MIP-017: Final MPL Conversion Window and Strategic Use of Unconverted Tokens

Proposal Forum
1

Final MPL Conversion Window and Strategic Use of Unconverted Tokens
Date: 9 May 2025

With the SYRUP token migration largely complete, Maple is now preparing for the next phase of strategic growth and market development. As part of this process, a small supply of unconverted MPL tokens remains in the SYRUP converter contract.

To ensure all MPL holders have a final opportunity to participate in the migration, Maple will reopen the conversion process for a final 48-hour window:

  • Opens: 10:00 AM ET, Monday 19 May 2025

  • Closes: 10:00 AM ET, Wednesday 21 May 2025

This final opportunity is being offered to accommodate any holders who were unable to convert prior to the April 30 deadline. After this window closes, the conversion process will be permanently disabled. Following discussion, voting will open on Wednesday 14 May.

Official Portal URL: Syrup Finance

Official Support Email: contact@maple.finance

Conversion Guide: Conversion Guide | Syrup

Establishing the Syrup Strategic Fund (SSF)

Following the closure of the final conversion window, all remaining MPL tokens in the converter contract will be considered unclaimed. Maple will mint an equivalent amount of SYRUP to a dedicated multi-signature wallet—the Syrup Strategic Fund (SSF).

This segregated wallet will be exclusively used to support Maple’s long-term token and ecosystem strategy, as outlined below.

SSF Allocation Plan

100% of unconverted MPL → SYRUP tokens will be allocated under the SSF across two distinct priorities:

Category Allocation Purpose
Liquidity Initiatives 80% Market making, options strategies, and initiatives to deepen CEX/DEX liquidity
Growth & Rewards Programs 20% Incentives and rewards to accelerate Maple adoption and ecosystem expansion

Governance and Execution

  • Conversion First: All eligible MPL holders will have one final 48-hour window to migrate before any SSF allocation begins.

  • Segregated Wallet: All minted tokens will be transferred to a designated multi-signature wallet. These funds will not be co-mingled with the Maple treasury or used for any other purposes.

  • Strict Mandate: SSF tokens will be used only for the liquidity and growth initiatives described above.

  • Market Maker RFP: Maple will launch a formal Request for Proposal (RFP) process to engage leading market makers as preferred partners for executing the liquidity strategy.

  • Transparency: Maple will maintain public reporting on SSF wallet activity, allocation decisions, and usage impact.

Why It Matters

The Syrup Strategic Fund is a critical lever for strengthening the SYRUP token’s liquidity profile and continuing to scale Maple’s market presence. A more liquid, efficient token market benefits all stakeholders—investors, borrowers, and users—and supports the credibility and reach of Maple as the leading on-chain asset manager.

Through disciplined execution of the SSF, we will align long-term token incentives, fuel ecosystem adoption, and ensure Maple continues setting the standard for institutional-grade DeFi.

27 Likes
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Is there a reason why opening up the deadline for 48 hours and the SSF proposal is included all together.

I think the question of opening up conversion window and what to do with the unconverted MPLs should be 2 separate votes.

@fatmac Would it be possible to create 2 separate MIPs please?

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Thank you so much for opening additional 48 hours for diamond hodl investors to claim! This is huge!

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Thank you so much for offering another opportunity to redeem MPL tokens. Life can be unpredictable, and distractions like my battle with Lyme disease turned my world upside down. As an early MPL holder, I was devastated to miss the deadline due to my own circumstances. I’m incredibly grateful to this community for giving people like me a second chance.

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Yes, I’m firmly against this proposal, and here’s why, clearly and bluntly:

  1. It sets a dangerous precedent.

Deadlines need to mean something. Reopening the conversion window tells people they can ignore them and still get bailed out. That’s how you kill accountability in a community.

  1. Six months of reminders were more than enough.

The conversion deadline wasn’t a surprise. Maple and Coonbase gave ample notice — email alerts, pinned posts, Telegram updates, Twitter posts. If someone missed all of that, the issue isn’t lack of opportunity, it’s neglect. And we’re not here to reward neglect.

  1. It’s unfair to responsible participants.

People who converted on time respected the rules. Now we’re telling them, “actually, rules bend for people who didn’t bother”? That’s a slap in the face to those who showed up and did their part.

  1. You open the door to endless exceptions.

If we do this now, what stops someone else from asking for another window next month — “just 24 hours this time, I promise”? Slippery slope, and one that undermines finality and trust.

  1. It weakens the project’s integrity.

Maple is entering a growth phase. Strong systems require strong boundaries. This proposal makes the DAO look indecisive, like it can be pressured into relenting every time someone cries loud enough.

