syrupUSDT, issued by Maple International Operations SPC acting on behalf of Maple USDT Segregated Portfolio 1, is a tokenized credit fund interest that gives holders a proportional share of Maple Finance institutional lending pools [S1][S2].

Each token represents a proportional share of overcollateralized loans denominated in Tether USD (USDT) extended to creditworthy crypto-native institutions, blended across Maple's High Yield Secured and Blue Chip Secured lending pools plus supporting futures basis trading and DeFi liquidity strategies [S1][S2][S3]. Holders earn a variable APY reflecting current institutional lending conditions; each token accrues value against USDT as borrowers repay interest, at an exchange rate equal to lendingBalance divided by totalShares [S1][S3].

The interface is operated by Syrup Ltd, incorporated in the British Virgin Islands, which is not registered in any capacity with any regulatory body in any jurisdiction and disclaims brokerage functions [S4][S5]. The holder's claim is a permissionless ERC-20 token representing a pool share, with no securities claim offered [S5][S2]. Use is gated by a Prohibited Person definition requiring users to be 18 or older and not sanctioned; U.S. persons and other restricted jurisdictions including Russia, Iran, and North Korea are excluded [S6][S5]. Redemptions occur at the smart contract exchange rate with no slippage, with funds held in non-custodial smart contracts and collateral at institutional-grade custodians [S1].

syrupUSDT is an ERC-20 token whose pool contracts inherit the ERC-4626 Tokenized Vault standard, with core lending pools on Ethereum and supporting strategies deployed across Ethereum, Solana, Plasma and other chains [S2][S3][S7]. Lenders deposit by calling the Deposit function, receiving share tokens that accrue value under ERC-4626; settlement occurs on public blockchains, and exchange rates publish via GraphQL API [S1][S4][S7].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/faq" },
    { id: "S2", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/introduction" },
    { id: "S3", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/introduction" },
    { id: "S4", url: "https://docs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt" },
    { id: "S5", url: "https://docs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt" },
    { id: "S6", url: "https://docs.maple.finance/legal/syrupusdc-and-syrupusdt-available-jurisdictions" },
    { id: "S7", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/lending" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized funds

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

github

twitter

discord

etherscan

website

Lending

Maple Finance

Maple Finance syrupUSDT (syrupUSDT) is a tokenized fund share issued by Maple Finance through Maple International Operations SPC and managed by Maple International Operations SPC.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in multi-asset, and keeps its assets in a bankruptcy-remote structure.

Investors can subscribe and redeem in USDT and instant subscription settlement after completing KYC, and holders have a right to redeem at net asset value with scheduled settlement.

Maple International Operations SPC is incorporated in the Cayman Islands.

syrupUSDT has been issued on Ethereum as an ERC-20 and ERC-4626 token since August 2024, with bridged versions on two more.

Maple Finance syrupUSDTsyrupUSDT