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<h3>Fireline Report</h3>
<p>SYRUP terminated its pledge, driven by a 25% revenue buyback, and TVL expansion is evident, with the annualized revenue P/E ratio remaining at 18x.</p>
<h3>Trading Guide</h3>
<p>Event-driven, pay attention to the price performance after the repurchase is implemented. If it pulls back to the previous high of 4.8B TVL and fails to hold, be wary of short-term retracement risks.</p>
<p style="margin-top: 20px; text-align: left; opacity: 0.4; padding: 0 42px"><small>Updated at 10-30 20:05</small><br><small>AI-generated summary, not investment advice</small></p></div>

<h1>In-depth analysis of SYRUP&#39;s termination of pledge &amp; 25% revenue buyback (MIP-019)</h1><h2> TL;DR</h2><p> Maple Finance&#39;s MIP-019 proposal aims to end <strong>stSYRUP staking rewards</strong> in November and <strong>inject 25% of protocol revenue into the &quot;Syrup Strategic Fund (SSF)&quot;</strong> for market buybacks and market making. Snapshot voting showed 91% support as of October 29th. If passed, this would allocate 25% (approximately $375,000) of the approximately $1 million monthly revenue to buybacks, creating structural deflation. On-chain TVL rose 11.7% in seven days; SYRUP price rose 14% in seven days, technically returning above its long-term moving average.</p><hr /><h2> Core Analysis</h2><h3> 1. Key Points and Roadmap of the Proposal</h3><table><thead><tr><th> milestone</th><th> time</th><th> Event Description</th></tr></thead><tbody><tr><td> Proposal Announcement</td><td> October 28</td><td> MIP-019 &quot;Activate the SSF &amp; Sunset Staking&quot; was released on the forum and Snapshot.</td></tr><tr><td> Community voting</td><td> October 27–31</td><td> As of October 29th, the approval rating was 91% <a href="https://x.com/maplefinance/status/1982913016191701302">(x.com).</a></td></tr><tr><td> Termination of Pledge</td><td> mid-november</td><td> The stSYRUP reward stream has stopped; existing stSYRUP can be redeemed at any time.</td></tr><tr><td> SSF Startup</td><td> Starting in December</td><td> 25% of the monthly proceeds from the agreement will be used for open market buybacks &amp; LP provision.</td></tr><tr><td> governance expansion</td><td> synchronous</td><td> Unstaken Syrup can also be used for voting, enhancing decentralization.</td></tr></tbody></table><p> Proposal Objectives:</p><ul><li> <strong>Replacing inflation-linked share issuance</strong> with <strong>revenue-linked buybacks</strong> reduces selling pressure and is tied to business growth.</li><li> Improving capital efficiency to support RWA&#39;s credit expansion (AUM has reached $4 billion) <a href="https://messari.io/project/syrup">(messari</a> )</li><li> Provides a more robust token economic model for cross-chain and institutional deployments (integration of Solana, Linea, and Aave) <a href="https://finance.yahoo.com/news/maple-finance-ends-staking-launches-022517162.html">finance.yahoo</a></li></ul><h3> 2. On-chain data insights</h3><p> <strong>TVL &amp; Revenue</strong></p><table><thead><tr><th> index</th><th> 10-22</th><th> 10-29</th><th> 7D Changes</th></tr></thead><tbody><tr><td> TVL</td><td> $2.83 billion</td><td> $3.16 billion</td><td> +11.7%</td></tr><tr><td> Agreement Fees (7D Cumulative)</td><td> –</td><td> $936,000</td><td> —</td></tr></tbody></table><p> TVL continued to climb over the past week, with a single-day increase of 4.9% after the announcement; the total expenses over 7 days amounted to nearly $940,000, of which approximately $234,000 will be used for the first month&#39;s buyback if the MIP-019 rule is followed. <reference tool_id="call_20614592" category="bar_tvl" project="Maple" description="Maple protocol TVL from 2025-10-22 to 2025-10-29" item_id="d5ea9f28-56cb-4435-953a-0ed48a7256ae"/><reference tool_id="call_20221237" category="bar_fees" project="Maple" description="Maple protocol fees and revenue from 2025-10-22 to 2025-10-29" item_id="2092f4d2-2f5a-4e86-a433-745164ae4e6a"/></p><p> <strong>Derivatives and Liquidity</strong></p><ul><li> As of 20:21 UTC, open interest in SYRUP perpetual contracts was approximately <strong>$31 million</strong> , a 36% increase in the past 24 hours, with funding rates at +0.005%, indicating news-driven long positions being added. <reference tool_id="call_16805747" category="heatmap" project="SYRUP" description="SYRUP OI USD and 24h change percent by exchange at 2025-10-29 20:21 UTC"/></li><li> DEX trading volume rose to $7.1 million from October 10th to 29th, a 239% increase from the beginning of the week, indicating that it was a prelude to buybacks.