Beyond the Retail Market: Why Institutional-Level Services Are the New Frontier

This report, authored by Tiger Research, examines the positioning of Maple Finance as an on-chain asset management platform and its strategic opportunities within the evolving crypto institutional market.

As institutional investors increasingly enter the cryptocurrency market, the demand for asset management solutions that meet traditional financial standards is on the rise. Maple Finance has emerged to fill this gap, establishing itself as a leading on-chain asset management platform.

Maple does more than just connect lenders and borrowers. It conducts structured assessments of borrowers and strategically manages collateral, operating more like a traditional asset management firm. Recently, Maple has also expanded its product line with a Bitcoin yield product, transforming Bitcoin from a passive holding asset into a yield-generating one.

With more institutions entering the crypto space, well-prepared asset management platforms like Maple Finance are poised to establish early institutional relationships — an advantage that could translate into long-term market leadership.

1. The Demand for Asset Management in the Crypto Market

In traditional finance, investors with substantial assets typically rely on brokerage firms to provide professional asset management services — a widely adopted strategy. But consider an alternative scenario: Suppose you are Michael Saylor, CEO of Strategy Corporation, and you have acquired a large Bitcoin position. How do you effectively manage these assets?

Initially, options such as staking or direct lending may seem viable. However, in practice, managing large-scale crypto assets is complex and prone to errors. It usually requires specialized personnel and robust operational controls. People might then turn to consider professional asset management, similar to traditional finance. Yet, there exists another challenge here: In the crypto market, structured and reliable asset management institutions are very scarce.

This gap presents a clear opportunity for crypto asset management. Applying proven models from traditional finance to digital assets could unleash tremendous market potential. As institutional participation in the crypto space deepens, the demand for professional, structured asset management is becoming crucial.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: bitcointreasuries, Tiger Research

As institutional participation in the crypto space accelerates, this demand is becoming increasingly evident. A key example is the massive Bitcoin purchases by Strategy Corporation since 2020. This momentum was further strengthened after the approval of spot Bitcoin ETFs in the United States and Hong Kong in 2024.

Therefore, a market once dominated by retail investors is approaching its limits. The current environment requires professional asset management solutions tailored to institutional needs.

Maple Finance was created to meet this demand. Established in 2019, Maple combines traditional financial expertise with blockchain infrastructure and has steadily established itself as a leading on-chain asset management provider.

Join Tiger Research in exploring the Asian Web3 market. Be part of the vanguard of over 11,000 pioneers receiving exclusive market insights.

2. On-Chain Asset Management: Maple Finance

The structure of Maple Finance is simple and clear. It facilitates credit-based on-chain lending by connecting liquidity providers (LPs) with institutional borrowers.

This raises a key question: In traditional finance, asset management typically involves diversifying clients' portfolios across stocks, bonds, real estate, and other instruments to manage risk and achieve long-term value growth.

In this context, can a platform specializing in lending intermediation be considered a true asset management company?

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

Upon examining the actual operations of Maple Finance, the answer becomes clearer. The platform employs professional asset management practices that go beyond simple loan matching. It conducts thorough credit assessments of institutional borrowers and makes strategic decisions regarding capital allocation and loan terms.

Throughout the loan process, Maple also engages in active capital management, utilizing mechanisms such as collateral pledging and re-lending. This operational model clearly transcends basic lending intermediation and is closer to the functions of a modern asset management company.

3. Core Participants and Operational Mechanism of Maple Finance

Maple Finance is able to function as an on-chain asset management institution (rather than just a lending intermediary) due to its clear participant structure and systematic operational framework. Maple's product is built around three key participant roles:

The role of Maple Finance as an on-chain asset management institution (rather than a simple lending intermediary) stems from its clear participant structure and systematic operational framework. Its product model is built around three core participant roles:

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

This structure reflects the existing safeguard mechanisms in traditional finance. In a bank's corporate lending business, depositors provide funds, companies apply for loans, and the internal credit team assesses their financial health. Meanwhile, shareholders participate in governance decisions that influence the direction of the institution.

