FAQs

Why should I migrate my MPL tokens?

One of the incentives of migrating from MPL to SYRUP is to accumulate SYRUP tokens through staking. Additionally, SYRUP token holders will be able to take part in governance related to both the Maple and Syrup protocols.

Is it safe to convert MPL to SYRUP?

Maple has taken every step to ensure that it is safe to convert MPL to SYRUP at a smart contract level. Firstly, the SYRUP contract has been audited by Spearbit via Cantina and 3Sigma. The auditors assessed the SYRUP smart contracts and the migration process.

Secondly, the new token contract has undergone formal verification, the highest standard in smart contract security, which determines that the logic and desired behaviour of the smart contract is satisfactory. The audit reports are available for review here: https://github.com/maple-labs/mplv2/tree/main/audits.

What if my MPL is on an exchange?

Maple is in liaison with centralized exchanges to ensure smooth transition to SYRUP and will advise on the specific processes for different venues closer to the time. The aim is that MPL tokens on exchanges will automatically be converted into SYRUP requiring no action from holders.

What if I hold MPL and xMPL?

The MPL staking programme was established in May 2022 so MPL holders could share in Maple’s growth. Staked MPL in a Maple owned and audited smart contract is represented as xMPL, an ERC-20 token accruing distributed protocol revenues, second-by-second. xMPL continues to be used to vote on key decisions, and depositors can access their balance and unstake from the xMPL page at anytime. For more information on how revenues accrued to Maple, see this section.

MPL staked into the xMPL contract is not used as a form of first-loss Pool Cover, lent out or used by other contracts to earn yields. See smart contract audits below:

Audits

RDT audits: https://github.com/maple-labs/revenue-distribution-token#audit-reports…

xMPL audits: https://github.com/maple-labs/xmpl#audit-reports…

Bug bounty: https://immunefi.com/bounty/maple/

View the MPL governance page here: https://community.maple.finance/

xMPL will be migrated automatically to staked SYRUP (stSYRUP), no action is required there.

How do I vote with SYRUP after the conversion?

The same voting process applies for SYRUP as for MPL.