What kind of competitive advantage has Maple built in the institutional-grade blockchain lending space? This question is worth a deep dive.

As the world's earliest and only truly scaled decentralized/low-collateralized institutional lending platform, Maple's position in this track is indeed extraordinary. The data for 2025 speaks for itself: TVL has increased by over 9 times, reaching $279 million, with active lending at $168 million. Products like SyrupUSDC/SyrupUSDT have become common choices for mainstream stablecoin investors.

Where does the competitiveness come from? First, look at the risk control system—this is the key to making the low-collateralization model work. Pool Delegates from traditional financial backgrounds are responsible for off-chain credit assessment and legal safeguards, providing a risk buffer for low-collateral loans; a mandatory Delegate staking mechanism ensures all participants share risks and align interests. This hybrid risk management architecture is rare among on-chain lending platforms.

Second is the innovation in token economics. After the MIP-019 proposal passed (voting on October 31, 2025, with 91% support), the protocol will allocate 100% of its revenue for $SYRUP buybacks and burns. Effective from November, this will be executed automatically every week, providing a clear and sustainable value capture pathway. The protocol's monthly revenue remains stable at the million-dollar level, corresponding to an annualized yield of 8-12%.

Finally, don't forget the business model itself—0%-30% collateralization loans, which shift the lending logic from over-collateralization to credit assessment, substantially driving the release of institutional lending demand. In both RWA and on-chain lending growth tracks, Maple is currently in a leading position.