MIP-011: MPL Conversion to End 30th of April 2025

[fatmac]

Authors and contributors: Maple Core Contributors

Overview

MIP-011 proposes for the final MPL to SYRUP conversion date to be the 30th of April 2025. The MPL to SYRUP conversion was approved in MIP-010 (MIP-010: SYRUP Token Launch and MPL <> SYRUP Conversion).

Rationale

You the community have been discussing the bifurcation of liquidity between MPL and SYRUP and have indicated a preference to completely move over to SYRUP sooner rather than later. For this reason we propose the MPL to SYRUP migration phase to end by April 30th 2025.

Implementation

Should MIP-011 pass, MPL holders will be able to convert until the 30th of April 2025 on syrup.fi/convert. After this date SYRUP and stSYRUP will be the sole tokens within the Maple ecosystem that accrue all of the value and it will be impossible for MPL or xMPL holders to convert over.

MIP-011 can be voted upon by both SYRUP and stSYRUP holders, with the vote going live on the 23rd of December.

[Leg]

hello,
what will happen after the deadline to mpl not converted? How will syrup supply be affected? Thanks

[TheMarcus]

Seems like a reasonable amount of time to make the conversion. I approve.

Per @Leg’s comment, what happens to MPL that remains unconverted? Do the corresponding SYRUP tokens go to the treasury?

[bellonoff]

Looking at some detail of the ~4.3M MPL that have not been migrated yet (query here).

There are ~8.5K small wallets with <100 MPL, holding ~152K MPL tokens, that could be particularly concerned on migration gas cost. Would aggregating them in xMPL and batch converting all of the holdings make sense?

The bulk of the MPL pending migration is in bigger wallets (and 3.6M MPL is held in 244 very big wallets). I do not see the reasons for big guys holding, unless they want to push tax gains into 2025 (conversion until April gives them enough time).

CEXs hold ~645K MPL (~341K at Coinbase, detail here).

In any case, think this proposal and MIP-012 will help unblock the current situation of split liquidity and ticker confusion.

[sid.maple]

Fair questions by @Leg and @TheMarcus . For the MPL that isn’t migrated by April 2025, two options would be to either

1. allocate that amount of SYRUP to the Treasury for future use on growth;
2. burn that amount of SYRUP

It’s premature to make a decision now, but we can have a tokenholder vote by staked SYRUP holders once we reach 30th April 2025.

[bellonoff]

Updated migration figures (dashboard here).

There is progress with 71.5% MPL converted, but there are still 40 size wallets (>10K MPL) holding 20% of MPL (unconverted). Do not find relevant labels for most of then in Dune (only the 2 also available in Etherscan - Wintermute exploiter and Coinbase10).

Any ideas on what is happening with these top 40 wallets that are not converting?

a. Top 3 wallets (excluding the Migrator) have been accumulating ~7.8% of MPL tokens from Coinbase since Nov '24. Are these accumulating for block conversion?

b. Wallets #10-13 hold the exact same amount of MPL tokens each (adding to 1.86%), all tranferred from Coinbase on the same day (Feb 3rd), so looks like a whale holding.

c. Something similar for wallets #16-19 (adding to 1.5%) over March.

[Mattryx78]

Hi I just realized today my maple tokens on my ledger were down that way and realized I passed the delay of a few days to convert. The link no longer works. Is there a solution for me please ?

Thanks
Cédric

[Diaggs]

I also have some MPL that I didn’t have time to convert into SYRUP. Giving 8 months for people to convert is just not enough. In a decentralised world, you have no way of contacting MPL holders so you need to give people time, at least a year. Could you please look into extending the deadline please?

[agpyaephyo]

I also missed the deadline. For me, the deadline makes make lost faith for the MPL / SYRUP.