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 Token incentives Methodology

## 1. Overview

Token incentives measures the value of native Maple Finance assets (MPL) distributed to liquidity providers and other participants as rewards. These incentives are distributed to bootstrap liquidity and compensate users across various Maple Finance pools, including Maven 11, Orthogonal Trading, BlockTower Capital, and Icebreaker Finance pools. The metric is analogous to stock-based compensation in traditional finance, representing an acquisition cost for protocol liquidity.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: RewardPaid event tracking

- **Purpose**: Capture incentives distributed directly via reward contracts
- **Logic**: `RewardPaid` events are parsed from `MplRewards` contracts. These events are filtered to include only those emitted by allowlisted Maple Finance market addresses, such as Orthogonal Trading, Maven 11, BlockTower Capital, StakeLocker, and Icebreaker Finance pools. The reward amount and recipient user address are extracted from each event.
- **Key fields**: `amount`, `user_address`, and contract `address`

### Component B: Reward account transfer tracking

- **Purpose**: Capture incentives distributed via direct asset transfers from designated reward accounts
- **Logic**: ERC-20 `Transfer` events are parsed for the native MPL asset. Transfers are filtered to include only those where the sender address matches an allowlisted reward account associated with Maple Finance pools, such as Orthogonal Trading or Maven 11. The transfer value and recipient address are extracted.
- **Key fields**: `amount`, `user_address`, and `from_address`

### Component C: Normalization and USD conversion

- **Purpose**: Normalize incentive amounts and convert them to USD
- **Logic**: The extracted incentive amounts from both components are combined and aggregated. The native asset amounts are normalized by decimal precision using asset metadata. The normalized values are then multiplied by the end-of-day price of the native MPL asset to determine the daily USD value. Daily boundaries are established using UTC timestamps.
- **Key fields**: `token_incentives`, `decimals`, and `price_usd`

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

Value of native tokens distributed as incentives.

Maple FinanceSYRUP

Token incentives

Token incentives

Competitive landscape

Chain breakdown