.@maplefinance's syrupUSDC and syrupUSDT had deposits of $11.4MM, $12.4MM, $11MM, and $16.6MM just today. $SYRUP is one of the only DeFi protocols currently at all time highs in revenue, TVL, and loans issued, despite the pullback in markets showing the stickiness of its traction and customer base. Today the team had an analyst call and revised forward guidance to $30MM ARR by end of year (from prior guidance of $25MM) and released 2026 forward guidance of $100MM ARR. Right now SYRUP is trading at ~4x forward revs (and less than 5x earnings, opex is relatively low for this business and should grow much slower than revs). This is despite the protocol growing 10x year over year and projecting more than 3x y-o-y forward revenue growth (even higher rate of earnings growth). AAVE as a comp by contrast is trading at 18.5x annualized revs (no forward guidance provided by the team and growth/usage is highly correlated with asset prices) SYRUP continues to be one of the most interesting setups in crypto.
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