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OnboardSyrupUSDCToAaveV3CoreInstance.md

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title Onboard syrupUSDC to Aave V3 Core Instance
author Aavechan Initiative @aci
discussions https://governance.aave.com/t/arfc-onboard-syrupusdc-to-aave-v3-core-instance/22456
snapshot https://snapshot.org/#/s:aavedao.eth/proposal/0xf5951af5d6d7d70be998a72c531708db3ff9c46b033e3e27bfd59fb87542d0ea

Simple Summary

This proposal seeks to onboard syrupUSDC — a USDC-based yield-bearing token issued by Maple Finance — as a collateral asset on Aave V3 Core Instance. syrupUSDC is built on top of Maple's infrastructure and offers access to overcollateralized, fixed-rate institutional loans, which provide high and consistent yields to DeFi users.

Maple, launched in 2021, is an on-chain asset manager whose team has decades of traditional finance and crypto experience. As of June 2025, Maple has $2.3b in AUM. Maple combines deep capital markets expertise with DeFi innovation to offer digital asset lending and yield products.

Motivation

Onboarding syrupUSDC to Aave V3 Core Instance provides:

  • New Token Type: A new collateral option backed by real yield from fixed-rate institutional lending strategies
  • AAVE TVL: Maple has a large network of institutional capital allocators, ready to allocate $500M+ USDC/USDT into syrupUSDC if it is available on Aave as collateral to loop it and get to their hurdle rates.
  • Higher Rates and Utilization: Increases USDC rates and utilization due to strong expected borrower demand.
  • Growth Incentives: Maple has $250k of incentives available to bootstrap the growth for Aave users.

The Aave and Maple partnership will enable:

  • New Yield Opportunities: Commercial alignment with Maple's large institutional network, unlocking additional yield generation opportunities for Aave.
  • GHO Adoption: Maple can help with growing other strategic priorities for Aave, including GHO adoption. E.g., GHO lending to institutions.
  • Future Collaboration: Future asset listings, including the Maple liquid yielding Bitcoin asset.

Specification

It's a USDC-based, yield-bearing token whose principal and yield are backed by the secured lending strategy of Maple. (More details below).

Technical details: ERC-4626 token standard built on top of Maple's smart contracts. High Yield. Maple has a track record of generating consistently high underlying yields of 7-15% net APY.

Loans are fully collateralized by digital assets ensuring lending positions are protected, even if borrowers default or asset prices fall. More on: https://app.maple.finance/earn.

The table below illustrates the configured risk parameters for syrupUSDC

Parameter Value
Isolation Mode false
Borrowable DISABLED
Collateral Enabled true
Supply Cap (syrupUSDC) 200,000,000
Borrow Cap (syrupUSDC) 1
Debt Ceiling USD 0
LTV 0 %
LT 0 %
Liquidation Bonus 0 %
Liquidation Protocol Fee 10 %
Reserve Factor 50 %
Base Variable Borrow Rate 0 %
Variable Slope 1 10 %
Variable Slope 2 300 %
Uoptimal 45 %
Flashloanable ENABLED
Siloed Borrowing DISABLED
Borrowable in Isolation DISABLED
Oracle 0xe4e9d021d3a44e8bc9949690e298c6b41c6ef354

E-Mode

Parameter Value Value Value
Asset syrupUSDC USDC USDT
Collateral Yes No No
Borrowable No Yes Yes
Max LTV 90.00% - -
Liquidation Threshold 92.00% - -
Liquidation Bonus 4.00% - -

CAPO

maxYearlyRatioGrowthPercent ratioReferenceTime MINIMUM_SNAPSHOT_DELAY
19.94% monthly 7

Oracle details

Parameter Value
Oracle 0xE4E9d021D3A44E8bc9949690E298C6b41C6EF354
Ratio Provider syrupUSDC-USDC Exchange Rate
Underlying oracle USDC/USD
Minimum Snapshot delay 7 days
Max yearly growth 1994 (19.94%)
Last Answer 116045418 ($1.16045418 on April 21st)

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for syrupUSDC and the corresponding aToken, vToken and underlying token.

Disclosure

ACI (Aave Chan Initiative) is not affiliated with Maple Finance and has not received compensation for creating this proposal.

Useful links:

Website: https://maple.finance/ App: https://app.maple.finance/earn/details

References

Copyright

Copyright and related rights waived via CC0.