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 Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees that is retained by Maple Finance from its lending operations and over-the-counter (OTC) services. The earnings generated by the protocol before the deduction of operating expenses, token incentives, or cost of revenue are represented by this metric. Revenue is accumulated through on-chain interest and fee payments directed to designated treasury addresses, as well as off-chain OTC revenue streams. The financial sustainability and commercial demand for the institutional credit marketplace are evaluated using this metric.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers to designated Maple Finance treasury addresses, covering Ethereum
- **Off-chain data**: Over-the-counter (OTC) revenue records integrated via manual data sheets
- **External data**: End-of-day price feeds and asset metadata for decimal normalization and USD conversion

## 3. Step-by-step calculation

### Component A: Treasury transfer tracking

- **Purpose**: Capture on-chain revenue sent to Maple Finance treasury addresses
- **Logic**: ERC-20 token transfers are filtered to identify transactions where the recipient is one of the designated Maple Finance treasury addresses. Specific sender exclusions are applied to prevent double-counting or internal routing, such as excluding transfers from the zero address or between specific treasury contracts. The transfer amounts are extracted and aggregated.
- **Key fields**: `block_timestamp`, `token_address`, `amount`, `from_address`, `to_address`

### Component B: Off-chain OTC revenue integration

- **Purpose**: Incorporate revenue generated from off-chain OTC operations
- **Logic**: Off-chain revenue values are ingested from integrated data sheets. These values are parsed, assigned to the Ethereum chain, and mapped to daily timestamps.
- **Key fields**: `date`, `offchain_revenue`

### Component C: Normalization and USD conversion

- **Purpose**: Standardize on-chain and off-chain revenue values into USD
- **Logic**: On-chain transfer amounts are normalized by decimal precision using asset metadata. The normalized amounts are then multiplied by end-of-day asset prices to determine the USD value. Off-chain OTC revenues, already denominated in USD, are combined with the on-chain USD values.
- **Key fields**: `timestamp`, `revenue`, `price_usd`, `decimals`

### Component D: Final aggregation and zero-filling

- **Purpose**: Ensure a continuous daily time series of revenue data
- **Logic**: The combined USD revenue values are aggregated by day. Missing days in the time series are filled with zeros to maintain data continuity, and chain availability filters are applied to align with active reporting periods.
- **Key fields**: `timestamp`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Maple FinanceSYRUP

Revenue

Revenue

Competitive landscape

Chain breakdown