SSYRUP · Maple Finance
Inflation analysis
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MrNasdog Pressure Framework

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.

Inflation
Last 90 Days
+0.32%
updated · Sep 8, 2026
Net flow: 0.32% of supply goes to market over 90 days
Next 90 Days
+0.32%
estimate
Net flow: 0.32% of supply goes to market next 90 days
Mixed flows · supply roughly steady
monitor gap · On-chain total supply on 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 held at 1,244,677,492.51 at both window ends and no coin was created or destroyed, while the Strategic Fund at 0xCA31C9EF59a6Ab45343f60968148C0Ed07C39C59 sat at 77,358,966.48 without a single transfer. The wider supply reading still moved in cliffs over the same window — down 26.6M on Jun 27 2026, up 80.5M on Aug 4 2026 and down 77.3M on Aug 12 2026, that last step being the Strategic Fund's balance being reclassified rather than spent.
Upcoming · Next 90 Days
  • Issuance programme reaches its published endup to 23.20M
    Sep 2026 · added to market
Sell pressure
1. Protocol inflation
0

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.

updated · Sep 8, 2026
2. Vesting unlocks
4.196M SYRUP

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.

updated · Sep 8, 2026
3. Foundation + unscheduled unlocks
0.407M SYRUP

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.

updated · Sep 8, 2026
4. Long-term locked or bankruptcy
0

SYRUP has no bankruptcy estate, no trustee and no court-ordered distribution attached to it, so there is nothing for this row to measure.

checked · Sep 8, 2026
5. MPL → SYRUP conversions
0

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.

updated · Sep 8, 2026
Buy pressure
1. Programmatic buyback
0.853M SYRUP

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.

checked · Sep 8, 2026
2. Protocol fee burn
0

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.

updated · Sep 8, 2026
3. Foundation buy
0

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.

updated · Sep 8, 2026
4. New long-term lock
0

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.

updated · Sep 8, 2026

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Supply check · sell, buy & net
 
Last 90D
Next 90D
Sell total (M SYRUP)
4.603
4.603
Buy total (M SYRUP)
0.853
0.853
Sell % of circ
+0.394%
+0.394%
Buy % of circ
+0.073%
+0.073%
Net inflation %
+0.321%
+0.321%
Score (0–2)
1.3
1.3
Verdict
mixed
mixed
Circulating supply: 1167.272M SYRUP
Read the inflation analysis
The full Pressure Framework write-up for SYRUP.
Why a token that minted nothing all quarter still put supply into the market.

MrNasdog Pressure Framework analysis of SYRUP, Metric 1 (Inflation Monitor). Data + explanation only. Not financial advice. Updated Sep 8, 2026.