Maple Finance operates similarly. When a borrower applies for a loan, Maple's credit team sets the terms based on the collateral ratio and asset quality. Lenders provide the funds, functioning like depositors, while $SYRUP holders take on a governance role similar to shareholders, participating in protocol-level decisions.

A key difference is that $SYRUP holders also receive staking rewards funded by protocol revenue. It is worth noting that 20% of the revenue is allocated for buybacks to support these rewards.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

Consider a specific example. Major market maker TIGER 77 requires $10 million in operating capital to expand its trading positions amid increased market volatility. However, traditional banks, citing limited trust in the cryptocurrency space, rejected the request — leaving TIGER 77 unable to obtain the necessary funds.

Maple Finance's internal lending and consulting division, Maple Direct, bridges this gap through its High-Yield Corporate Product. Qualified investors, recognizing Maple Direct's performance, deposit $10 million USDC into the lending pool.

When TIGER 77 applies for the loan, Maple Direct conducts a comprehensive credit assessment, reviewing the company's financial condition, operating history, and risk profile. After the evaluation, it approves a $10 million USDC loan, collateralized by Ethereum, at an interest rate of 12.5%.

Once the loan is executed, revenue distribution begins. TIGER 77 pays monthly interest, of which Maple Direct retains 12% as a management fee. The remaining interest is distributed to the qualified investors.

Here, Maple's differentiation becomes clear. It goes beyond basic loan intermediation, actively managing collateral — including through secondary lending and collateral pledging to enhance capital efficiency. In some cases, Maple also structures loans based on the corporate guarantee of the parent company (rather than traditional collateral).

In practice, the services provided by Maple can be compared to those of traditional financial institutions. It actively manages funds, rather than just connecting lenders and borrowers. This approach reinforces Maple's positioning as a trustworthy institutional-level asset management company, rather than just another DeFi lending platform.

4. Core Products of Maple Finance

4.1 Maple Institutional

Maple Finance has established itself as a legitimate on-chain asset management institution by offering a diverse and structured portfolio of products. Its products are mainly divided into two categories: lending products and asset management products, each designed to match investors with different risk tolerance levels and return targets.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

The first category — lending products — includes Maple's Blue Chip and High Yield products. The Blue Chip product line is designed for conservative investors who prioritize capital preservation. It only accepts well-established assets such as Bitcoin and Ethereum as collateral and follows strict risk management practices.

In contrast, the High Yield product targets investors seeking higher returns and willing to take on greater risks. Its core strategy involves actively managing over-collateralized assets — through staking or secondary lending — to generate additional returns, rather than just holding the collateral.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

Maple Finance's second category of products — asset management — begins with its BTC Yield product. Launched earlier this year, this product caters to the growing institutional demand for Bitcoin. Its value proposition is simple: Institutions do not have to passively hold Bitcoin; instead, they can deposit BTC to earn interest and generate returns from their existing assets.

This naturally raises a question: If institutions can directly buy and hold Bitcoin, why not manage it themselves? The answer lies in practical limitations — mainly the lack of technical infrastructure or operational expertise to securely generate returns.

Maple Finance's Bitcoin yield product leverages dual staking provided by Core DAO. Under this model, institutions securely store their Bitcoin with institutional-grade custodians such as BitGo or Copper and earn staking rewards by committing to not move their assets for a predetermined period. In short, institutions lock up their assets securely and earn returns.

However, the actual process is more complex than it appears. Behind the simple facade of "earning returns on Bitcoin" lies a series of technical and operational steps — contracting arrangements with custodians, participating in Core DAO staking, and converting $CORE staking rewards into cash. Each step requires specialized knowledge that most institutions do not have in-house.

This reflects a familiar pattern in traditional finance. Although companies can directly manage assets, they usually rely on professional asset management firms to do so efficiently and securely. In the crypto space, the need for such expertise is even greater — considering the additional layers of technical complexity, regulatory oversight, security, and risk management.

Starting with the Bitcoin yield product, Maple Finance plans to expand into a broader range of asset management products. This strategy is crucial for bridging the gap between institutional investors and the crypto market, addressing a long-unmet need.

