MiCA Syrup Token Disclosure

00 DATE OF NOTIFICATION

2025-03-24

A. COMPLIANCE STATEMENTS

01 This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

Where relevant in accordance with Article 6(3), second subparagraph of Regulation (EU) 2023/1114, reference shall be made to ‘person seeking admission to trading’ or to ‘operator of the trading platform’ instead of ‘offeror’.

02 This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

03 The crypto-asset referred to in this white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

04 The utility token referred to in this white paper may not be exchangeable against the good or service promised in the crypto-asset white paper, especially in the case of a failure or discontinuation of the crypto-asset project.

05 The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council.

B. SUMMARY

06 Warning

This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council (36) or any other offer document pursuant to Union or national law.

07 Characteristics of the crypto-asset

A brief, clear and non-technical description of the characteristics of the crypto asset including information about rights and obligations of the purchaser, procedure and conditions for the exercise of those rights, conditions, if any, under which these rights and obligations may be modified. Where the white paper concerns a utility token, information about the quality and quantity of goods or services to which the utility tokens give access and restrictions on the transferability.

SYRUP is the governance token of the Maple ecosystem, powering both Maple Institutional and Syrup.fi platforms. The token serves multiple key functions:

1. Governance Rights: SYRUP holders can participate in protocol governance by staking their tokens and voting on key decisions affecting the ecosystem's future.

2. Staking Mechanism: Token holders can stake SYRUP to receive stSYRUP, a representation of staked SYRUP that enables governance participation and reward accrual. stSYRUP is not a separate token but a mechanism within the SYRUP smart contract.

The token does not represent any ownership in any company or entity, nor does it confer any rights to dividends or profit-sharing. It is purely a utility and governance token within the Maple ecosystem.

08 'False' – Not applicable

09 Key information about the offer to the public or admission to trading

A brief and non-technical description of the offer to the public including information about the amount of the offer, including, where applicable, any minimum and maximum target subscription goals, issue price of the crypto-asset and subscription fees, the total number of crypto-assets to be offered; prospective holders; description, where applicable, of the various phases of the offer to the public of crypto-assets, including information on discounted purchase price for early purchasers of crypto-assets, subscription period.

When applicable, the name of the crypto-asset service provider in charge of the placing of crypto-assets and the form of such placement (with or without a firm commitment basis).

When applicable, a brief and nontechnical description of the admission to trading, including the name of the trading platform for which the admission is sought.

1,100,000,000 is the initial supply at migration (November 2024), 1,154,930,000 reflects the supply at a specific point (e.g., March 2025, accounting for 5% inflation), and 1,228,740,800 is a projection. The total number of SYRUP tokens admitted to trading reflects the initial supply plus inflation to date; exact figures depend on staking participation and governance decisions

Target holders: The token distribution targets both retail and institutional participants in the Maple ecosystem, particularly those interested in participating in protocol governance and institutional lending activities.

Total offer amount	N/A
Total number of tokens to be offered to the public	N/A
Subscription period	N/A
Minimum and maximum subscription amount	N/A
Issue price	N/A
Subscription fees (if any)	N/A
Target holders of tokens	The primary cohort comprises participants in the Maple Finance ecosystem seeking institutional-grade DeFi yield opportunities.
Description of offer phases	N/A
CASP responsible for placing the token (if any)	N/A
Form of placement	N/A
Admission to trading	Bitstamp Europe S.A.

C. PART I – INFORMATION ON RISKS

I.1 Offer-Related Risks

A description of the risks associated with the offer to the public of crypto-assets or their admission to trading.

Market Volatility Risk: The value of SYRUP tokens may be subject to significant price fluctuations. Trading volumes and liquidity may vary significantly, affecting the ability to buy or sell tokens. External market conditions and sentiment may impact token value regardless of protocol performance

Distribution Risk: The initial token distribution and ongoing emission schedule may affect token value. Changes to the emission schedule through governance decisions could impact token economics. Token buybacks using protocol revenue are dependent on lending activity performance and governance decisions by tokenholder voting.

Regulatory Risk: Changes in regulatory frameworks could affect the ability to trade or use SYRUP tokens. Future regulations may impact the operation of the protocol or token utility. Cross-border regulatory differences may affect global accessibility.

C.1 I.2 Issuer-Related Risks

A description of the risks associated with the issuer, if different from the offeror or person seeking admission to trading, having regard to risks related to the issuer's financial situation, risks related to the issuer's business activities and industry, legal and regulatory risk, internal control risk, environmental, social and governance risks.

Regulatory Compliance Risks: The structure might present potential regulatory scrutiny as global authorities increasingly focus on offshore crypto issuers. The upcoming implementation of MiCA requirements in the EU, combined with evolving regulations in other jurisdictions, may necessitate some compliance adaptations, possibly requiring resource-intensive structural modifications to the protocol's operations. Under MiCA, SYRUP is classified as a utility token; however, if staking rewards or buybacks are interpreted as profit-sharing, regulators could reclassify it, triggering additional compliance obligations. Maple DAO monitors regulatory developments to ensure ongoing compliance.

Operational Risks: The dual-product structure of Maple Institutional and Syrup.fi creates operational interdependencies that could affect protocol performance. The management of institutional loan origination requires specialized expertise that may be difficult to scale. The protocol's revenue generation depends on the efficient collection of loan service fees from borrowers, creating potential points of operational failure. Additionally, the decentralized governance model may introduce operational latency in responding to emergent market challenges or opportunities..

Financial Risks: The 5% annualized inflation schedule could create dilutive pressure if not matched by protocol growth. Revenue volatility from institutional lending fluctuations may impact the protocol's ability to sustain SYRUP buybacks. The protocol's financial stability is closely tied to institutional borrower repayment performance, creating concentration risk in revenue sources.

Legal Risks: While a legal opinion indicates SYRUP is not a capital markets product in Singapore, this determination may not extend to other jurisdictions. The smart contract-based governance system operates in a legally ambiguous environment regarding enforceability of on-chain decisions. The protocol's institutional lending activities may implicate various lending regulations across jurisdictions where borrowers operate.

Fraud and Mismanagement Risks: While the SYRUP token utilizes non-custodial, decentralized smart contracts for staking and governance, certain protocol operations retain centralized components that could be vulnerable to mismanagement. The management of protocol treasury funds represents a potential vector for fraud if governance controls are inadequate. The migration process from MPL to SYRUP tokens created a temporary point of centralized control during the transition. The revenue collection mechanisms require proper implementation to ensure all protocol fees are correctly accounted for and distributed.

Reputational Risks: As a facilitator of institutional lending, Maple Finance's reputation is crucial for attracting both lenders and borrowers. Any credit defaults or underperformance within the lending portfolio could significantly damage market confidence. Association with controversial borrowers might trigger negative market perception. The protocol's position bridging traditional finance and DeFi creates heightened reputational expectations regarding risk management and transparency.

Technology Management Risks: The SYRUP token ecosystem relies on several sophisticated smart contracts, including the ERC-4626 Tokenized Vault Standard implementation. The ongoing maintenance and necessary upgrades to these technical components require consistent technical oversight. Should development resources become constrained or technical expertise diminish, critical updates may be delayed, potentially affecting protocol security or functionality.

Dependency on Key Individuals: The Maple Finance ecosystem's technical architecture and ongoing development may depend on the continued involvement of key technical personnel with specialized knowledge of the protocol's implementation. While the protocol governance is decentralized, the technical expertise needed for implementing governance decisions may be concentrated among a limited group of developers familiar with the codebase.

Conflicts of Interest: The governance system, wherein only stSYRUP holders can participate in protocol decision-making, creates potential scenarios where governance participants may prioritize token value appreciation through mechanisms like inflation adjustment over long-term protocol sustainability. This structure requires careful management to ensure governance decisions serve the protocol's long-term viability.

