Summary
Objective Labs recommends integrating syrupUSDC as collateral on Euler Primel. syrupUSDC captures the growing demand for risk-adjusted yield-bearing stablecoin strategies. With strong institutional backing, deep liquidity, and a good track record, syrupUSDC is a high-quality addition to Euler DAO’s market.
Fundamentals
syrupUSDC is issued by Maple Finance, a leading on-chain credit protocol with ~$2B in AUM, backed by robust underwriting and top-tier institutional investors. It is a yield-bearing ERC-4626 token that accrues interest from overcollateralized institutional loans, offering returns in the 6–10% APY range. With rising demand for USDC-native yield strategies, syrupUSDC enables capital-efficient exposure to stablecoin yield.
Maple currently reports a 161% collateralization ratio and over $1B in onchain collateral, with major positions in BTC, SOL, and tokenized LP assets, demonstrating strong borrower quality and prudent risk management. Withdrawals are handled by the Maple Direct and funds are auto-sent to lenders without needing a second transaction. Most redemptions are processed in under 24 hours.
Liquidity
On Ethereum mainnet, syrupUSDC is liquid against USDC on Uniswap v4 which holds approximately $14.9M in TVL. An additional $5M in TVL is held in a Balancer pool paired with Aave USDC, offering a secondary liquidity venue, though with lower historical trading activity. Combined, instant liquidity amounts to ~$20M with a $10M swap executed at 0.13% slippage, indicating sufficient depth for efficient collateral liquidations.
Parameters
Caps
| Asset | Supply Cap | Borrow Cap |
|---|---|---|
| syrupUSDC | 20M | 0 |
We recommend an initial supply cap of 20M for syrupUSDC. This reflects the current on-chain liquidity and allows for meaningful growth while preserving risk controls. No borrow cap is recommended at this time as syrupUSDC will be collateral-only.
LLTVs
| Collateral | Debt | LLTV |
|---|---|---|
| syrupUSDC | USDC | 90% |
| syrupUSDC | USDT | 90% |
| syrupUSDC | USDtb | 90% |
| syrupUSDC | RLUSD | 90% |
| syrupUSDC | USDS | 89% |
| syrupUSDC | USDe | 87% |
| syrupUSDC | wM | 85% |
| syrupUSDC | WBTC | 81% |
| syrupUSDC | cbBTC | 81% |
| syrupUSDC | WETH | 80% |
| syrupUSDC | LBTC | 79% |
| syrupUSDC | wstETH | 78% |
| syrupUSDC | cbETH | 75% |
| syrupUSDC | weETH | 75% |
| syrupUSDC | rETH | 72% |
| syrupUSDC | ezETH | 72% |
| syrupUSDC | rsETH | 72% |
| syrupUSDC | tETH | 72% |
In line with the rest of the market, Objective Labs recommends that the borrow LTV should be set to two percentage points lower than liquidation LTV.
Oracles
We propose using an exchange rate oracle via syrupUSDC’s ERC-4626 convertToAssets method, by setting syrupUSDC as a resolved vault in the Euler Prime oracle router. This configuration ensures the price resolves to USDC, leveraging the same oracle setup as for USDC in Euler Prime.