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.

governance

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Lending

Maple Finance

# Maple Finance Expenses Methodology

## 1. Overview

Expenses measures the total cost Maple Finance incurs to operate its business. For Maple Finance V1, these expenses are represented by MPL asset incentives distributed to liquidity providers and participants across various lending pools. These distributions are tracked to evaluate the net profitability and sustainability of the protocol's liquidity-mining programs.

## 2. Data sources

- **Blockchain events**: `RewardPaid` events from `MplRewards` contracts and ERC-20 token transfers from reward distributor accounts, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Reward contract incentive extraction

- **Purpose**: Capture MPL incentives distributed directly through reward contracts
- **Logic**: `RewardPaid` events from `MplRewards` contracts are parsed. These events are filtered by joining them with an allowlist of Maple market addresses. The reward amount is extracted from the `reward` field, and the recipient is identified from the `account` field.
- **Key fields**: `address`, `reward`, `account`

### Component B: Direct transfer incentive extraction

- **Purpose**: Capture MPL incentives distributed via direct transfers from reward accounts
- **Logic**: ERC-20 token transfers of the MPL asset are parsed. These transfers are filtered by joining the sender addresses with an allowlist of reward distributor accounts. The incentive amount is extracted from the transfer `value` field, and the recipient is identified from the `to_address` field.
- **Key fields**: `from_address`, `to_address`, `value`

### Component C: Normalization and USD conversion

- **Purpose**: Normalize incentive amounts and convert them to USD
- **Logic**: The extracted incentive amounts from both reward contracts and direct transfers are aggregated. These amounts are normalized by decimal precision using asset metadata and multiplied by the end-of-day price of the MPL asset. Daily granularity is established using UTC day boundaries.
- **Key fields**: `timestamp`, `amount`, `price_usd`

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

Total project operating and incentive expenses.

Maple FinanceSYRUP

Expenses

Expenses

Competitive landscape

Chain breakdown