MIP-018: Q3 Fee Buyback Increase

Overview

MIP-018 proposes to allocate 25% of protocol fee revenue from Q3 2025 to buyback $SYRUP tokens and distribute these as rewards to stakers of $SYRUP. This proposal builds on the success of Q1 and Q2 buybacks, advancing a mechanism that’s fast becoming a cornerstone of value distribution and staker alignment in the Maple ecosystem.

With protocol revenue scaling significantly and AUM surpassing $3 billion, MIP-018 reflects Maple’s growing financial strength and our commitment to rewarding long-term token holders who demonstrate conviction in the ecosystem. The increased allocation — up from 20% in Q2 — represents a calibrated evolution of the program, designed to further deepen staking participation, enhance governance engagement, and strengthen community alignment.

Detailed Proposal

MIP-013 and MIP-016 resulted in six months of buybacks throughout the first half of 2025. A total of ~830k USDC of revenue was used to purchase ~3.5M $SYRUP tokens at an average price of ~24 cents. 100% of these tokens were subsequently streamed to stakers.

This proposal increases this allocation to 25% of protocol fee revenue to purchase $SYRUP on the open market in the same manner throughout Q3 2025. The purchased $SYRUP tokens will again be streamed via smart contract to holders of staked $SYRUP (stSYRUP).

Maple is now generating approximately ~$15.5M in ARR from fees on the loan book and other assets under management. Total AUM has now exceeded $3 billion, underscoring the platform’s accelerating growth and deepening capital footprint.

Rationale

The advantages of a buyback mechanism remain the same as the proposals for Q1 and Q2:

Reward Long-Term Stakers: By continuing to distribute repurchased tokens to $SYRUP stakers, the DAO continues to reward those committed to the long-term health and growth of the Maple ecosystem. Increase Staking Incentive: The additional staking rewards will continue to fund the staking ratio and overall participation in the governance and decentralization of Maple. Sustain Proven Utility: The buyback program has become a key pillar of stSYRUP’s utility and is widely recognized by the community as a tangible source of on-chain yield. Expanding it reinforces Maple’s commitment to sustainable, token-driven alignment. Implementation

Should MIP-018 pass, buybacks will be implemented in the following manner:

Revenue Allocation: 25% of the protocol revenue over Q3 2025 will be allocated for token buybacks. Monthly Purchases: The buyback will be performed following the end of each calendar month based on the revenue earned during the month. Distribution to $SYRUP Stakers: All tokens bought back through this mechanism will be distributed proportionally to $SYRUP stakers, based on their staking amount at the time of each distribution.