By offering comprehensive, professionally managed services, Maple enables institutions to pursue stable returns from digital assets — without diverting from their core business focus.

4.2 syrupUSDC

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

The products discussed so far are mainly aimed at qualified investors, limiting access for general retail participants. To address this issue, Maple Finance has launched syrupUSDC and syrupUSDT — liquidity pools for retail investors built on top of Maple's existing lending infrastructure and borrower network.

Funds raised through syrupUSDC are lent to institutional borrowers from Maple's Blue Chip and High Yield pools, who undergo the same credit assessment process as with other Maple products. The interest generated from these loans is directly distributed to syrupUSDC depositors.

Although the structure is similar to Maple's institutional products, the syrup pools are independently managed. This design maintains the operational rigor of the institutional products while lowering the entry barrier for retail users — increasing accessibility without compromising structural stability.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Dune

While the yields are slightly lower than those offered to institutional participants, Maple has introduced the "Drips" reward system to enhance long-term engagement. Drips provide additional token rewards, compounded every four hours in the form of points. At the end of each season, points can be converted into SYRUP tokens. Through this incentive mechanism and active fundraising strategy, Maple Finance has attracted approximately $1.9 billion in USDC and USDT.

In summary, syrupUSDC/USDT extends institutional-level products to retail investors, combining accessibility with a structured reward mechanism. By integrating Drips, Maple demonstrates a deep understanding of Web3 participation dynamics, offering a model that encourages sustained engagement while maintaining financial discipline.

5. Key Differentiating Advantages of Maple Finance

Maple Finance's core differentiating advantage lies in the implementation of its fully on-chain institutional-level system. Maple does not rely solely on algorithmic lending protocols but combines on-chain infrastructure with human expertise to create an environment that meets institutional standards.

5.1 Services Developed by Traditional Finance Experts

This distinction begins with the composition of Maple's team. Many on-chain financial platforms lack professionals with backgrounds in traditional finance. While such experience is not absolutely necessary, it is difficult to provide truly institutional-level services without a deep understanding of institutional investors' needs and risk expectations.

This is where Maple stands out. Its team includes professionals with decades of experience in traditional finance and credit assessment. Their expertise enables rigorous credit assessment and robust risk management, forming the trust foundation required by institutional clients.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

The background of Maple's leadership team helps explain why it has earned the trust of institutional investors.

CEO Sidney Powell brings asset management experience from National Australia Bank and Angle Finance. Co-founder Joe Flanagan was a consultant at PwC, specializing in corporate financial analysis, and later served as the CFO of Axsesstoday.

On the technical side, CTO Matt Collum was a senior engineer at Wave HQ and the founder of fintech startup Every. COO Ryan O'Shea worked on strategy at Kraken, gaining direct experience in the crypto space.

The broader team includes professionals with both financial and technical backgrounds. Capital Markets Director Sid Sheth was in charge of institutional sales at Deutsche Bank. Product Head Steven Liu held product management positions at Amazon and led fintech projects at Anchorage Digital.

Maple's core strength lies in the integration of traditional finance and blockchain expertise. The team's dual-domain knowledge enables them to meet institutional expectations while offering on-chain solutions with operational credibility and technical precision.

5.2 Differentiated Risk Management System

Maple Finance's risk management approach reflects the expertise of its professional team and sets it apart from most DeFi protocols. While most protocols heavily rely on automated, decentralized mechanisms, Maple directly applies proven methodologies from traditional finance to the blockchain.

The first key component is the loan assessment process. In most DeFi protocols, loans are automatically granted once collateral is deposited, with little to no credit assessment.

In contrast, Maple Finance implements a more prudent underwriting model. As previously mentioned, borrower screening is conducted by its investment advisory division, Maple Direct. This credit-first approach, combined with a preference for over-collateralized structures, allows Maple to manage risk from the outset.

In the event of liquidation, most protocols trigger immediate asset sales once collateral falls below the threshold. Maple takes a different approach — issuing a 24-hour notice to give borrowers time to top up collateral. This is similar to the traditional banking practice of a margin call preceding liquidation. If the borrower does not respond within the window, liquidation proceeds.

