2025 was a breakout year for @maplefinance, with AUM surging from $500M to over $4B, reaching a peak close to $5B. The biggest source of that growth? - syrupUSDC - syrupUSDT If you followed my updates throughout the year, you had plenty of chances to get early exposure to the sweetest yields. We supported Maple through participation, and Maple supported our wallets with some of the highest yields available. Key stats: - $4B+ AUM (from $500M in January) - 65 active borrowers, 42 of them new in 2025 - $7.1B in loans originated this year - $11.83B cumulative since inception - $49M paid in interest to lenders The biggest stress test in crypto history: On October 10, crypto markets experienced the largest liquidation cascade ever recorded. How did Maple perform? - Zero losses or liquidations across the entire loan book - All margin calls cured within 3 hours - Two consecutive days of net inflows during peak market fear - AUM restored to all-time highs within days This was the result of institutional-grade risk management at scale. Since Maple launched overcollateralized lending, only one borrower has ever been partially liquidated. Conviction only grows. The next chapter is already in motion: MIP-019. MIP-019 signals a major pivot: away from emissions-driven staking, toward long-term value accrual for all $SYRUP holders. Staking bootstrapped early participation, but with less than 40% of the supply staked, its impact slowly faded. Here’s what’s changing: - 25% of protocol revenue now redirected into a DAO-owned treasury - Buybacks continue via the Syrup Strategic Fund (tokens are accumulated in the fund, not sold or distributed through emissions) - Governance expands to all SYRUP and stSYRUP holders Maple’s balance sheet: As @syrupsid said on the ecosystem call: “We all hope the bull market lasts forever, but we always plan like the bear is just around the corner.” That’s why Maple is focused on strengthening its balance sheet, and the numbers show it’s working: - $15M in cash and liquid digital assets on the balance sheet - 106.2M $SYRUP held by the DAO and Syrup Strategic Fund, reserved for future growth and expansion - 25% of all protocol revenue now fuels buybacks and treasury growth Up only? Maybe. But what matters is Maple is built to survive “down only” too.