  1. It distracts from forward momentum.

The team and community should be focused on building, onboarding partners, and growing TVL — not dragged back into logistical cleanup for people who ignored repeated communications. Enough time was wasted already.

  1. It penalizes those who had conviction when price was low

Plenty of users converted when there was no buzz, and no Binance mention. They believed in Maple’s fundamentals. Now those who couldn’t be bothered are showing up because price and attention improved. That shouldn’t be rewarded.

  1. It undermines governance credibility.

If DAO votes and clearly communicated deadlines can be undone later due to noise on social media or a handful of late users, why would anyone take future decisions seriously? Governance is only as strong as the community’s discipline to uphold it.

  1. It sets up blame games.

If something goes wrong, say someone converts during the reopened window and SYRUP’s price corrects, they’ll blame the DAO, the Maple team, or the community. Reopening exposes everyone to unnecessary backlash.

  1. It creates bad incentives for future token migrations.

If this proposal passes, anyone watching will learn: “Wait it out, complain later, and you’ll still get access.” That creates a culture of last-minute whining rather than proactive participation. It’s poison for any future upgrade process.

  1. The numbers just don’t justify it.

The amount of MPL still unconverted is tiny compared to total supply and circulating SYRUP. Why burn community bandwidth and reputation to chase crumbs that won’t materially change the token economics?

We should not allow for further conversions. The window closed. The DAO respected it. So should everyone else.

That said, I’m totally fine with using the remaining MPL in the converter contract for the company’s treasury — to boost marketing presence, grow our reach on social media, and drive new users into the ecosystem. Please create a separate proposal Let’s focus on the future, not the past.

5 Likes
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Anyone that is against this proposal has no idea the type of diligence it will take for big long term institutional adoption of this product.

Some coinbase holders were notified by email just 45 days before the deadline.

This is not an acceptable period of time to give retail investors who may have never gone through a conversion before.

Not to mention considerations for those with health issues who legitimately could not complete migration in that period of time.

Imagine if a stock converted to a new share class, and the only way some holders were notified by their custodian was via email 45 days prior to deadline, and they were required to take action themselves.

This is unprecedented in the traditional finance space, and the team understands this as they all have institutional experience.

Reverse dilution will not be good for this project long term. This is irrefutable.

16 Likes
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This is the type of thinking that will keep crypto from real mainstream adoption.

You can’t expect retail investors to be monitoring their positions on a monthly basis, and you surely can’t expect them to complete a conversion on their own after being notified by an email on file in just 45 days.

This project revolves around institutional adoption and usage of the lending platform. Institutions will have trouble taking a project seriously that notified some holders in such a tiny window and expected them to convert on their own.

13 Likes
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This shouldn’t be a vote on whether retail investors are technically adept at crypto or not. What @Syrupfan said is correct. This is proposal on whether a community’s/DAO’s voting results are respected or not. Its the ethos of crypto. Democracy and respect for democratic results on-chain. If its not respected and election results can be changed because a few complains then there is no point in having a DAO.

Moreover each individual is responsible for their investment be it crypto or tradfi. Why even buy a token if you can’t keep track of it? Also how even are you claiming that 6 months time period to covert as well as 45 days special notice from CB is not enough for an avg iq person lol?? How many days notice would be enough?

3 Likes
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I can’t barely understand what you guys are saying. But I can tell my story.
Last year I invested 5k in Maple because it seems a good project. I invested with the mindset of holding for minimum 5years. I am 55 and work construction and I am seeking to make small investments in blockchain companies that look promising. I don’t follow social media and bought it on a friend’s suggestion. I took the coins into my ledger along with other projects and forgot about it. When this pump came in, I opened to check and saw my balance down to almost nothing. I started googling and, only then, discovered about this migration. My point is, many true investors, not traders, are not following the news, but still,I put my hard earned money into the project. So, I really would appreciate a chance to convert my MPL. Thank you!

20 Likes
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Thank you for this proposal ! It shows the profesionalism & reliability of the team & community !
As I’m a long term investor, I stored my MAPL into a cold wallet and don’t use Social Network … I discovered this migration 2 days ago…
Best Regards,

16 Likes
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Thank you for sharing your story. These are the situations people need to be aware of.

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You say “every individual is responsible for their own investment, whether crypto or tradfi”.

This is inherently false and exactly the reason that regulation has come to the industry. Crypto is no longer the Wild West, and projects that treat it as so will bleed out quickly as others adapt to a regulated market.

This proposal should be passed for the long term best interest of the project.

8 Likes
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Hey guys! I resonate with lots of the stories of loss on here. I saw the news about the SYRUP token being announced as I looked at the Twitter once or twice in the past 6 months. I’ve been holding since the IPO, and pretty much set and forgot it.