Even the liquidation process itself is designed to minimize market impact. While common DeFi protocols conduct liquidations openly on exchanges — risking slippage and price disruption — Maple executes liquidations through pre-arranged over-the-counter (OTC) deals with market makers, ensuring controlled execution and reduced volatility.

Maple's withdrawal system is also notable. In traditional DeFi, users can instantly withdraw funds if liquidity is available — but when liquidity is insufficient, uncertainty arises. Maple processes withdrawals sequentially or in timed batches, giving users clear expectations about fund availability. This structured approach enables investors to plan effectively, adding certainty and confidence to Maple's risk management framework.

5.3 Integrated Ecosystem Structure

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

Maple Finance adopts a robust growth strategy — prioritizing internal risk management and strategic synergy over rapid expansion. Before engaging in external partnerships, the team establishes a comprehensive risk framework. Instead of blindly scaling up, Maple focuses on collaborating with core partners that can create meaningful value.

This strategy is clearly reflected in the expansion of the syrupUSDC ecosystem. To enhance its influence in the DeFi space, Maple partners with leading platforms such as Spark and Pendle, achieving diversified yield structures and multiple access points for users.

The collaboration with Spark has yielded tangible results: Spark allocates $300 million to syrupUSDC as collateral support for USDS. This is not a symbolic partnership — it leads to real capital deployment.

The integration with Pendle further enhances flexibility. syrupUSDC holders can now use Pendle's Principal Token (PT) and Yield Token (YT) mechanisms to customize their yield exposure. This model — leveraging the expertise of each partner — has become a consistent strategy in Maple's product line.

The BTC Yield product also exemplifies the same approach. Its goal is to transform Bitcoin from a passive holding asset into a yield-generating one. Achieving this requires two core components: secure custody and effective deployment. Maple addresses both issues by partnering with BitGo and Copper for institutional-grade custody and utilizing Core DAO's dual staking model to generate returns, ultimately forming an integrated system where custody and yield coexist without trade-offs.

Beyond the Retail Market: Why Institutional-Level Services Are the New Frontier

This report, authored by Tiger Research, examines the positioning of Maple Finance as an on-chain asset management platform and its strategic opportunities within the evolving crypto institutional market.

As institutional investors increasingly enter the cryptocurrency market, the demand for asset management solutions that meet traditional financial standards is on the rise. Maple Finance has emerged to fill this gap, establishing itself as a leading on-chain asset management platform.

Maple does more than just connect lenders and borrowers. It conducts structured assessments of borrowers and strategically manages collateral, operating more like a traditional asset management firm. Recently, Maple has also expanded its product line with a Bitcoin yield product, transforming Bitcoin from a passive holding asset into a yield-generating one.

With more institutions entering the crypto space, well-prepared asset management platforms like Maple Finance are poised to establish early institutional relationships — an advantage that could translate into long-term market leadership.

1. The Demand for Asset Management in the Crypto Market

In traditional finance, investors with substantial assets typically rely on brokerage firms to provide professional asset management services — a widely adopted strategy. But consider an alternative scenario: Suppose you are Michael Saylor, CEO of Strategy Corporation, and you have acquired a large Bitcoin position. How do you effectively manage these assets?

Initially, options such as staking or direct lending may seem viable. However, in practice, managing large-scale crypto assets is complex and prone to errors. It usually requires specialized personnel and robust operational controls. People might then turn to consider professional asset management, similar to traditional finance. Yet, there exists another challenge here: In the crypto market, structured and reliable asset management institutions are very scarce.

This gap presents a clear opportunity for crypto asset management. Applying proven models from traditional finance to digital assets could unleash tremendous market potential. As institutional participation in the crypto space deepens, the demand for professional, structured asset management is becoming crucial.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: bitcointreasuries, Tiger Research

As institutional participation in the crypto space accelerates, this demand is becoming increasingly evident. A key example is the massive Bitcoin purchases by Strategy Corporation since 2020. This momentum was further strengthened after the approval of spot Bitcoin ETFs in the United States and Hong Kong in 2024.

