What is the Maple Finance (SYRUP) inflation rate?

+4.25% a year, and +1.06% in the next 90 days. That is new SYRUP minus what is burned or bought back, checked Oct 29 2026.

Is SYRUP inflationary or deflationary?

Inflationary: SYRUP's supply is growing, about +4.25% a year.

Where does new SYRUP supply come from?

Minting stopped on Oct 1 2026, but Maple's treasury wallets paid 12.77M SYRUP into the market in 90 days, mostly to fund user rewards, and still hold 90.92M.

Mid-October	Circulating supply	Change
2025	1.12B SYRUP	—
2026	1.17B SYRUP	+4.40%

MrNasDog Pressure Framework · Inflation Analysis

SYRUP Inflation Analysis · October 2026 · Supply growing · projected to keep growing

SYRUP is mildly inflationary even though Maple Finance stopped minting it: Maple's treasury wallets paid 12.77M SYRUP into the market in the last 90 days, nothing left the count, and supply grew +1.09%, with about +1.06% expected for the next 90 days. There is no hard cap, but the minting plan ran out on Oct 1 2026, so what can still reach the market is mostly the 90.92M SYRUP those wallets hold. Other trackers show +0.25%, and the coin page carries a warning note explaining why.

The verdict, in one paragraph

Between Jul 31 and Oct 29 2026, SYRUP's circulating supply grew by 12.77M SYRUP, a net +1.09% on 1,167.27Mcirculating coins. Every one of those coins came out of Maple's own treasury wallets, which are not counted as circulating until they pay coins out. Nothing was burned, and the 2.90M SYRUP that Maple bought back stayed in a wallet that is already counted. Other trackers show only +0.25%, because the circulating figure they follow has not moved since Aug 22 2026, while Maple's wallets kept paying out after that day. That is why the coin page carries a warning note. Our label for SYRUP this quarter: supply growing, projected to keep growing at about the same pace.

Sell pressure: where new SYRUP comes from

Protocol inflation: 0 in the count. Maple used to mint about 52M new SYRUP a year for its treasury. That plan ended on Oct 1 2026, and nothing more can be claimed under it. The final claim, 23.20M SYRUP on Oct 9 2026, went straight into the treasury and then the DAO wallet, which are outside the circulating count, so it only matters when those coins are paid out. Starting a new minting plan would need a governance vote, and none has been proposed.

Vesting unlocks: 0. No investor or team vesting is left. SYRUP replaced the older MPL token at 100 SYRUP for each MPL, and the old allocations finished vesting long ago.

Treasury releases: 12.77M SYRUP.This is where all of SYRUP's new supply came from. Maple's DAO wallet and an operations wallet paid out 3M SYRUP on Aug 3, 3M on Aug 31 and 2.3M on Sep 29 2026, each time to fund a month of user rewards, which reach users through a vesting contract. The DAO wallet also sent 4M SYRUP to another Maple wallet on Oct 13 2026, the same day it received the last minted coins. Over the past year these wallets paid out about 12.4M SYRUP every 90 days, so we expect about that much again in the next 90 days.

Long-term locks or bankruptcy: 0. No court case or bankruptcy estate holds SYRUP waiting to be released.

Buy pressure: where new SYRUP goes

Buyback: 0 in the count.Since July 2026, a governance rule sets aside 10% of Maple's monthly revenue for buying SYRUP, rising to 20% and 30% when monthly revenue passes $1.5M and $2M. Maple bought 2.90M SYRUP in three rounds, on Aug 5, Sep 8 and Oct 8 2026. The coins go to a Maple wallet that is counted as circulating, and in the same 90 days that wallet sent 3.6M SYRUP on to other wallets. So the buyback adds buying in the market, but it takes no coins out of the count. If Maple ever moves bought coins to a locked or burn address, they will count here.

Fee burn: 0. SYRUP has no burn. Supply only went up in these 90 days, and no coins were sent to a burn address.

Treasury buying: 0. Apart from the monthly buyback, Maple made no other purchase of SYRUP.

New long-term locks: 0. Staked SYRUP is still counted as circulating, so staking removes nothing. Staking rewards ended in November 2025, and holders have been leaving: about 39.8M SYRUP was unstaked in these 90 days.

Foundation and overhang

Maple's treasury is the overhang that decides SYRUP's supply from here. The DAO wallet holds 42.29M SYRUP, up from 31.09M on Jul 31 2026 because the last minted coins arrived in October. A separate reserve wallet holds 48.62M SYRUP. It came from MPL that was never converted, and it has not moved since January 2026. The operations wallet that passes monthly rewards along is empty after its Oct 8 2026 payout. Together, the DAO and the reserve hold 90.92M SYRUP, about 7.8% of the circulating supply. Below them, Maple's rewards vesting contract holds 10.14M SYRUP and the buyback wallet 1.60M; those coins are already counted, so paying them out adds nothing new.

How SYRUP compares to other DeFi lending tokens

Compared by how supply works, not by price, SYRUP now sits between the two common models. Aave has a fixed supply and uses revenue to buy its token back, so its count can only shrink or hold. Lending tokens that still pay users in new coins, or that still unlock coins for early backers, keep growing on a schedule. SYRUP has stopped minting, which puts it closer to the fixed-supply group, but its treasury still pays out coins every month, which keeps it growing for now. Its buyback looks like Aave's on paper, yet the bought coins stay in an active wallet instead of being held back from the market.

What to watch in the next 90 days

By Nov 15 2026: the buyback for October revenue. Maple runs each round after the month closes. Watch whether the bought coins stay put or move on again.

Around Nov 30 and Dec 31 2026: the next monthly reward top-ups. Each one so far has been between 1M and 3M SYRUP. A smaller top-up would slow supply growth.

Around Jan 13 2027: the buyback rule passed in July runs for six months, so Maple will need a new vote to keep it going or change it.

Any time: a large move out of the 48.62M reserve wallet, or a proposal to start minting again. Either would change this picture more than anything else.

Summary

SYRUP's circulating supply grew +1.09% in the 90 days to Oct 29 2026, and we expect about +1.06% in the next 90 days.

Maple stopped minting SYRUP on Oct 1 2026, so all of the new supply came from its treasury wallets, mostly to fund monthly user rewards.

Maple's buyback bought 2.90M SYRUP, but those coins stayed in a counted wallet, and nothing was burned.

The 90.92M SYRUP still held by Maple's DAO and reserve wallets is the main thing to watch, because every release from them adds to the circulating count.

MrNasDog Pressure Framework analysis of SYRUP, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 29 2026.