Question
Provide a narrative description of the purpose of the project.
Response
Maple is an onchain asset manager focused on institutional lending. Its core product is overcollateralized stablecoin loans to crypto-native institutions. Maple has facilitated over $22b in loans since inception. Maple receives fees from the interest on loans it originates. Maple typically charges an average of 1.5-2% of the value of loans outstanding on the platform. These fees come from two sources: 1) the direct interest paid by borrowers; and 2) the yield on the collateral, where this is a proof of stake token. Maple's monthly revenue is reported on its self-published Dune dashboard, available here: https://dune.com/maple-finance/maple-finance.
Question
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Sidney Powell | Co-Founder & CEO | Sidney Powell, originally from Australia, built his career in traditional debt capital markets. That experience gave him a front-row seat to how slow, opaque, and inefficient institutional lending had become. In 2019, he co-founded Maple alongside Joe Flanagan to change that. Today, Maple is the largest onchain asset manager, with over $4.5B in TVL, more than $20B in institutional loans originated, and over $65M returned to depositors. Before Maple, Sid spent a decade in traditional debt capital markets. He participated in over $3B in corporate bond issuances, managed a $200M bond-funding program, and served as Treasurer at Angle Finance, a PE-backed commercial lender. This experience gave him a front-row seat to how slow, opaque, and inefficient institutional lending had become. He began his career at National Australia Bank in securitisation and corporate finance - the institutional grounding that shapes Maple's underwriting standards today. Sid holds a Bachelor of Finance/LLB from the University of Adelaide and a BBA in International Finance from HEC Montréal. He has been featured in Bloomberg, Forbes, CoinDesk, and The Block, and speaks regularly at Consensus, Korea Blockchain Week, and the Greenwich Economic Forum. |
Joe Flanagan | Co-Founder & Executive Chairman | Joe Flanagan is the Co-Founder and Executive Chairman of Maple, founded in 2019 to bring institutional-grade credit infrastructure onchain. Today, Maple has over $4.5B in TVL, more than $11B in institutional loans originated, and over $65M returned to depositors. Joe brings deep experience in financial operations, corporate finance, and capital markets. Before Maple, he ran investments and operating companies at a multi-billion-dollar family office. He also served as CFO and Company Secretary of a fast-growing ASX-listed commercial lending fintech, where he led the company's IPO and managed over $400M in debt and equity transactions. Earlier in his career, Joe was a consultant at PwC Australia. Joe holds a Bachelor's degree in Accounting from Saint Louis University. |
Ryan O’Shea | COO | Ryan O'Shea is Chief Operating Officer at Maple, where he has scaled the company into the leader in onchain asset management, with over $4.5B in TVL and $20B in institutional loans originated. Previously, Ryan led business operations and strategy at Kraken during a period of hypergrowth, expanding its global footprint and institutional capabilities. Earlier in his career, he spent nearly a decade at EY building and leading teams, rising to Service Model Innovation Leader for the Americas, and co-founded a technology company as CEO.He holds a degree in Finance from University College Cork and is a qualified Chartered Accountant (ACA). |
Matt Collum | CTO | Matt Collum is Chief Technology Officer at Maple, bringing 25 years of experience building and scaling technology platforms across fintech, SaaS, and enterprise infrastructure. Matt has a track record of building products that get acquired, co-founding Every, a banking app for small businesses, acquired by Wave in 2019, and serving as Lead Architect at ExtendMedia, which Cisco acquired in 2010. He joined Maple in 2022 as Head of Engineering before being appointed CTO in 2024. At Maple, Matt leads the technology vision for the leader in onchain asset management, building the infrastructure that brings institutional-grade asset management to the onchain financial system. |
Full Name | Official Title | Prior Experience |
|---|---|---|
David Acutt | Independent Director | David Acutt is an Independent Director bringing deep expertise in Web3, finance, audit, and governance to the boards he advises. David is a Director at Leeward Management Limited, where he serves as an independent board member for Cayman Islands and British Virgin Islands technology companies, foundations, and related offshore structures. Prior to Leeward, he was Finance and IT Director and CIO at one of the Cayman Islands' longest-standing corporate service providers, and earlier served as Finance and Operations Manager at the Maples Group. He began his career at Deloitte in South Africa before moving to Prague, Toronto, and ultimately the Cayman Islands. David is a member of the South African Institute of Chartered Accountants and holds a Bachelor of Commerce from the University of Cape Town and an Honours in Finance with Certified Theory of Accounting from the University of KwaZulu-Natal. He is a Notary Public and an approved Professional Director. |
Full Name | Official Title | Prior Experience |
|---|---|---|
N/A | N/A | N/A |
Blockworks note: All members of Maple's leadership team are fully listed on the Maple website: https://maple.finance/about |
Question
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
Response
The Maple DAO Foundation indirectly controls the intellectual property. Brand assets and IP are held by the Maple Purpose Trust, which is a Guernsey Purpose Trust, for which the Maple DAO Foundation is the sole beneficiary. Guernsey is the preferred industry standard jurisdiction for housing IP for tax reasons and because it has robust and well-established IP law.