I saw the initial news that a SYRUP token was launching, and I literally thought it was a MPL stablecoin. The fact that there was a name change at the same time was confusing. It didn’t even cross my mind that this was a token migration, because the headline was “Maple launches SYRUP token” and not “Maple to migrate all tokens to SYRUP - Phase out existing token”.

The point when I learned about this was when the price of MPL tanked on CMC last week. I think there are probably quite a few others in the same boat as me. Agree with some of the other guys here that it shouldn’t be on us to follow every headline of every project we’ve invested in.

If it’s possible to give us 24 hours to join the migration, I would be super grateful!

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Hi I am a legacy holder bought a few years ago and have kept on a ledger. I would be really grateful for the opportunity to migrate my tokens.

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Hi folks,
I’m very proud of being part of this community.

When I read that 11% of the supply not converted is not significant I’m shocked.
On my point of view, 11% not converted is a conversion process failure.

Feel like my bag contains stolen value at the moment and I don’t like this.

The team just made a proposal to correct the fact that something had gone wrong with the conversion process.
No matter of responsabilities, the fact is that we need to go forward proudly and not greedly.

What a beautifull signal is send by the team.
A respectfull team, listenning his community, able to identify problems and able to respond with a smart proposal.

I will vote for this proposal.
That’s it, the democracy!
Good job the team !

14 Likes
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Hello Maple Team,

First of all, I would like to sincerely thank you for providing this final opportunity for long-term MPL holders to participate in the migration process. It is very much appreciated.

Could you kindly clarify how exactly the conversion process will work during this 48-hour window (from 10:00 AM ET, May 19th to 10:00 AM ET, May 21st)?

Specifically:
• Will we be able to transfer tokens from our custodial wallets (ledger, metamask) to the conversion contract?
• Or will the conversion page (Syrup Finance) on your website be reopened and allow us to convert there directly during these two days?

I also want to share a bit of personal feedback. I believe this additional window is very important for real investors. Many of us are not short-term speculators or constantly monitoring news and charts. We are long-term believers in Maple and simply hold our tokens for years without checking every market update.

In my case, I only found out about the need for conversion after noticing the token price drop dramatically. Otherwise, I would have remained unaware, as I received no prior email or direct notification.

Therefore, I am especially grateful for this chance, and I kindly ask you to provide a “beginner-friendly” explanation of the process for these final two days. I believe this would help many long-term holders like myself.

Thank you again for your support and transparency.
Looking forward to your reply.

9 Likes
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What if I wanna let the holders convert their MPL tokens one more time but don’t like the concept of SSF?

I’m sure even reopening the conversion contract will not lead to 100% conversion.

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Let’s be absolutely clear: this was a governance-approved decision: debated, voted on, and transparently implemented. Walking it back now just because some people missed the deadline would completely undermine the credibility of the DAO and the governance process we all chose to participate in.

If this community wants to be taken seriously, we can’t just reverse a decision every time a small minority feels left out or complains after the fact. That’s not how decentralized governance, or any governance, works. We don’t redo national elections because some voters didn’t show up or didn’t like the outcome. The same principle applies here. A vote was held, the results were clear, and the process was followed.

If anything, what we should be doing now is finalizing this chapter, not reopening it. I suggest we put forward a new proposal: that any unconverted MPL funds be either burned or allocated toward future protocol development or marketing, something that benefits the long-term health of the project and rewards those who stayed engaged and participated.

Frankly, all I’m seeing in this forum are emotional appeals and complaints about missed deadlines. I don’t see any clear, rational basis for reopening the migration. “I missed the deadline” isn’t a governance argument, it’s a personal one. And in a decentralized system, personal inaction can’t override collective decision-making.

To be honest, I think SyrupFan laid out the strongest case against reopening the migration. The arguments were logical, grounded, and aligned with the principles of self-governance. Let’s respect the outcome, draw a line under this, and focus on building forward.

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I haven’t missed the deadline.

I which I have the opportunity to vote for a solution for people that had missed the conversion, I asked for it.

I have seen more emotional in greedly comments that anticipate the use of unconverted MPL.

I don’t agree with the statement that this kind of solution could hurt the credibility.
Quite the contrary, very impressed to see the team can find solution when it’s needed.

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This isnt about overruling a clear outcome its about refining the process to reflect real world frictions and ensuring no one is left holding orphaned tokens. If respecting governance means refusing to adapt when the community sees friction or unfairness then were doing governance backwards. Lets debate mip017 on its merits and if you truly believe a simple burn is better craft that proposal, but lets not conflate procedural stubbornness with principled integrity.

6 Likes