SYRUP (SYRUP)

Most people are still underestimating how fast the RWA narrative is evolving. But when you look closer, a few projects are actually building real revenue models, not just storytelling. One of the more interesting ones recently: @maplefinance ($SYRUP) Here’s why it stands out: > Clear positioning within the RWA stack, focusing on on-chain institutional lending and private credit. > Strong real usage: over $22.96B borrowed across 400+ loans to 100+ institutional borrowers to date, with funding completed in as fast as 24 hours, rather than relying purely on TVL farming. > Token design that offers governance exposure, with some potential for value capture depending on how the ecosystem evolves What I find compelling is that despite going through earlier hype cycles, the current focus seems to be on building more sustainable infrastructure. If adoption continues to grow, the platform could become more valuable over time, though it still carries meaningful credit risk tied to borrower performance. Still early, still not without risk, but definitely a project worth keeping on the radar. Curious to see how this evolves over the next 6–12 months. NFA. DYOR.

📊Top Real-World Asset (RWA) Coins by Weekly Performance 🥇 @maplefinance 🥈 @re 🥉 $STRCX 4️⃣ $MSTRX 5️⃣ $ HIMSON Which RWA coin are you watching this week? 👇🏻 https://t.co/J2SRsRH7K8

Leading Indicators > Lagging Indicators Which projects are doing great fundamental numbers with the price not following at a rate it should? $HYPE, $SYRUP, $AVAX ? We found eight of such projects. Tthe top protocols on live on-chain data. 👇 1️⃣ Maple ( $SYRUP ) : 🟢 Fees +42% in 30 days. Revenue +42%. TVL +18% to $2.4B. Trades at 1.68x fees. Lending peers trade at 7.68x. Market cap just $175M. Institutional on-chain credit is the fundamental, and it is growing while the token lags. This is the textbook version of the setup. Risk: confirm how much revenue actually reaches the token before you lean on the buyback story. Lending is credit-cycle sensitive. 2️⃣ @avax ( $AVAX ) 🟢 Active addresses +7.9% in 30 days, to 727k. Gas fees +24%. App revenue +6%. The only name on this list with rising real users, not just rising fees. Users are the hardest indicator to fake, and the token still sits far below prior highs. Risk: this is chain-level, so it is ecosystem economics, not one income statement. L1 competit

ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 Buyback / June As part of ongoing treasury management at @MapleFinance, the SSF acquired 2.5M ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 at $0.15 in June. Sid and Joe will cover treasury and SSF activity in more depth during the next Maple Ecosystem Update on July 8, 2026.

$SYRUP is up a good 10% but with less strength, I am personally still looking for a nice pullback before entering

It’s been a while since I last talked about @maplefinance. Since then, the business has continued to grow while the token has stalled. $1.93B loan book to the $SYRUP token at $162M, -78% for the year. The market has clearly written them off. A similar event happened in 2022 when the Maple team was written off. Fast forward to today with a new model, and the loan book looks significantly healthier at $1.93B, with 82.9% utilization. Maple also generates $12.8M in annualized protocol revenue through management and service fees, separate from the interest flowing to lenders. 25% of that revenue is allocated to return to $SYRUP via discretionary buybacks. That's $2.86M annualized against a $162M market cap, and the mechanism has been live since November. Now compare that to the lending peer set: $MORPHO trades at a $1.17B market cap with $0 in protocol revenue. (Morpho trades at 7.2x Maple’s mktcap) $KMNO at $97M and $FLUID at $68M both trade near Maple on P/S, at 13.7x and 15.3x respectively, but neither has an active buyback mechanism. $SYRUP is trading at 14.2x P/S with: - A $1.93B loan book - 82.9% utilization - Discretionary SYRUP buybacks - @krakenfx OTC as a new borrower pipeline - syrupUSDT now used as collateral inside one of DeFi’s deepest lending markets The fundamentals really make the valuation harder to ignore down here. The main point here is that Maple is running a $1.93B credit book while the market is still pricing it like its 2022 version.

Maple Finance Overview: > Maple currently has 4.6Bn in assets under management. > The outstanding loans as per the end of Q2 26 statement now stands at 1.91Bn a new all time high in loan book size. > Announced warehouse facility with Kraken allowing Maple to serve Kraken OTC for Institutions looking to borrow against BTC/ETH. > Protocol revenue in June 26 now standing at 1.33M annualising at 15.96M in a depressed market. It looks like Maple even in a bear market is beating protocol records proving the resiliency of Institutional lending. $SYRUP

Outstanding loans just reached a new ATH of $1.835B, up $110M in the past 24 hours. Versus the Q1 2026 close ($1.18B, March 31): +55.5% Versus the Q1 trough ($799M, March 18): +130% The loan book has more than doubled off its March lows and now sits well above pre-drawdown levels from earlier in the quarter. Origination momentum is coming back ? Q2 closes tomorrow, full breakdown in upcoming Q2 report.