Watching $SYRUP climb the ranks has been impressive.

Built by the @maplefinance team, @syrupfi is clearly targeting institutional capital, with a 170% overcollateralized model (87% BTC), and real yield through $syrupUSDC (~10%).

Yield then grows to 49% on @pendle_fi

Since launch:

• $650M in inflows

• $1.2B in TVL (10x since Jan)

• ~$4M in revenue, growing MoM

Plus: 20% of Q1 revenue is being used for buybacks → staker rewards.

Syrup is just behind Euler in lending by FDV.

Fundamentals over hype.