Therefore, a market once dominated by retail investors is approaching its limits. The current environment requires professional asset management solutions tailored to institutional needs.

Maple Finance was created to meet this demand. Established in 2019, Maple combines traditional financial expertise with blockchain infrastructure and has steadily established itself as a leading on-chain asset management provider.

Join Tiger Research in exploring the Asian Web3 market. Be part of the vanguard of over 11,000 pioneers receiving exclusive market insights.

2. On-Chain Asset Management: Maple Finance

The structure of Maple Finance is simple and clear. It facilitates credit-based on-chain lending by connecting liquidity providers (LPs) with institutional borrowers.

This raises a key question: In traditional finance, asset management typically involves diversifying clients' portfolios across stocks, bonds, real estate, and other instruments to manage risk and achieve long-term value growth.

In this context, can a platform specializing in lending intermediation be considered a true asset management company?

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

Upon examining the actual operations of Maple Finance, the answer becomes clearer. The platform employs professional asset management practices that go beyond simple loan matching. It conducts thorough credit assessments of institutional borrowers and makes strategic decisions regarding capital allocation and loan terms.

Throughout the loan process, Maple also engages in active capital management, utilizing mechanisms such as collateral pledging and re-lending. This operational model clearly transcends basic lending intermediation and is closer to the functions of a modern asset management company.

3. Core Participants and Operational Mechanism of Maple Finance

Maple Finance is able to function as an on-chain asset management institution (rather than just a lending intermediary) due to its clear participant structure and systematic operational framework. Maple's product is built around three key participant roles:

The role of Maple Finance as an on-chain asset management institution (rather than a simple lending intermediary) stems from its clear participant structure and systematic operational framework. Its product model is built around three core participant roles:

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

This structure reflects the existing safeguard mechanisms in traditional finance. In a bank's corporate lending business, depositors provide funds, companies apply for loans, and the internal credit team assesses their financial health. Meanwhile, shareholders participate in governance decisions that influence the direction of the institution.

Maple Finance operates similarly. When a borrower applies for a loan, Maple's credit team sets the terms based on the collateral ratio and asset quality. Lenders provide the funds, functioning like depositors, while $SYRUP holders take on a governance role similar to shareholders, participating in protocol-level decisions.

A key difference is that $SYRUP holders also receive staking rewards funded by protocol revenue. It is worth noting that 20% of the revenue is allocated for buybacks to support these rewards.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

Consider a specific example. Major market maker TIGER 77 requires $10 million in operating capital to expand its trading positions amid increased market volatility. However, traditional banks, citing limited trust in the cryptocurrency space, rejected the request — leaving TIGER 77 unable to obtain the necessary funds.

Maple Finance's internal lending and consulting division, Maple Direct, bridges this gap through its High-Yield Corporate Product. Qualified investors, recognizing Maple Direct's performance, deposit $10 million USDC into the lending pool.

When TIGER 77 applies for the loan, Maple Direct conducts a comprehensive credit assessment, reviewing the company's financial condition, operating history, and risk profile. After the evaluation, it approves a $10 million USDC loan, collateralized by Ethereum, at an interest rate of 12.5%.

Once the loan is executed, revenue distribution begins. TIGER 77 pays monthly interest, of which Maple Direct retains 12% as a management fee. The remaining interest is distributed to the qualified investors.

Here, Maple's differentiation becomes clear. It goes beyond basic loan intermediation, actively managing collateral — including through secondary lending and collateral pledging to enhance capital efficiency. In some cases, Maple also structures loans based on the corporate guarantee of the parent company (rather than traditional collateral).

In practice, the services provided by Maple can be compared to those of traditional financial institutions. It actively manages funds, rather than just connecting lenders and borrowers. This approach reinforces Maple's positioning as a trustworthy institutional-level asset management company, rather than just another DeFi lending platform.

4. Core Products of Maple Finance

4.1 Maple Institutional

Maple Finance has established itself as a legitimate on-chain asset management institution by offering a diverse and structured portfolio of products. Its products are mainly divided into two categories: lending products and asset management products, each designed to match investors with different risk tolerance levels and return targets.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

The first category — lending products — includes Maple's Blue Chip and High Yield products. The Blue Chip product line is designed for conservative investors who prioritize capital preservation. It only accepts well-established assets such as Bitcoin and Ethereum as collateral and follows strict risk management practices.

