Pool delegates create a pool and attract funding, from which they receive a portion of the establishment fee and the interest accrued. Liquidity providers add liquidity to the pool and receive a portion of the interest (supply-side fees).

Maple is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for institutional borrowers. Maple was founded by Sid Powell and Joe Flanagan and launched in 2021.

MPL token holders govern and own the protocol. They currently take a cut of the establishment fee (revenue). Maple’s investors include Framework Ventures, One Block Capital, Stani Kulechov etc.

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Maple Finance

# Maple Finance Earnings Methodology

## 1. Overview

The net value retained by Maple Finance after subtracting all expenses from its revenue is measured by Earnings. Revenue is generated from treasury transfers and off-chain OTC revenues, while expenses are represented by incentives distributed to users. On-chain profitability is reflected by this metric, with all values converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `RewardPaid` events from `MplRewards` contracts, and ERC-20 asset transfers, covering Ethereum
- **Off-chain data**: Off-chain OTC revenue records
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Revenue tracking

- **Purpose**: Capture total revenue generated by the protocol
- **Logic**: Revenue is calculated by combining on-chain treasury transfers and off-chain OTC revenues. On-chain revenue is identified by tracking ERC-20 asset transfers to designated Maple treasury addresses. Off-chain OTC revenue is ingested from manual records. All revenue values are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `amount` (transfer value), `token_address` (asset identification), `to_address` (treasury address)

### Component B: Expense tracking

- **Purpose**: Capture total expenses incurred by the protocol
- **Logic**: Expenses are defined as incentives distributed to users. These incentives are extracted from two sources: `RewardPaid` events emitted by `MplRewards` contracts, and ERC-20 asset transfers of the Maple (MPL) asset sent from designated reward accounts. All incentive values are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `amount` (incentive value), `token_address` (asset identification), `from_address` (reward account address)

### Component C: Earnings calculation

- **Purpose**: Calculate the net earnings of the protocol
- **Logic**: Daily earnings are calculated by subtracting total expenses from total revenue. If a net loss is incurred, negative earnings are recorded. The final values are aggregated at a daily granularity using UTC day boundaries.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Maple FinanceSYRUP

Earnings

Earnings

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