The DAO Multisig (0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196) holds PROPOSER_ROLE and ROLE_ADMIN on the GovernorTimelock, giving it exclusive rights to schedule protocol proposals. All changes to Maple Treasury, Admin addresses, valid assets, and role memberships require DAO Multisig to reach 4/7 quorum and schedule through GovernorTimelock subject to a 3-day delay.
The SYRUP token carries governance rights. Governance proposals must be published on Maple's Community Forum (https://community.maple.finance/) and after a 3-day comment period, a proposal will go to a vote on Snapshot (https://snapshot.org/#/s:maple.eth/proposals/). An overview of Maple's Governance Process is publicly available on the Community Forum (https://community.maple.finance/). Once a vote is passed, it will be implemented by the Maple DAO multi-sig wallet.
The SYRUP token does not represent equity ownership in any Maple legal entity. Instead, it is a governance token to provide holders with the right to participate in voting via the Maple DAO. There are no explicit legal rights to assets or revenues linked to SYRUP. There is no competing equity entity with beneficial ownership rights, it is the SYRUP tokenholders who are able to vote to direct the Maple DAO Foundation which is the beneficiary of the IP and receives the revenues from the protocol.
SYRUP holders govern the Maple Protocol through forum-and-vote process at community.maple.finance and snapshot.org. Maple Protocol governance follows the path of progressive decentralization.
The DAO could be wound up if there is a vote approved by SYRUP tokenholder governance. This would direct the Board of the Maple DAO Foundation to wind up the entity via board resolution.
Question
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
All intellectual property ("IP") in the Maple Protocol, comprising brand assets ("Maple Finance," "Maple Protocol," "SYRUP"), the maple.finance and syrup.fi domains, the Maple Protocol smart contracts, technical documentation, and software applications, is held by Maple Purpose Trust, a Guernsey non-charitable purpose trust, which has a BVI private trust company, Maple Holdings (PTC) Ltd., as Trustee. The Maple DAO Foundation currently holds a perpetual, irrevocable, worldwide, royalty-free, non-exclusive license from the Trustee to use, modify, reproduce, distribute, and sublicense the IP for the development, maintenance, and support of the Maple Protocol, together with a limited brand-usage license for the "Maple Finance" marks.
Maple DAO Foundation does not currently exercise technical administrative, pause, upgrade, governance-executor, or veto powers over the DAO or protocol-controlled resources. Those authorities are exercised through the DAO multisig under the governance process described in Q3b.
The Maple DAO Foundation cannot exert direct influence over Maple Labs Pty. Ltd. Maple DAO Foundation and Maple Labs Pty. Ltd. operate independently. Maple DAO Foundation has a services agreement in place with Maple Labs under which it can make requests but it does not directly control Maple Labs activities.
The Maple DAO Foundation does not currently exercise technical administrative, pause, upgrade, governance-executor, or veto powers over the DAO or protocol-controlled resources. The Maple DAO multisig operates on a 4 of 7 approval.
Under the operative clause of its Memorandum and Articles of Association, Maple DAO Foundation's principal objects are to support and grow the community and ecosystem in connection with the Maple DAO project. Legally the revenues from protocol activity or any proceeds from SYRUP token sales are returned to the Maple DAO Foundation as the parent entity which owns the token issuer (Maple DAO BVI Ltd) and the entity which originates the loans through the Maple Protocol (Maple International Operations SPC).
Question
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
Maple Labs Pty Ltd is a proprietary limited company incorporated in Australia.
Maple Labs Pty Ltd does not own or control protocol IP. It holds no governance, treasury, or contract administration powers over the Maple Protocol. It has a Services Agreement in place with Maple DAO Foundation under which it provides software development services and operational services.
Maple Labs Pty Ltd holds no governance, treasury, or contract administration powers over the Maple Protocol.
Maple Labs Pty Ltd has no contractual right to direct the Maple DAO Foundation outside of standard contributor relationships. It is contracted as a services provider to Maple DAO Foundation.
Maple Labs Pty Ltd holds no contract administration, pause, upgrade, governance-executor, or veto powers over the Maple Protocol.
Maple Labs Pty Ltd employs core team members and receives a quarterly grant from the Maple DAO to cover budgeted operating expenses, disbursed from the DAO treasury address (0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196). Maple Labs Pty Ltd has not raised external equity capital and has no dividend-bearing equity class held by outside investors; protocol fees and revenues do not flow to its shareholders as dividends, or profit-share.