Counterparty Risks: The protocol's revenue stream depends on the ongoing repayment of loans by institutional borrowers. This exposes participants in the ecosystem to counterparty risk. While lending activities are secured according to the protocol's risk parameters, borrower defaults could affect protocol solvency and the ability to continue operations.

C.2 I.3 Crypto-Assets-Related Risks

A description of the risks associated with the crypto-assets.

Market Risk: The SYRUP token, despite its utility functions within the Maple Finance ecosystem, remains susceptible to significant price fluctuations common to digital assets. Market sentiment, macroeconomic factors, and crypto market trends may cause substantial value variations independent of the token's fundamental utility or the protocol's performance.

As a governance token with multiple utility functions, SYRUP faces inherent challenges in market price discovery and valuation consensus. The token's worth derives from subjective assessments of governance rights, staking rewards, and protocol growth prospects, creating potential for divergent valuation models and price instability.

SYRUP may experience price movements correlated with broader cryptocurrency market trends, potentially undermining diversification benefits for holders. During periods of market-wide volatility, the token could experience price fluctuations irrespective of Maple's operational performance or fundamentals.

Liquidity Risk: SYRUP may experience periods of limited trading volume, potentially restricting holders' ability to execute large transactions without significant price impact. This could result in increased slippage and execution challenges, particularly during market stress periods.

The staking mechanism, while incentivizing token retention, may lead to substantial portions of the supply being locked, reducing circulating liquidity. Should large stakers suddenly unstake and liquidate positions, market order books may lack sufficient depth to absorb selling pressure.

SYRUP's trading on specific exchanges like Bitstamp Europe S.A. creates potential single points of failure for liquidity provision. Technical issues, regulatory actions, or policy changes affecting these trading venues could temporarily or permanently impair token liquidity.

Custodial Risk: SYRUP holders must independently secure their token access credentials, with any private key compromise potentially resulting in permanent, irrecoverable token loss. The absence of centralized recovery mechanisms places complete security responsibility on individual holders..

While designed as non-custodial, the staking mechanism relies on smart contract integrity. Technical vulnerabilities could potentially restrict access to staked tokens or create unexpected behavior in the stSYRUP relationship.

Token holders face potential technical complications with certain wallet implementations, possibly affecting token visibility, transaction execution, or interaction with staking functions. These compatibility challenges could impair effective token custody and utilization.

Smart Contract Risk: Despite implementing established standards like ERC-4626, the SYRUP token ecosystem remains vulnerable to potential undiscovered bugs or security weaknesses. Smart contract vulnerabilities could lead to token theft, unauthorized minting, or functionality impairment.

Future protocol upgrades necessitated by evolving requirements or security patches introduce execution risk. Implementation errors during upgrades could potentially disrupt token functionality, staking mechanisms, or governance systems.

The token's reliance on external systems for governance and various technical standards creates dependencies on third-party components outside direct protocol control. Vulnerabilities or changes in these dependencies could adversely affect token utility..

Regulatory and Tax Risk: Despite favorable legal opinions in certain jurisdictions like Singapore, the SYRUP token faces potential regulatory reclassification risks as global cryptocurrency regulations evolve. Future regulatory determinations could impose unexpected compliance requirements or operational restrictions.

Token holders face uncertain and potentially complex tax implications regarding staking rewards, governance participation, and token conversions. Tax authorities worldwide continue developing digital asset guidance, creating compliance uncertainty and potential retroactive liability.

The global accessibility of the SYRUP token creates multi-jurisdictional regulatory exposure. Activities permissible in one jurisdiction may violate regulations in others, creating complex compliance demands for both the protocol and token holders.

Counterparty Risk: The protocol's revenue stream depends on institutional borrowers' loan repayments. Borrower defaults could significantly impact protocol revenue, potentially reducing funds available for token buybacks and ecosystem growth.

SYRUP's utility relies partially on third-party integrations for governance execution, and technical infrastructure. Operational issues or business failures among these partners could temporarily or permanently impair certain token functionalities.

The protocol's ongoing development requires specialized expertise. Key personnel departures could potentially delay technical improvements, security responses, or ecosystem expansion, affecting token utility and value.

Reputational Risk: SYRUP’s utility is linked to Maple Finance's reputation in institutional lending markets. Protocol failures, security incidents, or governance controversies could significantly impact token market perception.

The protocol's institutional lending focus naturally attracts regulatory attention. Adverse regulatory findings or enforcement actions could substantially damage market confidence and institutional adoption, potentially affecting token utility and value.

Future major protocol modifications could create market uncertainty and temporary confidence disruptions affecting token stability.

C.3 I.4 Project Implementation-Related Risks

A description of the risks associated with project implementation.

[Free alphanumerical text]

[To be completed on a case-by-case basis]

C.4 I.5 Technology-Related Risks

A description of the risks associated with the technology used.

Private Key Management Risk and Loss of Access to Crypto-Assets: SYRUP token holders bear complete responsibility for securing their private keys and wallet credentials. Loss of private keys results in permanent, irreversible forfeiture of token access with no recovery mechanism available. Hardware failure, software corruption, and inadequate backup procedures can lead to complete asset loss. Phishing attacks and social engineering techniques specifically targeting cryptocurrency holders present ongoing security threats. Password-protected wallets risk permanent inaccessibility if credentials are forgotten. Multi-signature security implementations, while enhancing security, introduce additional points of potential access failure. Estate planning complexities create significant inheritance barriers, as tokens controlled by deceased individuals may become permanently inaccessible without proper succession arrangements.

Settlement and Transaction Finality:Ethereum-based transactions involving SYRUP tokens could be subject to network confirmation delays during periods of congestion, potentially extending transaction finalization times. Network fee fluctuations may leave transactions with insufficient gas unconfirmed for extended periods or rejected entirely. Blockchain reorganizations, though rare, could temporarily reverse seemingly confirmed transactions. Front-running and sandwich attacks by network validators or observers can manipulate transaction execution order to extract value from SYRUP token transactions, particularly during high-volume trading periods. Cross-chain implementations or bridged token versions would introduce settlement finality vulnerabilities related to relayer networks and external validation mechanisms.

Scaling Limitations and Transaction Fees: Ethereum network congestion could impact SYRUP token transaction costs and confirmation times, potentially rendering small transactions economically unfeasible during high-demand periods. Gas fee unpredictability creates transaction planning challenges, particularly for time-sensitive governance participation or staking operations. The Ethereum blockchain's throughput limitations could constrain protocol growth during periods of rapid adoption. Layer 2 scaling solutions, if implemented, would introduce additional technical complexity and potential interoperability challenges. Implementation of Ethereum protocol upgrades could temporarily disrupt token functionality or require wallet configuration adjustments. Complex contract interactions such as staking or governance participation consume substantially more gas than simple transfers, creating elevated cost barriers during network congestion.

Economic Self-sufficiency and Operational Parameters: The protocol's revenue model depends on sustainable institutional lending demand, which may fluctuate with market conditions independent of governance decisions. The token inflation schedule could create persistent selling pressure if not matched by proportional demand growth. The token buyback mechanism funded by protocol revenue establishes a circular dependency where diminished protocol activity directly impacts token value support. Governance parameters require ongoing optimization, with miscalibrated voting thresholds potentially leading to decision paralysis or insufficient stakeholder representation. The linear reward distribution model for staked tokens creates fixed economic parameters that may prove suboptimal in volatile market conditions. Token value is fundamentally linked to perceived governance utility, creating vulnerability to alternative governance mechanisms or competing protocols. Long-term protocol sustainability requires consistent development funding, creating tension between treasury conservation and necessary technical advancement.

