Maple Finance a casualty of FTXAlameda introduces institutional lending services

Maple Finance, a decentralized finance (DeFi) institutional lending platform, unveiled its latest protocol, Syrup, on May 28. This new initiative aims to offer institutional yield opportunities to the DeFi community.
The introduction of Syrup follows Maple Finance’s challenges resulting from the FTX-Alameda collapse, which led to the termination of its partnership with Orthogonal Trading in December 2022.
Syrup provides users with unrestricted access to secured institutional lending. By depositing Circle’s USD Coin (USDC) into the platform, users can acquire syrupUSDC liquidity pool (LP) tokens, enabling them to earn yield.
Maple Finance plans to use fully collateralized loans to support “the largest” crypto institutions in order to generate yield. However, this move has been met with skepticism by some community members in light of the FTX-Alameda incident.
Despite experiencing loan defaults linked to entities associated with FTX, Maple Finance introduced the Syrup token to allow holders to engage with the ecosystem. Holders of the Maple (MPL) token can transition to SYRUP on a one-for-one basis without any additional dilution.
The launch of Syrup garnered mixed reactions from the community, with some questioning the necessity of a new token and expressing distrust stemming from unresolved FTX-Alameda issues. To address concerns, Syrup.fi clarified that SYRUP was simply the name of the MPLv2 token.
Maple Finance will conduct a webinar on June 4 at 7:00 pm UTC to delve deeper into the Syrup launch.