SYRUP · an inherited emission fading out just as a revenue buyback takes over.

An inherited emission mints fresh SYRUP at 5% a year on a fixed 3-year schedule — about 3.08M a month, or ~9.2M over the last 90 days. Much of each mint is retained by the treasury before it reaches the open market, so the tradable float grows more slowly than the gross figure. The schedule ends Sep 2026, so this is the last full quarter it runs.

There is no cliff calendar left. The MPL-to-SYRUP conversion closed May 21 2025 and the migration allocations were handed out then; the trackers show no seed or investor unlock in this window or after it.

Team-controlled SYRUP — the Syrup Strategic Fund (~77.3M SYRUP plus ~$4.2M in liquid assets) and the remaining emission reserve — sits in DAO custody. None of it was sent to the market in the window, so it is watched, not counted.

There is no bankruptcy estate, no trustee distribution and no court-ordered sale touching SYRUP.

Maple spends a share of protocol revenue buying SYRUP on the open market and moving it into the Syrup Strategic Fund, where it is held rather than burned. The transparency ledger shows the most recent purchase in Jun 2026 — $375,000 for 2,500,000 SYRUP at $0.15. From Aug 2026 the buyback becomes rules-based, tied to monthly revenue.

SYRUP is never destroyed. The tokens the protocol buys back are held in the strategic fund, not sent to a burn address, so no supply leaves existence.

There is no separate dated treasury purchase beyond the revenue-funded buyback already counted above.

There is no active lock-up programme. Staking was retired in Nov 2025 and replaced by the buyback, so no new SYRUP is being pulled into a lock contract.