Network Attacks and Cyber Security Risks: The SYRUP token ecosystem could theoretically face disruption from various cyber threats targeting the Ethereum network, including 51% attacks, Sybil attacks, and DDoS attacks. Such attacks could impair transaction processing, compromise consensus integrity, or temporarily disable platform accessibility. Targeted attacks against critical network infrastructure could disrupt SYRUP token transfers or governance activities during crucial voting periods, potentially affecting protocol-critical decisions..

Consensus Failures or Forks:Ethereum network forks could represent risks to SYRUP token operations, potentially creating duplicate token instances or conflicting transaction histories. Network consensus failures could temporarily freeze token transfers or smart contract interactions. During contentious forks, SYRUP holders may face uncertainty regarding which chain represents legitimate token ownership, potentially requiring complex technical interventions to secure assets across both chains..

Bugs in the Blockchain’s Core Code: SYRUP operates on Ethereum's extensively reviewed codebase rather than implementing novel blockchain architecture. The token functionality creates logical separation from underlying protocol code, limiting potential impact of core blockchain vulnerabilities. The transparent design enables continuous security assessment by ecosystem participants beyond issuer-initiated reviews.

Smart Contract Security Risk: Implementation of standardized ERC-4626 architecture leverages extensively audited code patterns with known security properties. The Revenue Distribution Token design builds upon established implementations rather than pioneering untested techniques. The non-custodial architecture limits potential impact of contract vulnerabilities by preserving user key control. The transparent GitHub repositories enable ongoing independent security review.

Dependency on Underlying Technology: The token's implementation on Ethereum benefits from the network's substantial infrastructure redundancy and geographic distribution. The institutional focus naturally incorporates enterprise-grade operational continuity considerations. The governance mechanism enables responsive adaptation to underlying infrastructure evolution without requiring token redesign.

Risk of Technological Disruption: SYRUP's modular smart contract architecture facilitates targeted upgrades addressing emerging technological developments without requiring wholesale redesign. The governance mechanism enables responsive adaptation to technological advancement through transparent decision-making. The ERC-4626 implementation follows contemporary standards positioning the protocol to evolve alongside Ethereum's roadmap. Institutional orientation naturally incorporates long-term technological planning exceeding typical retail-focused projects.

Governance Risk: The requirement that governance participants must stake SYRUP creates economic alignment with protocol health, discouraging decisions that damage long-term sustainability. The transparent Snapshot voting system prevents opaque governance manipulation. The 7-day voting window balances deliberative consideration with decision efficiency. The quorum requirements ensure decisions reflect substantial stakeholder consensus rather than narrow interests.

Anonymity and Privacy Risk: The protocol's institutional focus naturally aligns with appropriate transparency rather than excessive privacy that could facilitate illicit activity. The governance mechanism enables privacy parameter adjustment responding to evolving regulatory frameworks. The on-chain transaction transparency creates auditability appropriate for institutional financial operations. Implementation on Ethereum leverages the network's established privacy-preserving transaction patterns.

Data Corruption: Implementation on Ethereum's immutable ledger prevents retroactive data manipulation through distributed consensus validation. The transparent smart contract execution creates verifiable state transitions resistant to corruption. The non-custodial architecture preserves user control of assets independent of protocol data integrity. Multiple independent blockchain explorers enable cross-validation of critical transaction data.

Third-Party Risks: The non-custodial staking architecture eliminates dependencies on third-party asset custody. Direct smart contract interaction enables participation without intermediary service providers. The transparent protocol operation facilitates independent verification without reliance on third-party attestation. The token's ERC-20 compatibility ensures availability across multiple wallet implementations, preventing single-provider dependencies.

C.5 I.6 Mitigation Measures

Mitigation measures of the risks associated with the technology, if any.

i) Smart Contract Security

- Decentralized, non-custodial staking contract with no private key control

- Implementation of industry-standard ERC-4626 Tokenized Vault Standard

ii) Risk Management

- 7-day governance voting periods with quorum requirements

- Collateral held to secure loans mitigates counterparty credit risk

- No lock-up period for staking, allowing immediate exit if needed

iii) Operational Safeguards

- Linear, continuous reward distribution preventing timing exploitation

- Transparent governance process with forum discussion before voting

- Separation between lending activities and token governance functions

D. PART A - INFORMATION ABOUT THE OFFEROR OR THE PERSON SEEKING ADMISSION TO TRADING

D.1 Name

Name of the offeror or the person seeking admission to trading (e.g., as shown in the commercial register).

Maple DAO (BVI) Ltd.

D.2 Legal Form

Legal form of the offeror or the person seeking admission to trading (ISO 20275 Code List).

Private limited company

D.3 Registered Address

Registered address of the offeror or the person seeking admission to trading.

Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands

D.4 Head Office

Head office of the offeror or the person seeking admission to trading.

Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands

D.5 Registration Date

Date of the registration (i.e., incorporation date).

2023-07-12

D.6 Legal Entity Identifier

Legal entity identifier (LEI) of the offeror or person seeking admission to trading.

[LEI as defined in ISO 17442 or equivalent identifier as specified in Article 14 of [RTS on record keeping]. LEI can be obtained through national (e.g. for Switzerland https://schweiz-lei.ch) or international agencies (e.g. https://www.wm-leiportal.org/en ).]

D.7 Another Identifier Required Pursuant to Applicable National Law

National identifier based on the nationality of the offeror or the person seeking admission to trading, if required under the applicable national law.

BVI Company Number 2128007

D.8 Contact Telephone Number

Contact telephone number of the offeror or the person seeking admission to trading.

[phone]

D.9 E-mail Address

E-mail address of the offeror or the person seeking admission to trading.

[e-mail]

D.10 Response Time (Days)

Period of days within which an investor will receive an answer via that telephone number or e-mail address.

2-3 business days for general token functionality questions, staking mechanism clarifications, and routine informational requests submitted through official communication channels.

D.11 Parent Company

Where applicable, the name of the parent company of the offeror or the person seeking admission to trading and its legal entity identifier as defined in ISO 17442 or another identifier required pursuant to applicable national law. Applies only if the offeror or the person seeking admission to trading is controlled by another company either through a shareholding of >50% or by other means.

Maple Dao Foundation

D.12 Members of the Management Body

Identity (names or other identifiers), business address and functions of each person that is member of the management body, as defined in Article 3(1) point (27) of Regulation (EU) 2023/1114, of the offeror or the person seeking admission to trading.

Full Name	Business Address	Function
Maple Dao Foundation	4th Floor, Harbour Place 103 South Church St., George Town, Grand Cayman, KY1-1002, Cayman Islands.	Director

D.13 Business Activity

Business or professional activity of the offeror or person seeking admission to trading, including principal activities and principal markets.

- Maple DAO BVI Ltd. is company incorporated in the British Virgin Islands, operates an ecosystem that facilitates institutional lending within the decentralised finance space. The Syrup.fi is a platform built on the Ethereum blockchain (the “Platform”) with the “SYRUP Tokens” (the “Tokens”) operating through a smart contract deployed to such blockchain, governing the creation and transfer of the Tokens to ensure that all Token- related transactions are executed transparently and in accordance with pre-defined protocols. The Platform leverages off the above-mentioned ecosystem and provides access to institutional yield, empowering users of the Platform (the “Users”) to generate yield by connecting their wallets, lending stablecoin funds and earning of interest (the “Project”).

D.14 Parent Company Business Activity

Where applicable, business or professional activity of the parent company, including principal activities and principal markets.

Maple DAO Foundation operates a sophisticated institutional lending protocol through a

carefully structured organization of entities across multiple jurisdictions.

D.15 Newly Established

Indication as to whether the issuer has been established within the past three years.

Yes

D.16 Financial Condition for the past three Years

Financial condition of the offeror or person seeking admission to trading over the past three years. This shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is required, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the business of the offeror or person seeking admission to trading and of its position, consistent with the size and complexity of the business. The analysis shall include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the business. The analysis shall, where appropriate, include references to, and additional explanations of, amounts reported in the annual financial statements (where available), information regarding unusual or infrequent events or new developments, materially affecting the income from operations and indicate the extent to which income was so affected, information concerning capital resources (both short term and long term) and an explanation of the sources and amounts of and a narrative description of the cash flows.

