The Path to $1B+ TVL: Onboard Medium - and High-Risk Vaults for Lazy Summer Protocol

Strategy & Research Protocol Strategy
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23

Hey everyone - at Maple we are excited to see us included in the proposal. We indeed believe that Maple yields can bring additional benefit and utility to the Summer.fi ecosystem. We believe it best to integrate with SyrupUSDC, our liquid yielding dollar, which is fully backed by liquid digital assets. The yield is generated through overcollateralized lending to institutions. Let us explain more in detail:

  1. SyrupUSDC summary: SyrupUSDC is a liquid yielding dollar managed by Maple. The yield is generated by providing institutional loans to borrowers. All loans are overcollateralized by digital assets, predominantly by native BTC at the moment. All of this can be verified through syrup.fi/details. Users can mint SyrupUSDC with USDC on syrup.fi/lend. SyrupUSDC is built with Maple’s smart contracts and benefits from all of Maple’s security and track record. SyrupUSDC has a track record of strong yield outperformance.

  2. Question regarding KYC: while Maple institutional products require KYC, SyrupUSDC doesn’t. Users can simply allocate directly through the app or through an onchain integration. (We can assist the Summer.fi team as well in building such an integration).

  3. SyrupUSDC liquidity: users have a couple of options to redeem SyrupUSDC for USDC:

  4. Secondary liquidity. Users can swap in either the Uniswap or Balancer pools with a total of 10M in TVL available at the moment.

  5. Borrowing. Users can borrow against their SyrupUSDC to get temporary liquidity on for example Morpho.

  6. Primary redemption. Users can use the primary redemption on syrup.fi directly, historically withdrawals have been serviced in <24 hours, with the maximum historically taking <7 days. Due to the underlying duration of the loans, the maximum withdrawal time in an event where all SyrupUSDC would want to redeem would be 30 days.

  7. SyrupUSDC adoption: SyrupFi launched 9 months ago and has seen growth to over 350M+ in TVL. SyrupUSDC has secured key partnerships with Pendle, OKX, ether.fi and Spark/Sky for allocations. Recently Spark governance approved a 25M initial and up to 100M USDC allocation into SyrupUSDC. Blockanalytica also wrote a great report about SyrupUSDC including their risk assessment. Give it a read here.

The Maple team is excited to work together with the Summer.fi community and is open to collaborate and provide any information needed as well as assistance with the integration. We are happy to answer any questions from all of you as well. Thank you for considering SyrupUSDC, we look forward to powering Summer.fi yields!

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