36 billion in syrupUSDC assets under management, down from the $2.71 billion TVL and $2.68 billion syrupUSDC AUM The Defiant reported on Oct. 19. These asset measures have declined since that report, but they do not reflect returns earned by depositors.
$SYRUP is Maple’s governance token, distinct from its yield-bearing dollar products, syrupUSDC and syrupUSDT. A decline in the market price of $SYRUP does not mean there has been a corresponding loss on those lending products.
The price calculations cover the period from 5 a.m. ET on Oct. 13 to 4:04:40 a.m. ET on Nov. 10 for $SYRUP, and to 4:05:30 a.m. ET for bitcoin and ether. Over the latest roughly seven-day period, which began at 4 a.m. ET on Nov. 3, $SYRUP fell 10.4%, compared with declines of 2.9% for bitcoin and 6.7% for ether.
Maple’s dashboard also reports $565.21 million in syrupUSDT AUM and $1.57 billion allocated to overcollateralized lending across its products. AUM, TVL and lending allocations are distinct measures and should not be added together.
September Is Still the Latest Listed Buyback
Maple’s economic connection to the token includes revenue-funded purchases. In its October ecosystem update, Maple said MIP-021 linked buybacks to monthly revenue, allocating 10% below $1.5 million, 20% from $1.5 million to $2 million, and 30% above $2 million.
September fell within the 20% tier. Maple’s buyback table shows $314,116 spent on 1,371,166 $SYRUP that month, at an average price of $0.2291. September is still the latest entry shown; the table does not establish whether October purchases continued under the same allocation.
Maple says the purchases do not constitute a dividend, distribution, profit share or guaranteed return. Its October update schedules the next community AMA for Nov. 11.
Source: thedefiant.io. Adapted by NBTC.
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