Since registration on July 12, 2023, Maple DAO (BVI) Ltd. has focused on developing the Maple Finance ecosystem. As a decentralized entity, it does not generate traditional revenue but manages a treasury funded by protocol fees and initial token allocations. No audited financial statements are available due to its decentralized structure, but treasury holdings are transparently tracked on-chain.

D.17 Financial Condition Since Registration

Where the offeror or person seeking admission to trading has not been established for the past three years, description of its financial condition since the date of its registration. This shall be assessed based on a fair review of the development and performance of the business of the offeror or person seeking admission to trading and of its position for each year and interim period for which historical financial information is available, including the causes of material changes. The review shall be a balanced and comprehensive analysis of the development and performance of the business of the offeror or person seeking admission to trading and of its position, consistent with the size and complexity of the business. The analysis shall include both financial and, where appropriate, non-financial Key Performance Indicators relevant to the particular business. The analysis shall, where appropriate, include references to, and additional explanations of, amounts reported in the annual financial statements (when available), information regarding unusual or infrequent events or new developments, materially affecting the income from operations and indicate the extent to which income was so affected, information concerning capital resources (both short term and long term) and an explanation of the sources and amounts of and a narrative description of the cash flows.

As above, please refer to D.16.

E. PART B - INFORMATION ABOUT THE ISSUER, IF DIFFERENT FROM THE OFFEROR OR PERSON SEEKING ADMISSION TO TRADING

E.1 Issuer different from offeror or person seeking admission to trading

Indication as to whether the issuer is different from the offeror or person seeking admission to trading.

[‘true’ – Yes]

[‘false’ – No]

E.2 Name

Name of the issuer (e.g., as shown in the commercial register).

[Free alphanumerical text]

E.3 Legal Form

Legal form of the issuer (ISO 20275 Code List).

[Only applicable if an LEI is not provided in field B.7. ISO standard 20275 ‘Financial Services – Entity Legal Forms (ELF)’]

E.4 Registered Address

Registered address of the issuer.

[Only applicable if an LEI is not provided in field B.7. ISO standard 3166-1 alpha 2 country codes and codes for their subdivisions]

E.5 Head Office

Head office of the issuer, where different than registered address.

[Only applicable if an LEI is not provided in field B.7. ISO standard 3166-1 alpha 2 country codes and codes for their subdivisions; and free alphanumerical text]

E.6 Registration Date

Date of the registration (i.e., incorporation date).

[ISO 8601 date format (YYYY-MM-DD)]

E.7 Legal Entity Identifier

Legal entity identifier (LEI) of the Issuer as defined in ISO 17442.

[LEI as defined in ISO 17442 or equivalent identifier as specified in Article 14 of [RTS on record keeping]. LEI can be obtained through national (e.g. for Switzerland https://schweiz-lei.ch) or international agencies (e.g. https://www.wm-leiportal.org/en ).]

E.8 Another Identifier Required Pursuant to Applicable National Law

National identifier based on the nationality of the issuer, if required under the applicable national law.

[This field only applies to entities that are not eligible for a legal entity identifier and for which a national identifier is required under applicable national law. Free alphanumerical text]

E.9 Parent Company

Where applicable, the name of the parent company and its legal entity identifier as defined in ISO 17442 or another identifier required pursuant to applicable national law. Applies only if the issuer is controlled by another company either through a shareholding of >50% or by other means.

[Field to be filled in only if an LEI is not provided in field B.7. Where applicable, the name of the parent company; Free alphanumerical text]

E.10 Members of the Management Body

Identity (names or other identifiers), business address and functions of each person that is member of the management body, as defined in Article 3(1) point (27) of Regulation (EU) 2023/1114, of the issuer.

[Free alphanumerical text presented in a tabular format]

Full Name	Business Address	Function
[Name]	[Address]	[Function]

E.11 Business Activity

Business or professional activity of the issuer, including principal activities, principal markets and recent financial condition.

[Free alphanumerical text]

[Example to be updated and appended on a case-by-case basis; if the offeror is the issuer, the following may be an appropriate structure:

- Purpose/strategy/vision

- Products/services

- Markets served

- Milestones reached

- Outlook]

E.12 Parent Company Business Activity

Where applicable, business or professional activity of the parent company, including principal activities and principal markets.

[Free alphanumerical text]

F. PART C - INFORMATION ABOUT THE OPERATOR OF THE TRADING PLATFORM IN CASES WHERE IT DRAWS UP THE CRYPTO-ASSET WHITE PAPER AND INFORMATION ABOUT OTHER PERSONS DRAWING THE CRYPTO-ASSET WHITE PAPER PURSUANT TO ARTICLE 6(1), SECOND SUBPARAGRAPH, OF REGULATION (EU) 2023/1114

F.1 Name

Name of the operator of the trading platform.

[Free alphanumerical text]

F.2 Legal Form

Legal form of the operator of the trading platform (ISO 20275 Code List).

[Field to be filled in only if an LEI is not provided in field C.6. Legal form; ISO standard 20275 ‘Financial Services – Entity Legal Forms (ELF)’]

F.3 Registered Address

Registered address of the operator of the trading platform.

[Only applicable if an LEI is not provided in field C.6. ISO standard 3166-1 alpha 2 country codes and codes for their subdivisions; and free alphanumerical text]

F.4 Head Office

Head office, where different than registered address.

[Only applicable if an LEI is not provided in field C.6. ISO standard 3166-1 alpha 2 country codes and codes for their subdivisions; and free alphanumerical text]

F.5 Registration Date

Date of the registration (i.e., incorporation date).

[ISO 8601 date format (YYYY-MM-DD)]

F.6 Legal Entity Identifier

Legal entity identifier (LEI) of the operator of the trading platform.

[LEI as defined in ISO 17442 or equivalent identifier as specified in Article 14 of [RTS on record keeping]. LEI can be obtained through national (e.g. for Switzerland) https://schweiz-lei.ch) or international agencies (e.g. https://www.wm-leiportal.org/en ).]

F.7 Another Identifier Required Pursuant to Applicable National Law

National identifier based on the nationality of the operator of the trading platform, if required under the applicable national law.

[This field only applies to entities that are not eligible for a legal entity identifier and for which a national identifier is required under applicable national law. Free alphanumerical text]

F.8 Parent Company

Where applicable, the name of the parent company and legal entity identifier as defined in ISO 17442 or another identifier required pursuant to applicable national law. Applies only if the operator of or the trading platform is controlled by another company either through a shareholding of >50% or by other means.

[Field to be filled in only if an LEI is not provided in field C.6. Where applicable, the name of the parent company; Free alphanumerical text]

F.9 Reason for Crypto-Asset White Paper Preparation

The reason why that operator drew up the crypto-asset white paper.

[Free alphanumerical text]

F.10 Members of the Management Body

Identity (names or other identifiers), business address and functions of each person that is member of the management body, as defined in Article 3(1) point (27) of Regulation (EU) 2023/1114, of the operator of the trading platform.

[Free alphanumerical text presented in a tabular format]

Full Name	Business Address	Function
[Name]	[Address]	[Function]

F.11 Operator Business Activity

Business or professional activity of the operator, including principal activities and principal markets.

[Free alphanumerical text]

[Example to be updated and appended on a case-by-case basis;, the following may be an appropriate structure:

- Purpose/strategy/vision

- Products/services

- Markets served

- Milestones reached

- Outlook]

F.12 Parent Company Business Activity

Where applicable, business or professional activity of the parent company, including principal activities and principal markets.

