SYRUP · no new coins were made, and the treasury is the seller.
SYRUP is the governance token of Maple Finance, an institutional on-chain credit protocol — 1,167M circulating, with no cap on how many can exist.
Sell pressure. Not one new coin. But Maple moved 4.60M SYRUP out of its own wallets over 90 days — grants vesting out, plus direct payments.
Buy pressure. One repurchase, 0.853M, bought with revenue in July — parked with a custodian, never burned.
- Issuance programme reaches its published endup to 23.20MSep 2026 · added to market
Not one new SYRUP in 90 days. The count of SYRUP in existence read 1,244,677,492.51 on both dates, and a full sweep of the window found no creation event. That flat reading was tested rather than assumed: the number lives in writable storage, it moved on Apr 22 2026 when 28.55M was created, and the creation function still answers when called. Supply here is paused, not fixed.
The grant contract that pays team and contributor allocations released 4.22M SYRUP to beneficiaries over the window, of which 20.8K came straight back to a Maple wallet. It was topped up with 6.89M mid-window and still holds 16.51M. One widely-read tracker calls SYRUP fully unlocked with nothing scheduled; the contract's own balance says otherwise, and the contract wins.
Maple paid 0.41M SYRUP straight out to recipients, outside the grant contract, in small dated batches. Tracked team-controlled overhangs: the Strategic Fund holds 77.36M and did not move a single token; the DAO safe holds 23.09M; the operations wallet holds 2.68M; the grant contract holds 16.51M; and up to 23.20M of the issuance programme is still uncreated. Repurchased SYRUP is held by a custodian, not on chain, so its size is confirmed only through the project's own disclosure.
SYRUP has no bankruptcy estate, no trustee and no court-ordered distribution attached to it, so there is nothing for this row to measure.
The old token converted into SYRUP at 100 to 1 until May 21 2025, when the swap was switched off for good. The old token's count read 10,000,000 on both dates, so nothing converted in the window — and a conversion moves supply between two tokens anyway, it never creates any. Kept as its own row so the next check reads the same surface.
Maple spent $136,768 of revenue buying 0.85M SYRUP back off the market in July, at $0.1604. A larger 2.50M lot is reported for June but the source only dates it to the month, and the window opens on Jun 10, so it is not counted here. The bought coins are not burned and never reached the on-chain fund, whose balance sat at 77.36M on both dates without a single transfer — they are held by a custodian instead.
SYRUP has never been burned, and both places a burn could show up were read on both dates. The address where destroyed coins would land held 0.0038 SYRUP at both ends, and the count of SYRUP in existence was unchanged. Neither surface moved. The revenue programme buys and parks; write-ups that call it a burn are describing something the chain does not do.
No Maple wallet bought SYRUP on the open market this window. The revenue repurchase is already counted one row above and is not booked twice here.
Nothing new was locked away, and staking ran hard the other way: the staking vault drained from 219.61M to 163.86M SYRUP as the retired programme kept unwinding. Staked SYRUP counts as tradable float in any case, so neither direction changes this reading.
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