Maple Finance has seen tremendous growth over the previous 12 months and established itself as the clear leader in onchain asset management. With AUM growing >10x since SYRUP’s launch and the protocol now generating ~$20M in ARR from fees, the Maple team believes it is time to evolve our approach and ensure long-term sustainability.
MIP-019 proposes three changes:
Activate the Syrup Strategic Fund (SSF) – Allocate 25% of ongoing protocol revenue to buybacks and building a robust DAO balance sheet.
Sunset SYRUP Staking Rewards – End the streaming of protocol revenue to stSYRUP holders.
Expand Governance Participation – Allow both SYRUP and stSYRUP holders to vote on future proposals.
Activate the Syrup Strategic Fund (SSF)
MIP-019 proposes that 25% of protocol revenue is allocated to the SSF for buybacks and building a diversified balance sheet for all-weather conditions. In addition to being a tactical tool for strengthening SYRUP token liquidity, the SSF will ensure that over the long run, Maple can operate independently and sustainably, avoiding dilutive fundraising and forced selling in bear market environments.
Sunset SYRUP Staking
MIP-019 proposes to sunset SYRUP rewards for stSYRUP holders immediately following the end of the current vesting period (currently streaming SYRUP from September buybacks). Staking was instrumental in bootstrapping the SYRUP ecosystem and aligning long-term holders. As the protocol matures, distributing revenue through staking is less efficient than reinvesting in liquidity and protocol strength.
Implementation
Should MIP-019 pass, the following steps will be enacted:
Revenue Allocation: 25% of protocol revenue in Q4 2025 will be allocated to the SSF for buybacks, cash allocation, and building balance sheet.
Sunset Staking: The existing onchain stream of SYRUP to stakers will end in November and no additional rewards will be streamed.
Governance Eligibility: SYRUP and stSYRUP holders will both be able to participate in future community decisions.
Voting
MIP-019 can be voted upon by stSYRUP holders, with the vote scheduled to go live on the 27th of October 2025 for 4 days.
I’m trying to understand the proposal, but I’m not sure I fully do. Maybe it could be clearer what it’s aiming to achieve. Say for instance, I hold a reasonable amount of SYRUP and currently earn about 500 SYRUP/month through staking. With staking being removed, those earnings will disappear. So what do I get in return? How is this better for me as a token holder? Is it mainly a long-term value story? If so, it would help to explain how that value is expected to materialize.
We reducing the utility of the syrup token even further through this?
Not even staking now.
And to clarify, not the full 25% of revenue allocated to the ssf will be used for token buybacks, right? Only a portion of this will? Vs full 25% buybacks earlier??
Is there a logic behind reducing the token utility even further? Maybe I missing something. A clarification regarding how exactly this will help the SYRUP token would be great to have…
Appreciate the thoughtful feedback from the community — MIP-019 is about evolving from short-term yield to long-term protocol strength and value for all SYRUP holders.
Staking helped bootstrap participation early on, but with <40% of holders now staking, the impact of rewards has diminished. Instead of streaming yield to a minority of holders, MIP-019 directs value into a DAO-owned treasury that strengthens the entire ecosystem.
Key benefits for SYRUP holders:
DAO Treasury Growth – 25% of revenue builds a balance sheet (SYRUP, stables, BTC) that belongs to token holders.
Sustainable Value – assets can be used for buybacks, yield generation, and future growth—without dilution.
Buybacks Continue – SSF will still purchase SYRUP, but these tokens are held, not sold, strengthening liquidity.
Future Governance – both SYRUP and stSYRUP holders gain a voice in how the SSF and protocol evolve.
In short, MIP-019 transitions Maple from distributing short-term emissions to compounding long-term value.
Think that the staking model - that has served Maple well - can now become a roadblock for further TradFi and non-crypto-native adoption.
Buying SYRUP tokens through a CEX, centralized custodian or any other set up that looks familiar to a TradFi fund, family office or pension plan is already a big enough leap. Staking may be too far ahead for a first move (and holding without staking is leaving money on the table and giving up governance - both unacceptable for any serious investors).
This proposal would solve the issue, by having the (governance-controlled) SSF manage and hold token repurchases, using mechanics similar to TradFi stock buybacks. Although these buybacks would benefit the whole of SYRUP tokenholders (instead of only ‘long time holders that stake’), I think this is the way to simplify and open up investment in SYRUP for TradFi investors to make the pie grow (even) bigger for everyone.
I assume that the staking contracts and stSYRUP will be retired as part of the process.