[Free alphanumerical text]

F.13 Other persons drawing up the white paper under Article 6 (1) second subparagraph MiCA

Where different from the offeror, person seeking admission to trading, issuer, operator of the trading platform, indication of the identity of the person drawing up the crypto-asset white paper.

[Free alphanumerical text]

F.14 Reason for drawing up the white paper under Article 6 (1) second subparagraph MiCA

Where the white paper is drawn up by a person different from the offeror, person seeking admission to trading, issuer, operator of the trading platform, reason for drawing up the white paper.

[Free alphanumerical text]

G. PART D - INFORMATION ABOUT THE CRYPTO-ASSET PROJECT

G.1 Crypto-Asset Project Name

Name of the crypto-asset project, if different from the name of the offeror or person seeking admission to trading.

Maple Finance Ecosystem

G.2 Crypto-Assets Name

Name of the crypto-assets, if different from the name of the offeror or person seeking admission to trading.

Syrup Token

G.3 Abbreviation

Abbreviation or ticker handler.

SYRUP

G.4 Crypto-Asset Project Description

A brief description of the crypto-asset project.

Maple Finance is a decentralized institutional lending platform that enables the development of crypto-native credit infrastructure. The SYRUP token is the governance token that powers two complementary product lines: Maple Institutional (connecting institutional capital to digital asset lending opportunities) and Syrup.fi (a permissionless DeFi protocol democratizing access to institutional-grade yield).

G.5 Details of all persons involved in the implementation of the crypto-asset project

Details of advisors, development team, crypto-assets service providers and other persons involved in the implementation of the crypto-asset project, including business addresses or domicile of the company.

Full Name	Business Address	Function
Maple DAO (BVI) Ltd	Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands	Protocol Developer
Maple Labs Pty. Ltd.	401 28 Powlett St., East Melbourne, VIC 3002	Service Provider

G.6 Utility Token Classification

Indication as to whether the crypto-asset project concerns utility tokens.

Yes

G.7 Key Features of Goods/Services for Utility Token Projects

SYRUP provides utility through governance rights over the Maple ecosystem. Token holders can stake SYRUP to receive stSYRUP, enabling participation in protocol governance decisions, including token distribution, treasury management, new product launches, and smart contract infrastructure upgrades. The platform facilitates institutional lending within decentralized finance, with revenue from loan service fees that may be used for token buybacks distributed to stakers (subject to tokenholder voting, with no pre-committed rights or obligations).

G.8 Plans for the Token

In the first 90 days post-launch (November 13, 2024), SYRUP stakers received rewards from protocol revenue and inflation, with exact amounts determined by staking participation and governance.

G.9 Resource Allocation

Where applicable, information about resources already allocated to the project.

Resources have been allocated to develop the decentralized staking smart contract, implement the ERC-4626 Tokenized Vault Standard, and build the governance voting infrastructure on Snapshot. The protocol has established a transparent mechanism for token buybacks using protocol revenue from management and service fees on institutional loans.

G.10 Planned Use of Collected Funds or Crypto-Assets

Where applicable, planned use of any funds or other crypto-assets collected.

Protocol revenue is primarily used for token buybacks, which are distributed to SYRUP stakers alongside planned token inflation. Additional treasury funds may be allocated by governance voting for development and marketing efforts to expand the ecosystem, as described in the token functions documentation.

H. PART E - INFORMATION ABOUT THE OFFER TO THE PUBLIC OF CRYPTO-ASSETS OR THEIR ADMISSION TO TRADING

H.1 Public Offering or Admission to Trading

Indication as to whether the crypto-asset white paper concerns an offer to the public of crypto-assets or their admission to trading.

ATTR

H.2 Reasons for Public Offer or Admission to Trading

The reasons for the offer to the public or for seeking admission to trading, including what is the intended use of the funds raised with the offer.

The SYRUP token was created through a migration from the previous MPL token at a 1:100 ratio. Admission to trading enables stakeholder participation in governance and aligns with the token's utility function. No new funds are being raised; the token conversion maintains the governance rights of existing holders.

H.3 Fundraising Target

Where applicable, the amount that the offer to the public intends to raise in funds or in any other crypto-asset in an official currency or any other crypto-assets.

Not applicable - no new fundraising is occurring as part of this token migration.

H.4 Minimum Subscription Goals

Where applicable, any minimum target subscription goals set for the offer to the public of the crypto-assets in an official currency or any other crypto-assets.

Not applicable - this is a token migration, not a new fundraising event.

H.5 Maximum Subscription Goal

Where applicable, any maximum target subscription goals set for the offer to the public of the crypto-assets in an official currency or any other crypto-assets.

Not applicable - this is a token migration, not a new fundraising event.

H.6 Oversubscription Acceptance

Indication whether oversubscriptions are accepted.

[‘false’ – No]

H.7 Oversubscription Allocation

Where oversubscriptions are accepted, how they are allocated.

Not applicable - this is a token migration, not a subscription-based offering.

H.8 Issue Price

The issue price of the crypto-asset being offered to the public in an official currency or any other crypto-assets.

Not applicable - tokens are distributed based on the conversion from MPL, with additional rewards from staking.

H.9 Official Currency or Any Other Crypto-Assets Determining the Issue Price

The official currency or any other crypto-assets on the basis of which the issue price of the crypto asset is being offered to the public.

Not applicable - price is determined by market trading rather than an issue price.

H.10 Subscription Fee

Any applicable subscription fee in an official currency or any other crypto-assets.

0

H.11 Offer Price Determination Method

Method in accordance with which the offer price will be determined.

Not applicable - SYRUP tokens were distributed through conversion from MPL tokens at a fixed ratio of 1:100. Market forces determine subsequent trading prices.

H.12 Total Number of Offered/Traded Crypto-Assets

Where applicable, the total number of crypto-assets to be offered to the public or admitted to trading.

1,154,930,000

H.13 Targeted Holders

Indication of the prospective holders targeted by the offer to the public of the crypto-asset or admission of such crypto-asset to trading, retail or professional investors.

‘ALL’

H.14 Holder Restrictions

Indication of any restriction as regards the type of holders for such crypto-asset, retail or professional investors.

No specific restrictions on the types of holders for the SYRUP token, though governance participation requires staking SYRUP tokens to receive stSYRUP. The token is not marketed as an investment vehicle but as a governance utility token.

H.15 Reimbursement Notice

Purchasers participating in the offer to the public of crypto-assets will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal foreseen in Article 13 of Regulation (EU) 2023/1114 or if the offer is cancelled.

Not applicable - this is a token migration and admission to trading, not a new offering soliciting funds from purchasers.

H.16 Refund Mechanism

Detailed description of the refund mechanism.

Not applicable - no refunds are necessary as no new funds are being collected.

H.17 Refund Timeline

Expected timeline of when such refunds will be completed.

Not applicable - all MPL token holders received SYRUP at the same conversion ratio of 1:100 without discounts or preferential treatment.

H.18 Offer Phases

Information about the various phases of the offer to the public of the crypto-asset.

Not applicable - SYRUP was implemented through a one-time migration from MPL tokens at a fixed ratio of 1:100. No phased offering is taking place.

H.19 Early Purchase Discount

Information on discounted purchase price for early purchasers of the crypto-asset - (pre-public sales) and in the case of discounted purchase price for some purchasers, an explanation as to why the purchase prices may be different and a description of the impact on the other investors.

Not applicable - all MPL token holders received SYRUP at the same conversion ratio of 1:100 without discounts or preferential treatment.

H.20 Time-Limited Offer

Indication whether the offer is time-limited.

[‘false’ – No]

H.21 Subscription Period Beginning

For time-limited offers, the beginning of the subscription period during which the offer to the public is open.

Not applicable - no time-limited offer.

H.22 Subscription Period End

For time-limited offers, the end of the subscription period during which the offer to the public is open.

Not applicable - no time-limited offer.

