Cryptocurrency lending agency Maple Finance has unveiled Syrup, a brand new loans platform and rewards token of the identical identify, aiming to bridge the hole between institutional-friendly yield-bearing digital belongings and the permissionless world of decentralized finance (DeFi).

Maple’s Syrup guarantees customers yields of 15% by depositing Circle’s USDC stablecoin into the platform, for which these customers obtain LP tokens (syrupUSDC), with extra yield within the type of “Drips,” a loyalty cost derived from utilizing the SYRUP rewards token, Maple mentioned in a press release on Tuesday.

Holders of MPL, Maple’s native token, might be out emigrate to the SYRUP token at a one-for-one foundation.

Many centralized crypto lending corporations took a battering during the last couple of years. Maple has weathered the storms of the bear market due to its buttoned-up strategy, providing permission-only deposits from accredited traders with full know-your-customer (KYC) checks, which permits the agency to function within the U.S. serving bigger regulation-conscious establishments, mentioned Maple co-founder Joe Flanagan.

“We want to maintain that institutional focus, but also ensure we’re staying close to our DeFi roots,” Flanagan mentioned in an interview. “The launch of syrup enables us to operate within the broader DeFi ecosystem. So we can bring the same institutional quality yields that are sourced from over collateralized loans to the largest institutions in the space, and bring that into a DeFi audience.”