MPL <> SYRUP Conversion
Converting MPL to SYRUP: A Guide for MPL Holders
Background:
To fuel the next wave of growth for Maple is initiating the launch of SYRUP token, the conversion of MPL to SYRUP, and the introduction of SYRUP staking. This latest proposal follows on from MIP-009, which recapitalised the Maple Treasury and helped the protocol launch key growth initiatives.Read More.
Summary:
As part of this launch, 1 MPL will convert to 100 SYRUP, with no dilution for existing MPL token holders.
Maple is making arrangements with major exchanges so that MPL tokens on the exchange will automatically be converted into SYRUP with no action required from holders. We will share details relevant to each exchange ahead of the migration.
Conversion from MPL to SYRUP is encouraged, and will enable SYRUP token holders to support the SYRUP ecosystem and accumulate more tokens through staking.
The launch of Syrup.fi has given the Maple community permissionless access to its core institutional lending product through DeFi. In order to share the growth of Maple and Syrup.fi with the community, Core Contributors have proposed the implementation of staking rewards, and it has been approved by the Maple DAO.
Fee revenues generated from Maple’s and Syrup’s lending operations will be used to buy back the SYRUP token, which will form part of the token emissions that go to stakers. In the first 90 days after token launch, a fixed amount of SYRUP emissions will go to SYRUP stakers, ensuring that all early stakers are incentivised with a staking yield for participating actively in the growth of the protocol.
As part of the implementation, the Syrup protocol will mint approximately 1.15 billion SYRUP.
Annualised recapitalisation would follow the same schedule as passed in MIP-009; all issuance from the initial schedule will also be minted as SYRUP tokens, broken down as follows:
1,000,000,000 (new SYRUP supply)
100,000,000 (initial 10% from inflation schedule)
54,930,000 (from inflation schedule till 1st Oct 2024)
A migrator contract will be deployed to allow MPL users to convert to SYRUP, and all issuance and emissions related to MIP-009 will also be minted as SYRUP tokens.
For token holders, the migration is simple:
MPL holders enter the Syrup webapp and connect their wallet
Token holders can convert directly to staked SYRUP (stSYRUP)
stSYRUP holders immediately begin receiving staking yield
Converting MPL to SYRUP
All MPL is eligible to convert to SYRUP in Q4 after SYRUP token launch. This includes all MPL held in wallets, decentralized exchanges, smart contracts (except xMPL), and centralized exchanges not covered in the summary.
More details around the conversion will be released in the weeks leading up to SYRUP token launch.
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