Maple’s SYRUP Token Rallies 12% on Record October Revenue

of approximately $2.16 million in October, which represents a notable jump compared to other months.

Following the news, the price of the SYRUP token jumped about 12%, showing that investors saw the revenue achievement as a positive development. , the circulating supply is roughly 1.21 billion, and the token’s price is currently hovering around $0.4222.

The protocol’s activity has been increasing every month since it started in February last year. It went from around $100,000 during that time to reaching over $1 million in May this year.

The increase in earnings suggests more people are using Maple’s lending service for institutions. This is likely because the platform is issuing more loans, collecting more fees, or simply operating more effectively.

Also, Maple could be moving away from purely speculative DeFi yield models to becoming a more solid, income-generating business that functions similarly to a traditional lending operation.

Maple Finance is a decentralized credit-markets protocol aimed primarily at institutional borrowers and lenders on-chain. It works by creating pools of money that verified institutions can borrow from, while people who lend their money through these pools can earn interest.

In July, the protocol reportedly reached $2.6 billion in AUM (assets under management), with an annual recurring revenue of around $15 million and a quarterly revenue growth rate of roughly 200%. Then, near the end of October, it was reported that .

Earlier this year, the protocol expanded to the Solana network, deploying its yield-bearing stablecoin (syrupUSD) there, initially with about $30 million in liquidity.

Around the same time, Maple started allowing borrowers to use restaked cryptocurrencies as collateral. For instance, it has begun accepting EtherFi’s weETH token to secure loans for institutional clients.

Additionally, the platform has put forward a new proposal (MIP-018) to boost its token buyback program. The plan is to increase the amount of fee income used to buy back SYRUP tokens from 20% to 25%.

Most recently, , a major player in decentralized lending, to create professional-grade loan options for large financial institutions.