If $SYRUP traded at $AAVE’s revenue multiple it would be at $0.88 ($0.50 currently).

Despite trading at a more attractive relative multiple, @maplefinance has grown much faster, with 1010% growth in Q2 2025 revs vs Q2 2024, whereas @aave revenue has actually declined year over year in Q2.

In my opinion, there are two primary reasons for this.

- The market hasn’t yet fully grasped the pace of Maple’s growth/turnaround with the rollout of SyrupUSDC, BTC Yield, and the other new products which have led to revenue and TVL increasing by about 4x since March

- The second is Aave has been incredibly lindy, serving as a core DeFi protocol for years with highly durable revenue. With Maple making deep inroads with institutional borrowers bringing their cost of capital down by matching them with DeFi lenders, its ARR now approaching $20MM, and the stickiness of its revenue becoming increasingly apparent, this relative gap should change over time

$SYRUP is probably the asset that best sits in the middle of the Venn diagram of growth and value investors. This is going to be very obvious in retrospect for those that don’t already see the story playing out.