Question
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
Response
Blockworks note: No Affiliated Protocol Contributors exist to date, but may be used in the future.
Question
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include:
Response
The original MPL token launched at TGE (April 30, 2021) with a total supply of 10,000,000 MPL. At TGE, the circulating supply (unlocked) was 500,000 tokens (5% of total supply). The remaining 9,500,000 tokens (95%) were locked at launch subject to vesting. The SYRUP token migration launched on November 15, 2024. As part of the SYRUP token migration, there was a 100:1 split of each MPL token, additionally there was a one-time mint of 100,000,000 SYRUP tokens and annual inflation of ~5% for a period of three years introduced.
At TGE in 2021, the initial price per token was $19 per MPL, adjusted for the 100:1 split in the migration to SYRUP the pro-forma initial price would be $0.19 per SYRUP.
SYRUP (The SYRUP token is the sole governance token of the Maple ecosystem, replacing the MPL token, migrating at 1:100).
Question
If there are not post-TGE token compensation plans state explicitly they do not exist. If there are then state the:
Response
To retain talent and attract new talent, new grants may be awarded as a grant from the Maple DAO. The current total amount of tokens locked or unvested attributable to post-TGE employees is approximately ~5% of the total circulating supply, as all original employee vests have been completed given 4+ years have passed since the original TGE. The remaining unvested amounts relate to subsequent token grants for new and existing employees.
The standard vesting schedule for core team members is a 12-month cliff followed by a linear 24-month vest (36 months total). Vesting has occurred onchain using industry standard token vesting services.
Question
Disclose token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury or token reserves held by the Foundation, Labs/DevCo, or similar entities. You do not need to disclose individual names, roles, salaries, or any advisors receiving fiat-only compensation.
Provide:
Response
Question
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
Response
Question
Publicly label all wallets that hold Unissued Tokens (e.g., foundation, operations, treasury, investor reserve), keep each category in distinct wallets (a unique address per category), and disclose who controls each wallet (DAO multisig, foundation, labs/devco, operations, or contract controller + admin). Include one verification link per wallet (docs or explorer).
Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.
Response
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Primary DAO address; manages stablecoins and SYRUP tokens | Ethereum | 0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196 | 7 signers, 4 of 7 threshold | https://etherscan.i o/address/0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196 | |
Operational Admin(Can activate pool managers, add borrowers and pool managers, set fee rates) | Ethereum | 0xCe1cE7c7F436DCc4E28Bc8bf86115514d3DC34E8 | 3 of 5 threshold | https://etherscan.i o/address/0xCe1cE7c7F436DCc4E28Bc8bf86115514d3DC34E8 | |
Security Admin(Able to pause or unpause the protocol and specific functions, able to cancel timelocked proposals for the Governor) | Ethereum | 0x6b1A78C1943b03086F7Ee53360f9b0672bD60818 | 3 of 6 threshold | https://etherscan.i o/address/0x6b1A78C1943b03086F7Ee53360f9b0672bD60818 |
Question
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Question
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit. If no native-token listing fees were paid, state that explicitly; cash/fiat fee amounts are not required for this item.
Response
Blockworks note: Q13 · 13. CEX / DEX Agreements & Deals There are Exchange listings but Maple did not pay for them and has no existing agreements.
Question
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
Response
Question
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")
Response
Blockworks note: Note: All original investor and employee vests have been completed.
**Note amounts are based on the 10,000,000 MPL total supply prior to the November 2024 migration to the SYRUP token. As part of the SYRUP token migration, there was a 100:1 split of each MPL token, additionally there was a one-time mint of 100,000,000 SYRUP tokens and annual inflation of ~5% for a period of three years introduced.
Question
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
Response
Question
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
No exploits affecting Maple smart contracts or protocol funds have occurred as of 2026-06-04
N/A
N/A
N/A
N/A
N/A
Question
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Response
Line Item | Amount |
|---|---|
Blockworks note: N/A |
Question
Identify to the best of your ability the token's current deployments across chains, including project-issued deployments, project-endorsed representations, and, if possible, documented third-party wrapped or bridged representations.
For each entry, provide:
Multiple entries on the same chain are permitted.
Definition: A protocol-level asset is an asset whose balances and transfers are handled directly by the blockchain's core rules, rather than by a token smart contract. For protocol-level assets without a token contract address, enter "No contract address" and identify the asset and chain.
Response
Token Contract Address or Onchain Asset Identifier | Chain | Deployment Type | Project Relationship | Supporting Source |
|---|---|---|---|---|
0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 | Ethereum | Direct token issuance | native-token | |
0x688aee022aa544f150678b8e5720b6b96a9e9a2f | Base | Direct token issuance | native-token |
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Maple Finance is solely responsible for the content, accuracy, and legality of its disclosures.