In contrast, the High Yield product targets investors seeking higher returns and willing to take on greater risks. Its core strategy involves actively managing over-collateralized assets — through staking or secondary lending — to generate additional returns, rather than just holding the collateral.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

Maple Finance's second category of products — asset management — begins with its BTC Yield product. Launched earlier this year, this product caters to the growing institutional demand for Bitcoin. Its value proposition is simple: Institutions do not have to passively hold Bitcoin; instead, they can deposit BTC to earn interest and generate returns from their existing assets.

This naturally raises a question: If institutions can directly buy and hold Bitcoin, why not manage it themselves? The answer lies in practical limitations — mainly the lack of technical infrastructure or operational expertise to securely generate returns.

Maple Finance's Bitcoin yield product leverages dual staking provided by Core DAO. Under this model, institutions securely store their Bitcoin with institutional-grade custodians such as BitGo or Copper and earn staking rewards by committing to not move their assets for a predetermined period. In short, institutions lock up their assets securely and earn returns.

However, the actual process is more complex than it appears. Behind the simple facade of "earning returns on Bitcoin" lies a series of technical and operational steps — contracting arrangements with custodians, participating in Core DAO staking, and converting $CORE staking rewards into cash. Each step requires specialized knowledge that most institutions do not have in-house.

This reflects a familiar pattern in traditional finance. Although companies can directly manage assets, they usually rely on professional asset management firms to do so efficiently and securely. In the crypto space, the need for such expertise is even greater — considering the additional layers of technical complexity, regulatory oversight, security, and risk management.

Starting with the Bitcoin yield product, Maple Finance plans to expand into a broader range of asset management products. This strategy is crucial for bridging the gap between institutional investors and the crypto market, addressing a long-unmet need.

By offering comprehensive, professionally managed services, Maple enables institutions to pursue stable returns from digital assets — without diverting from their core business focus.

4.2 syrupUSDC

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Maple Finance

The products discussed so far are mainly aimed at qualified investors, limiting access for general retail participants. To address this issue, Maple Finance has launched syrupUSDC and syrupUSDT — liquidity pools for retail investors built on top of Maple's existing lending infrastructure and borrower network.

Funds raised through syrupUSDC are lent to institutional borrowers from Maple's Blue Chip and High Yield pools, who undergo the same credit assessment process as with other Maple products. The interest generated from these loans is directly distributed to syrupUSDC depositors.

Although the structure is similar to Maple's institutional products, the syrup pools are independently managed. This design maintains the operational rigor of the institutional products while lowering the entry barrier for retail users — increasing accessibility without compromising structural stability.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Dune

While the yields are slightly lower than those offered to institutional participants, Maple has introduced the "Drips" reward system to enhance long-term engagement. Drips provide additional token rewards, compounded every four hours in the form of points. At the end of each season, points can be converted into SYRUP tokens. Through this incentive mechanism and active fundraising strategy, Maple Finance has attracted approximately $1.9 billion in USDC and USDT.

In summary, syrupUSDC/USDT extends institutional-level products to retail investors, combining accessibility with a structured reward mechanism. By integrating Drips, Maple demonstrates a deep understanding of Web3 participation dynamics, offering a model that encourages sustained engagement while maintaining financial discipline.

5. Key Differentiating Advantages of Maple Finance

Maple Finance's core differentiating advantage lies in the implementation of its fully on-chain institutional-level system. Maple does not rely solely on algorithmic lending protocols but combines on-chain infrastructure with human expertise to create an environment that meets institutional standards.

5.1 Services Developed by Traditional Finance Experts

This distinction begins with the composition of Maple's team. Many on-chain financial platforms lack professionals with backgrounds in traditional finance. While such experience is not absolutely necessary, it is difficult to provide truly institutional-level services without a deep understanding of institutional investors' needs and risk expectations.