</li></ul><h3> 3. Social Emotions</h3><table><thead><tr><th> Role</th><th> Opinion</th><th> taking state</th></tr></thead><tbody><tr><td> @maplefinance Official</td><td> &quot;The pledge mission has been completed; revenue-driven buybacks will create long-term value.&quot;</td><td> 🟢</td></tr><tr><td> @Crypto_McKenna</td><td> Maple is described as &quot;moving towards institutional-grade DeFi&quot; and viewed favorably | _2024111120230_ | Supply contraction</td><td> 🟢 <a href="https://x.com/Crypto_McKenna/status/1983489247043535011">x.com</a></td></tr></tbody></table><p> Overall discussion volume remains limited due to the novelty of the news, but highly engaged posts are almost unanimously bullish, echoed by high support in the governance vote. <a href="https://crypto.news/maple-finance-end-syrup-staking-mip-019-vote-2025/">(crypto.news)</a></p><h3> 4. Technical Analysis</h3><table><thead><tr><th> cycle</th><th> trend</th><th> RSI</th><th> Key moving averages</th><th> Support/Resistance</th></tr></thead><tbody><tr><td> 1H</td><td> long</td><td> 78 (Overbought)</td><td> EMA12 $0.407</td><td> S $0.400 / R $0.426</td></tr><tr><td> 4H</td><td> long</td><td> 75 (Overbought)</td><td> SMA50 $0.381</td><td> S $0.400 / R $0.445</td></tr><tr><td> 1D</td><td> long</td><td> 59 (Neutral)</td><td> SMA200 $0.400</td><td> S $0.400 / R $0.460</td></tr></tbody></table><p> The current price is <strong>$0.4345</strong> , a 14% increase in seven days, and it has regained its position above the 200-day moving average. If the daily close breaks through $0.445, it may challenge the June high of $0.460. <a href="https://coinmarketcap.com/cmc-ai/maple-finance/price-analysis/">(coinmarketcap)</a></p><ul><li> <strong>Long position strategy</strong> : Buy in the $0.400–$0.420 range, target $0.460, stop loss $0.380, R:R≈1.6.</li><li> <strong>Pullback risk</strong> : The short-term RSI is overbought. If profit-taking occurs before the vote, the price may pull back to $0.400 to secure liquidity. <a href="https://www.mitrade.com/au/insights/news/live-news/article-3-1227541-20251029">(mitrade)</a></li></ul><hr /><h2> Potential impacts and risks</h2><ol><li> <strong>Deflation-driven</strong> : Monthly repurchase of ~25% of revenue, assuming TVL and expenses remain unchanged, will bring continuous buying pressure to SYRUP, hedging against potential selling pressure after the expiration of staking rewards.</li><li> <strong>Income Sensitivity</strong> : If RWA credit experiences a macroeconomic downturn, the resulting decrease in fees will directly weaken the scale of repurchase agreements, leading to a lower-than-expected deflationary pressure.</li><li> <strong>Liquidity migration</strong> : The stSYRUP released by staking exits may initially cause short-term selling pressure, and the peak of on-chain unlocking around November needs to be observed.</li><li> <strong>Centralized governance</strong> : Although non-staking holders can vote to broaden participation, whale addresses are more likely to concentrate tokens and influence decision-making, requiring further observation of voting distribution.</li></ol><hr /><h2> in conclusion</h2><p> MIP-019 marks Maple Finance&#39;s shift from an incentive-driven growth phase to an <strong>income-driven value-return</strong> model. The termination of staking reduces inflation, and the 25% fixed buyback links the protocol fee to token value. Against the backdrop of rapid expansion of RWA assets and record-high TVL, this change significantly improves the supply and demand structure of SYRUP. Short-term volatility due to staking exits should be monitored, but in the medium to long term, if Maple maintains monthly revenue in the millions of dollars, SYRUP may enter a positive feedback loop of sustained deflation, providing a solid floor for the price and opening up upward potential.</p>
