Maple Finance Shifts Focus: Staking Ended, Buybacks on the Horizon – Is SYRUP Entering Its ‘Maturity’ Phase?

Maple Finance SYRUP

Maple Finance has recently proposed significant changes to its governance token structure, suggesting the end of staking and introducing a buyback initiative for its SYRUP token. This move is deemed essential for enhancing the protocol's sustainability while enabling long-term growth. By reallocating revenue, Maple aims to strengthen its liquidity capabilities and establish itself more firmly in the DeFi space.

Key Takeaways

Maple Finance aims to enhance protocol sustainability and prioritize long-term value growth over immediate emissions.
The proposed plan could serve as a crucial turning point amid consistent growth and accumulation within the protocol.
The DeFi giant has suggested discontinuing its governance token and implementing a buyback program for the SYRUP token.
The team has indicated that the existing structure of sharing revenue with staked SYRUP (stSYRUP) holders is no longer sustainable.
“Staking was crucial in establishing the SYRUP ecosystem and aligning long-term holders. However, as the protocol evolves, distributing revenue through staking is not as effective as reinvesting in liquidity and the protocol's overall strength.”

SYRUP Buyback Initiative

SYRUP serves as the new governance and reward token within the Maple Finance ecosystem, having replaced the prior governance token (MPL) on a 1:1 basis. In the most recent proposal, the Syrup Strategic Fund (SSF) will utilize 25% of the protocol's revenue for buybacks and improving liquidity for the Decentralized Autonomous Organization (DAO).

In the second half of 2025, Maple reported an average monthly revenue exceeding $1 million, peaking at $1.5 million in September. Based on the proposed allocation, an estimated $375K would be directed to the SSF. However, specifics on the buyback budget are still awaited.

Maple Source: Token Terminal

Voting on this proposal is open until October 31. Should it be approved, revenue sharing with stSYRUP holders will conclude by November. The current staking rewards function similarly to emissions, often creating short-term selling pressures. Maple contends that ceasing staking and initiating buybacks would be beneficial for the long-term value of SYRUP.

Maple’s Expansion and Its Influence on SYRUP

Maple has been able to grow its active loan portfolio to $2.1 billion, ranking it fourth among competitors like Aave [AAVE], Morpho [MORPHO], and Spark [SPK].

Maple Source: Token Terminal

At the time of writing, the protocol’s assets under management (AUM) surpassed $4 billion, primarily consisting of yield-generating stablecoins. A recent strategic partnership with Aave may further boost growth.

Trend of SYRUP Accumulation

On-chain data from Santiment shows a consistent decrease in Supply on Exchanges, indicating that accumulation has been ongoing since July.

Maple SYRUP Source: Santiment

Additionally, the 30-day Market Value to Realized Value (MVRV) Ratio has remained around 1.5%, suggesting mild profit-taking activities while still indicating potential for future gains.

With the ongoing growth of the protocol, the rise in SYRUP accumulation, and the anticipated buyback program, could the token’s value increase? SYRUP is currently priced at $0.39, and reclaiming the $0.40 mark—identified as support during the second half—might push bulls higher. Nonetheless, the bearish momentum will persist unless it breaks above $0.46.

SYRUP Source: SYRUP/USDT, TradingView