H.23 Safeguarding Arrangements for Offered Funds/Crypto-Assets

The arrangements to safeguard funds or other crypto-assets as referred to in Article 10 of Regulation (EU) 2023/1114 during the time-limited offer to the public or during the withdrawal period.

Not applicable - no funds or assets are being collected during this process.

H.24 Payment Methods for Crypto-Asset Purchase

Methods of payment to purchase the crypto-assets.

Not applicable - SYRUP tokens are acquired through conversion from MPL tokens, staking rewards, or secondary market trading rather than direct purchase from the protocol.

H.25 Value Transfer Methods for Reimbursement

Methods of transfer of the value to the purchasers when they are entitled to be reimbursed.

Not applicable - no reimbursement mechanism is needed as no funds are being collected.

H.26 Right of Withdrawal

In the case of offers to the public (field E1), information on the right of withdrawal as referred to in Article 13 of Regulation (EU) 2023/1114 (i.e. applies to crypto-assets other than asset-referenced tokens and e-money tokens purchased by retail holders either directly from an offeror or from a

Not applicable - this is a token migration and admission to trading, not a new offering soliciting funds from purchasers.

H.27 Transfer of Purchased Crypto-Assets

Manner of transferring purchased crypto-assets to the holders.

MPL token holders can convert to SYRUP tokens through a migrator smart contract deployed on the Ethereum blockchain. Users connect their wallet to the migrator contract, approve the MPL token transfer, and receive SYRUP tokens in a 1:100 ratio automatically to the same wallet address.

H.28 Transfer Time Schedule

Time schedule of transferring purchased crypto-assets to the holders.

2024-11-13 (completed)

H.29 Purchaser's Technical Requirements

Information about technical requirements that the purchaser is required to fulfil to hold the crypto-assets.

Users need an ERC-20 compatible wallet (such as MetaMask) to hold SYRUP tokens. To participate in staking and governance, users must connect their wallet to syrup.fi through a Web3 browser interface and have sufficient ETH for transaction fees. For governance voting, users must connect their stSYRUP-holding wallet to Snapshot.

H.30 Crypto-asset service provider (CASP) name

Where applicable, the name of the crypto-asset service provider in charge of the placing of crypto-assets.

Not applicable - no dedicated CASP is placing the crypto-assets.

H.31 CASP identifier

Where available, the legal entity identifier of the crypto-asset service provider in charge of the placing of crypto-assets.

N/A

H.32 Placement Form

Where applicable, the form of such placement (with or without a firm commitment basis).

[‘NTAV’ - Not applicable]

H.33 Trading Platforms name

Where applicable, the name of the trading platforms for crypto-assets where admission to trading is sought.

Bitstamp Europe S.A., Coinbase, Uniswap, Balancer, and other compatible decentralized exchanges.

H.34 Trading Platforms Market Identifier Code (MIC)

Segment MIC for the trading platform where the admission to trading of the crypto-assets is sought.

Not applicable

H.35 Trading Platforms Access

Where applicable, information about how investors can access such trading platforms.

Users can access SYRUP tokens on decentralized exchanges by connecting their Ethereum wallets to platforms like Uniswap (app.uniswap.org), and Balancer (balancer.fi). Each platform requires a Web3-compatible wallet with sufficient ETH for transaction fees. SYRUP is also tradable on decentralized exchanges via ERC-20 compatible wallets, subject to Ethereum network fees.

H.36 Involved Costs

Where applicable, information about the costs involved.

Standard Ethereum network gas fees apply when interacting with the token smart contract, staking/unstaking, or trading on decentralized exchanges. These fees vary based on network congestion and are paid directly to the Ethereum network, not to Maple DAO.

H.37 Offer Expenses

Expenses related to the offer to the public of crypto-assets, in an official currency or any other crypto-assets.

Not applicable - no new offering expenses as this is a token migration and admission to trading.

H.38 Conflicts of Interest

Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading.

The development team and early investors may hold SYRUP tokens that were converted from MPL. Their participation in governance voting could potentially influence protocol decisions. The governance framework mitigates this by requiring transparent proposals with sufficient voting periods and quorum requirements.

H.39 Applicable Law

The law applicable to the offer to the public of the crypto-asset.

British Virgin Islands law

H.40 Competent Court

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper and all claims in connection with the SYRUP Token shall be exclusively, including the validity, invalidity, breach or termination thereof, subject to the jurisdiction of the courts in the British Virgin Islands.

I. PART F - INFORMATION ABOUT THE CRYPTO-ASSETS

I.1 Crypto-Asset Type

The type of crypto-asset that will be offered to the public or for which admission to trading is sought.

Utility Token

I.2 Crypto-Asset Functionality

A description of the functionality of the crypto-assets being offered or admitted to trading.

SYRUP is the governance token of the Maple Finance ecosystem, enabling holders to stake tokens to participate in protocol governance decisions. When staked, users receive stSYRUP which represents their proportional share of the staking pool and allows voting on proposals. SYRUP’s utility is enhanced by protocol revenue used for buybacks, which may be distributed to stakers as rewards, not as guaranteed returns. Its value depends on market perception and protocol adoption, not intrinsic profit rights.

I.3 Planned Application of Functionalities

Information about when the functionalities of the crypto-assets being offered or admitted to trading are planned to apply.

All core functionalities are currently active, including governance voting, staking, and reward distribution. The token was launched on November 13, 2024, and the staking rewards program began immediately with a 90-day initial distribution period.

I.4 Type of white paper

The type of white paper notified.

OTHR

I.5 The type of submission

NEWT

I.6 Crypto-Asset Characteristics

A description of the characteristics of the crypto-asset, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article, and functionality of the crypto-assets being offered or admitted to trading, including information about when the functionalities are planned to apply (ISO 24165 DTI code ISO 24165 FFG DTI).

SYRUP is an ERC-20 standard token deployed on the Ethereum blockchain. It functions as a governance utility token for the Maple Finance ecosystem, allowing holders to participate in protocol governance through staking. The token does not represent ownership in any entity, does not confer rights to revenue or profits, and is not pegged to any currency. SYRUP is not intended to function as a medium of exchange outside the Maple ecosystem. The token operates through a smart contract deployed to the Ethereum blockchain, governing the creation and transfer of tokens to ensure transparency and compliance with predefined protocols.

I.7 Commercial name or trading name

Commercial name or trading name of the issuer.

Maple DAO (BVI) Ltd

I.8 Website of the issuer

Insert website of the issuer.

https://maple.finance

I.9 Starting date of offer to the public or admission to trading

Starting date or, if not available at the time of the notification by the competent authority, the intended starting date of offer to the public or admission to trading.

2024-11-13

I.10 Publication date

Effective or intended publication date of the white paper or of the modified white paper.

2024-11-01

I.11 Any other services provided by the issuer

Any other services provided by the issuer not covered by Regulation (EU) 2023/1114, with a reference to the applicable Union or national law.

Maple Finance provides institutional capital market infrastructure through Maple Institutional and Syrup.fi platforms, connecting institutional lenders with borrowers in decentralized finance. These lending activities are regulated under applicable lending and financial services laws in relevant jurisdictions.

I.12 Identifier of operator of the trading platform

Segment MIC for the trading platform operated by the CASP, where available, otherwise operating MIC.

Not applicable - primary trading occurs on decentralized exchanges without traditional MICs.

I.13 Language or languages of the white paper

Language or languages in which the crypto-asset white paper is drafted.

English

I.14 Digital Token Identifier Code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

Code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available.

Not yet assigned

I.15 Functionally Fungible Group Digital Token Identifier, where available

Code used to uniquely identify the functionally fungible group to which the digital asset belongs (i.e., common to each of the several assets to which the white paper relates, i.e. Code used to identify the white paper ISO 24165 DTI of type = 3 (i.e., functionally fungible group), where available.

