Maple’s SYRUP slides 24% in a week, lagging Bitcoin and Ether

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The token fell even as the onchain lender doubled revenue-funded buybacks in September and reported $4.7 billion in assets under management

Mon 19 Oct 2026 · 12:02 EDT · 2 min read

In DeFi

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Maple Finance’s SYRUP token fell 24.3% over the past seven days, underperforming Bitcoin and Ether, which posted smaller losses over the same period, The Defiant reported on October 19.

The decline comes despite larger revenue-funded token buybacks. Maple’s SYRUP Strategic Fund bought back roughly double August’s amount in September, after monthly revenue crossed into a higher buyback tier. The onchain lender still holds $2.71 billion in total value locked.

Q3 results show assets up, loans down

Maple ended the third quarter with $4.7 billion in assets under management, up 18% from a year earlier, according to its Q3 ecosystem update published October 15. Year-to-date loan originations reached $8.3 billion, up 75%.

Loans outstanding stood at $1.7 billion, up 12% year over year but down 9% from $1.8 billion in the second quarter. Quarterly revenue was $4.4 million, flat from Q2 and up 5% from a year earlier, putting Maple’s annualized revenue at $17.6 million.

Maple said its loan book has grown 3% since January while overall DeFi lending fell 29%, giving it 17% of tracked DeFi loans outstanding.

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How the buyback program works

Under governance proposal MIP-021, which went live on July 13, the SYRUP Strategic Fund uses a share of Maple’s monthly revenue to buy SYRUP on the open market. The fund allocates 10% of revenue below $1.5 million, 20% between $1.5 million and $2 million, and 30% above $2 million.

The program has bought back 2.9 million SYRUP so far. Maple has stated that the buybacks “are not a dividend, distribution, profit share, or guaranteed return.”

The selloff comes during a broader DeFi downturn. Maple’s Q3 update noted that DeFi total value locked fell 39% over the period it covered, even as its own lending business held up.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.