This is where Maple stands out. Its team includes professionals with decades of experience in traditional finance and credit assessment. Their expertise enables rigorous credit assessment and robust risk management, forming the trust foundation required by institutional clients.

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

The background of Maple's leadership team helps explain why it has earned the trust of institutional investors.

CEO Sidney Powell brings asset management experience from National Australia Bank and Angle Finance. Co-founder Joe Flanagan was a consultant at PwC, specializing in corporate financial analysis, and later served as the CFO of Axsesstoday.

On the technical side, CTO Matt Collum was a senior engineer at Wave HQ and the founder of fintech startup Every. COO Ryan O'Shea worked on strategy at Kraken, gaining direct experience in the crypto space.

The broader team includes professionals with both financial and technical backgrounds. Capital Markets Director Sid Sheth was in charge of institutional sales at Deutsche Bank. Product Head Steven Liu held product management positions at Amazon and led fintech projects at Anchorage Digital.

Maple's core strength lies in the integration of traditional finance and blockchain expertise. The team's dual-domain knowledge enables them to meet institutional expectations while offering on-chain solutions with operational credibility and technical precision.

5.2 Differentiated Risk Management System

Maple Finance's risk management approach reflects the expertise of its professional team and sets it apart from most DeFi protocols. While most protocols heavily rely on automated, decentralized mechanisms, Maple directly applies proven methodologies from traditional finance to the blockchain.

The first key component is the loan assessment process. In most DeFi protocols, loans are automatically granted once collateral is deposited, with little to no credit assessment.

In contrast, Maple Finance implements a more prudent underwriting model. As previously mentioned, borrower screening is conducted by its investment advisory division, Maple Direct. This credit-first approach, combined with a preference for over-collateralized structures, allows Maple to manage risk from the outset.

In the event of liquidation, most protocols trigger immediate asset sales once collateral falls below the threshold. Maple takes a different approach — issuing a 24-hour notice to give borrowers time to top up collateral. This is similar to the traditional banking practice of a margin call preceding liquidation. If the borrower does not respond within the window, liquidation proceeds.

Even the liquidation process itself is designed to minimize market impact. While common DeFi protocols conduct liquidations openly on exchanges — risking slippage and price disruption — Maple executes liquidations through pre-arranged over-the-counter (OTC) deals with market makers, ensuring controlled execution and reduced volatility.

Maple's withdrawal system is also notable. In traditional DeFi, users can instantly withdraw funds if liquidity is available — but when liquidity is insufficient, uncertainty arises. Maple processes withdrawals sequentially or in timed batches, giving users clear expectations about fund availability. This structured approach enables investors to plan effectively, adding certainty and confidence to Maple's risk management framework.

5.3 Integrated Ecosystem Structure

Deep Dive into Maple Finance: On-Chain Asset Management in the Era of Institutional Capital

Source: Tiger Research

Maple Finance adopts a robust growth strategy — prioritizing internal risk management and strategic synergy over rapid expansion. Before engaging in external partnerships, the team establishes a comprehensive risk framework. Instead of blindly scaling up, Maple focuses on collaborating with core partners that can create meaningful value.

This strategy is clearly reflected in the expansion of the syrupUSDC ecosystem. To enhance its influence in the DeFi space, Maple partners with leading platforms such as Spark and Pendle, achieving diversified yield structures and multiple access points for users.

The collaboration with Spark has yielded tangible results: Spark allocates $300 million to syrupUSDC as collateral support for USDS. This is not a symbolic partnership — it leads to real capital deployment.

The integration with Pendle further enhances flexibility. syrupUSDC holders can now use Pendle's Principal Token (PT) and Yield Token (YT) mechanisms to customize their yield exposure. This model — leveraging the expertise of each partner — has become a consistent strategy in Maple's product line.

The BTC Yield product also exemplifies the same approach. Its goal is to transform Bitcoin from a passive holding asset into a yield-generating one. Achieving this requires two core components: secure custody and effective deployment. Maple addresses both issues by partnering with BitGo and Copper for institutional-grade custody and utilizing Core DAO's dual staking model to generate returns, ultimately forming an integrated system where custody and yield coexist without trade-offs.