Not yet assigned

I.16 Voluntary data flag

Flag indicating the mandatory or voluntary nature of the white paper submitted in accordance with Article 4(8).

[‘true’ – voluntary]

I.17 Personal data flag

Flag indicating if the submitted white paper contains personal data.

[‘false’ – No]

I.18 LEI eligibility

Indication that the issuer is eligible for a Legal Entity Identifier.

[‘true’ – eligible]

I.19 Home Member State

Home member state as defined in Article 3 paragraph 33 of Regulation (EU) 2023/1114.

Not applicable - issuer is based in the British Virgin Islands

I.20 Host Member States

Host member state as defined in Article 3 paragraph 34 of Regulation (EU) 2023/1114.

Not applicable - issuer is based in the British Virgin Islands

J. PART G - INFORMATION ON THE RIGHTS AND OBLIGATIONS ATTACHED TO THE CRYPTO-ASSETS

J.1 Purchaser Rights and Obligations

A description of the rights and obligations, if any, of the purchaser (as defined in the Terms & Conditions).

SYRUP token holders have the right to stake their tokens to receive stSYRUP, which enables participation in protocol governance decisions. Holders can vote on proposals affecting token distribution, treasury management, product launches, and smart contract infrastructure upgrades. Token holders have no legal or beneficial rights to ownership, revenue, or profits of Maple DAO or its affiliates. Obligations include compliance with applicable laws and the terms of the staking smart contract when participating in governance.

J.2 Exercise of Rights and Obligation

Procedure and conditions for the exercise of rights.

To exercise governance rights, token holders must stake SYRUP on syrup.fi/stake to receive stSYRUP. Voting occurs through Snapshot by connecting a wallet containing stSYRUP. Governance proposals have a 7-day voting window, requiring a quorum to pass. Token holders can unstake and withdraw their SYRUP at any time without lockup periods while retaining any accrued rewards.

J.3 Conditions for Modifications of Rights and Obligations

Description of the conditions under which the rights and obligations may be modified.

Rights and obligations may be modified through the governance process itself. Any changes to protocol parameters, token utility, or governance mechanisms must be proposed and approved through a formal governance vote, requiring sufficient quorum and majority support from stSYRUP holders.

J.4 Future Public Offers

Where applicable, information on the future offers to the public of crypto-assets by the issuer.

No future public offerings are currently planned. Additional token distribution occurs through the established staking rewards program with 5% annual inflation and buybacks from protocol revenue.

J.5 Issuer Retained Crypto-Assets

Where applicable, information on the number of crypto-assets retained by the issuer itself.

154,930,000

J.6 Utility Token Classification

Indication as to whether the offer to the public of crypto-assets or their admission to trading concerns utility tokens.

[‘true’ – Yes]

J.7 Key Features of Goods/Services of Utility Tokens

Information about the quality and quantity of goods or services to which the utility tokens give access.

SYRUP provides governance rights over the Maple Finance ecosystem. When staked, SYRUP grants access to voting on protocol decisions including token distribution, treasury management, product launches, and infrastructure upgrades. The quality of governance rights is proportional to the amount of SYRUP staked, with one stSYRUP representing one vote in governance decisions.

J.8 Utility Tokens Redemption

Where the offers to the public of crypto-assets or their admission to trading concerns utility tokens, information on how utility tokens can be redeemed for goods or services to which they relate.

SYRUP tokens are not redeemed for specific goods or services but provide ongoing utility through governance participation. When staked, they grant governance rights as long as they remain staked. Users can unstake and withdraw their SYRUP tokens at any time.

J.9 Non-Trading Request

Indication as whether an admission to trading is sought.

[‘true’ – sought]

J.10 Crypto-Assets Purchase or Sale Modalities

Where an admission to trading is not sought, information on how and where the crypto-assets can be purchased or sold after the offer to the public.

Not applicable - admission to trading is sought.

J.11 Crypto-Assets Transfer Restrictions

Restrictions on the transferability of the crypto-assets that are being offered or admitted to trading.

There are no restrictions on the transferability of SYRUP tokens. As standard ERC-20 tokens on the Ethereum blockchain, they can be freely transferred between compatible wallets and traded on various exchanges.

J.12 Supply Adjustment Protocols

Indication as to whether the crypto-asset has protocols for the increase or decrease of their supply in response to changes in demand.

[‘true’ – Yes]

J.13 Supply Adjustment Mechanisms

Where the crypto-assets has protocols for the increase or decrease of their supply in response to changes in demand, a description of the functioning of such protocols.

SYRUP has a fixed initial supply with a predefined inflation rate of 5% annually. This inflation is distributed to stakers as rewards. Additionally, buybacks using protocol revenue contribute to the token economy, where fees from lending activities are used to purchase SYRUP from the market for distribution to stakers.

J.14 Token Value Protection Schemes

Indication as to whether the crypto-asset has a protection scheme protecting the value of the crypto-asset.

[‘false’ – No]

J.15 Token Value Protection Schemes Description

Where the field above is true, a description of the protection schemes protecting the value of the crypto-assets.

Not Applicable

J.16 Compensation Schemes

Indication as to whether the crypto-asset has a compensation schemes.

[‘false’ – No]

J.17 Compensation Schemes Description

Where the field above is true, a description of the compensation schemes.

Not Applicable

J.18 Applicable Law

The law applicable to the crypto-assets.

British Virgin Islands Law

J.19 Competent Court

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper and all claims in connection with the SYRUP Token shall be exclusively, including the validity, invalidity, breach or termination thereof, subject to the jurisdiction of the courts in the British Virgin Islands.

K. PART H – INFORMATION ON THE UNDERLYING TECHNOLOGY

K.1 Distributed ledger technology

Field to be filled in only if a DTI is not provided in field F.14. Information on the technology used, including distributed ledger technology.

[Free alphanumerical text; add additional information at the bottom of this section, if needed]

General Information on Distributed Ledger Technology and Blockchain

SYRUP tokens operate on the Ethereum blockchain, a decentralized, open-source blockchain featuring smart contract functionality. Ethereum uses distributed ledger technology where all transaction records are maintained across a network of computers (nodes) rather than by a central authority. This distributed approach enhances security, transparency, and immutability of data.

Key characteristics of the Ethereum blockchain include:

● Distribution: Ethereum operates on a global network of nodes, each maintaining a copy of the entire ledger, participating in transaction verification and consensus.

● Security: Ethereum employs advanced cryptographic methods to secure transactions and data, making the ledger resistant to tampering.

● Smart Contracts: Unlike earlier blockchains, Ethereum introduced programmable smart contracts that automatically execute when predefined conditions are met.

● Transparency and Immutability: All transactions on Ethereum are visible to network participants and once confirmed, become virtually immutable.

The Ethereum Blockchain

Ethereum is a public, permissionless blockchain launched in July 2015 that extends beyond simple value transfer to provide a platform for decentralized applications (dApps) and programmable transactions. Ethereum currently uses a Proof-of-Stake consensus mechanism called Ethereum 2.0 (following "The Merge" upgrade in September 2022), which significantly reduced its energy consumption compared to its previous Proof-of-Work mechanism.

Ethereum's native cryptocurrency is Ether (ETH), which serves as the primary medium for transaction fees (gas) and interactions with the network. ETH is used to pay for computation and storage resources on the Ethereum network.

Ethereum's Smart Contract Capabilities

SYRUP tokens are implemented as ERC-20 standard tokens on Ethereum. The ERC-20 standard defines a common set of rules that all Ethereum tokens must follow, enabling interoperability between tokens and applications. Smart contracts on Ethereum are written primarily in Solidity, a Turing-complete programming language designed specifically for Ethereum.

The SYRUP staking mechanism is implemented through the ERC-4626 Tokenized Vault Standard, which provides a standardized way for representing tokenized vaults that hold ERC-20 tokens. This implementation allows for the secure staking of SYRUP tokens and the distribution of rewards to stakers.

