SYRUP · staking retired, revenue now buys it back.
SYRUP is the governance token of Maple Finance, an institutional on-chain credit platform — ~1.19B circulating, no hard cap.
Sell pressure. Staking emission ended Nov 2025; the only supply growth left is the treasury releasing its remainder — ~33M this window toward the Sep 2026 target.
Buy pressure. The new model: 25% of protocol revenue buys SYRUP into a strategic fund — ~6M off the market over 90 days.
Net. About 2.3% of supply to market over 90 days — heading up while the treasury empties, then easing as the release runs out.
Staking rewards were sunset in Nov 2025 — the protocol no longer emits new SYRUP to stakers. Token issuance is over; supply growth now comes only from the remaining treasury release.
The remaining treasury allocation is still entering circulation toward the published expected supply of 1,228.74M by Sep 2026 — roughly 33M over this window, easing toward ~24M next window as the treasury empties.
Tracked overhangs: the remaining non-circulating treasury (~53M, total minus circulating) plus the Syrup Strategic Fund, where revenue buybacks accumulate. No discretionary release beyond the scheduled treasury drip — monitored.
No bankruptcy estate. The MPL→SYRUP conversion ended May 2025; no conversion overhang remains.
25% of protocol revenue buys SYRUP from the open market — about 6M over 90 days at the current pace (first buyback Nov 2025 was 2M SYRUP). The bought-back SYRUP accumulates in the Syrup Strategic Fund, removing it from the float.
No standalone fee burn — revenue funds the buyback above rather than a burn.
The revenue buyback is counted under Programmatic buyback; there is no separate Foundation accumulation programme.
No new lockup programme with an announced quantum (staking, which would have locked SYRUP, was retired in Nov 2025).
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