Maple's SYRUP Falls 24% in a Week Despite Bigger Token Buybacks
SYRUP drops 24% while bitcoin and ether hold steadier
Maple Finance's SYRUP token fell 24.3% in the seven days to Oct. 19, according to The Defiant's calculations using CoinGecko dollar-price samples taken at 11 a.m. ET. The decline came even as the lending protocol increased its token buybacks.
Over the same week, bitcoin fell 0.4% and ether lost 4.5%, the same calculations showed. The drop left SYRUP well behind both major assets.
The Defiant put SYRUP's 28-day decline at 19.5%. In the identical window, bitcoin fell 4.2% and ether lost 12.0%. SYRUP later reached a 28-day sampled low of about $0.1864 at 11:33 a.m. ET.
Key numbers
- SYRUP fell 24.3% in the seven days to Oct. 19, versus a 0.4% drop for bitcoin and a 4.5% drop for ether.
- Over 28 days, SYRUP's sampled decline was 19.5%, compared with 4.2% for bitcoin and 12.0% for ether.
- Maple's total value locked stood at $2.71 billion on Oct. 19, down from $2.98 billion on Sept. 21, according to DefiLlama.
- Maple reported September protocol revenue above $1.5 million and said it bought 1.37 million SYRUP, roughly double August's 0.68 million.
What Maple reported in its monthly update
Maple's transparency dashboard showed $2.68 billion in assets under management for syrupUSDC on Oct. 19. In its Oct. 16 monthly update, Maple also reported $1.67 billion in loans outstanding in its Q3 highlights, up 12% year over year.
The same update said September protocol revenue crossed $1.5 million, which raised the share set aside for buybacks under MIP-021 from 10% to 20%. Maple said it bought 1.37 million SYRUP, about double the 0.68 million in August.
In an Oct. 9 post, Maple said it had completed the purchase, spending $314,116 for 1,371,166 SYRUP at an average price of $0.229. The company said buybacks "are not a dividend, distribution, profit-share, or guaranteed return." The larger purchases did not stop the following weekly decline.
Why SYRUP is not the same as Maple's dollar products
SYRUP is Maple's governance token, which is separate from syrupUSDC and syrupUSDT, its yield-bearing dollar products. According to the article, the token's price decline is not a measure of losses on those lending products.
How the buyback program started
Buybacks have been part of Maple's token strategy since stakers voted to end staking rewards and send a portion of protocol revenue to the Syrup Strategic Fund in October 2025.
What happens next
Maple's next scheduled community AMA is Nov. 11, according to its October update.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.