Ethereum's Fee Structure

Transactions on Ethereum require gas fees paid in ETH. Gas is a measure of computational effort required to execute operations on the network. Gas fees fluctuate based on network congestion and are paid to validators who process transactions and secure the network.

- Further Information Sources and Links

(All links validated as per March 4, 2025)

o https://maplefinance.gitbook.io/maple

o https://syrup.gitbook.io/syrup/syrup-token/mpl-to-syrup-migration

K.2 Protocols and Technical Standards

Information about protocols and technical standards.

SYRUP tokens implement the following technical standards:

ERC-20: The standard interface for fungible tokens on Ethereum, allowing for seamless integration with wallets, exchanges, and other DeFi applications.

ERC-4626: The Tokenized Vault Standard used for the staking mechanism, providing a standardized interface for yield-bearing vaults.

Snapshot: For off-chain governance voting, reducing gas costs while maintaining transparency and security.

K.3 Technology Used

Other information on the technology used allowing for the holding, storing and transfer of crypto-assets, if relevant.

SYRUP tokens can be stored in any ERC-20 compatible wallet, including:

● Self-custodial wallets: MetaMask, Trust Wallet, Ledger, Trezor

● Smart contract wallets: Safe (formerly Gnosis Safe), Argent

● Mobile wallets: Rainbow, Coinbase Wallet

For governance participation, users connect their wallet to Snapshot's interface through a Web3 browser connection. The staking interface on syrup.fi is accessible through standard Web3 browser extensions.

K.4 Consensus Mechanism

Information on the consensus mechanism, where applicable.

SYRUP tokens operate on Ethereum, which uses a Proof-of-Stake consensus mechanism. In this system, validators are selected to create new blocks and validate transactions based on the amount of ETH they have staked as collateral. This approach is significantly more energy-efficient than Proof-of-Work systems.

The Ethereum PoS mechanism includes slashing conditions to penalize malicious validators, providing economic security to the network. Transaction finality is typically achieved within minutes, allowing for secure and relatively fast transaction settlement.

K.5 Incentive Mechanisms and Applicable Fees

Information on incentive mechanisms to secure transactions and any fees applicable.

SYRUP's economic model includes two primary incentive mechanisms:

1. Protocol Revenue Distribution: Management and service fees collected from institutional loans facilitated by Maple may be used to buy back SYRUP tokens from the market. These tokens are distributed to stakers as rewards for participating in protocol governance.

2. Inflation-Based Rewards: A 5% annual inflation rate for the first three years (beginning November 2023) generates new SYRUP tokens that are distributed to stakers, incentivizing long-term participation in protocol governance.

Applicable fees for SYRUP transactions include standard Ethereum network gas fees, which vary based on network congestion. The staking smart contract is designed to minimize gas costs while ensuring security and proper reward distribution.

K.6 Use of Distributed Ledger Technology

Indication as to whether the crypto-assets are issued, transferred and stored using distributed ledger technology that is operated by the issuer, the offeror or a third-party acting on their behalf.

[‘false’ – No, DLT not operated by the issuer or a third-party acting on the issuer’s behalf]

false

K.7 DLT Functionality Description

If the DLT is operated by the issuer or a third party acting on the issuer’s behalf, a detailed description of the functioning of such distributed ledger technology.

[Free alphanumerical text; generally only needed if H.1 above is true]

The Ethereum network is operated by a decentralized network of validators worldwide, not by Maple DAO or any single entity. The SYRUP token and its associated smart contracts are deployed on the Ethereum blockchain but do not control the underlying infrastructure.

K.8 Audit

Indication as to whether an audit of the technology used was conducted.

true

K.9 Audit Outcome

If an audit was conducted, information on the outcome of the audit of the technology used.

The SYRUP token smart contracts have undergone comprehensive security audits by specialized blockchain security firms. These audits examined the implementation of the ERC-20 token standard, the staking mechanism based on ERC-4626, and the reward distribution functionality.

The audits verified that the smart contracts correctly implement their intended functionality and are free from critical vulnerabilities. Specific attention was paid to potential issues like reentrancy attacks, integer overflow/underflow, and front-running vulnerabilities. Minor issues identified during the audit process were addressed before the final deployment of the contracts.

The token migration contract that facilitated the conversion from MPL to SYRUP at a 1:100 ratio was also audited to ensure the accurate and secure conversion of tokens. The full audit reports are publicly accessible on the Maple Finance GitHub repository.

J. INFORMATION ON THE SUSTAINABILITY INDICATORS IN RELATION TO ADVERSE IMPACT ON THE CLIMATE AND OTHER ENVIRONMENT-RELATED ADVERSE IMPACTS

Adverse impacts on climate and other environment-related adverse impacts.

J.1 Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism

[Relevant data for the Maple network can be found e.g. here]

General information
S.1 Name Name reported in field A.1	Maple DAO (BVI) Ltd
S.2 Relevant legal entity identifier Identifier referred to in field A.2	N/A
S.3 Name of the crypto-asset Name of the crypto-asset, as reported in field D.2	Syrup Token
S.4 Consensus Mechanism The consensus mechanism, as reported in field H.4	Ethereum Proof-of-Stake (PoS)
S.5 Incentive Mechanisms and Applicable Fees Incentive mechanisms to secure transactions and any fees applicable, as reported in field H.5	SYRUP rewards may include protocol revenue distribution through token buybacks and a 5% annual inflation rate. Fees consist of standard Ethereum network gas fees for transactions.
S.6 Beginning of the period to which the disclosure relates	2024-11-13
S.7 End of the period to which the disclosure relates	2025-03-01
Mandatory key indicator on energy consumption
S.8 Energy consumption Total amount of energy used for the validation of transactions and the maintenance of the integrity of the distributed ledger of transactions, expressed per calendar year	SYRUP operates on Ethereum’s Proof-of-Stake, consuming approximately 0.05 kWh per validator annually (per Ethereum Foundation estimates). SYRUP’s proportional energy use is negligible, based on its transaction volume relative to Ethereum’s total (e.g., <0.01% of network activity).
Sources and methodologies
S.9 Energy consumption sources and Methodologies Sources and methodologies used in relation to the information reported in field S.8	The SYRUP token operates on the Ethereum network, which transitioned to Proof-of-Stake in September 2022. Energy consumption is calculated based on: 1. The average energy consumption of a validator node on the Ethereum network (approximately 14W) 2. The proportional usage of the Ethereum network attributed to SYRUP token transactions during the reporting period 3. The number of transactions related to SYRUP tokens during the reporting period This represents a minimal energy footprint as the Ethereum PoS mechanism is approximately 99.95% more energy-efficient than its previous Proof-of-Work implementation.

J.2 Supplementary information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism

Supplementary key indicators on energy and GHG emissions
S.10 Renewable energy consumption Share of energy used generated from renewable sources, expressed as a percentage of the total amount of energy used per calendar year, for the validation of transactions and the maintenance of the integrity of the distributed ledger of transactions.
S.11 Energy intensity Average amount of energy used per validated transaction
S.12 Scope 1 DLT GHG emissions – Controlled Scope 1 GHG emissions per calendar year for the validation of transactions and the maintenance of the integrity of the distributed ledger of transactions
S.13 Scope 2 DLT GHG emissions – Purchased Scope 2 GHG emissions, expressed in tCO2e per calendar year for the validation of transactions and the maintenance of the integrity of the distributed ledger of transactions
S.14 GHG intensity Average GHG emissions (scope 1 and scope 2) per validated transaction
Sources and methodologies
S.15 Key energy sources and methodologies Sources and methodologies used in relation to the information reported in fields S.10 and S.11
S.16 Key GHG sources and methodologies Sources and methodologies used in relation to the information reported in fields S.12, S.13 and S.14