# SYRUP Tokenomics

As part of the implementation of Maple's latest governance proposal, MIP-010, the Syrup protocol will mint approximately 1.15 billion SYRUP.

This new issuance does not represent an increase in the token supply but rather a conversion of 1 MPL to 100 SYRUP, with no dilution for MPL token holders.

Previously, the Maple DAO voted to recapitalize the Maple Treasury, introducing a one-time issuance of 1,000,000 MPL and a 3 year emission of 5% per annum. With the conversion of 1 MPL to 100 SYRUP, all issuance from the initial schedule will also be minted as SYRUP tokens, broken down as follows:

* 1,000,000,000 (new SYRUP supply)
* 100,000,000 (initial 10% from inflation schedule)
* 54,930,000 (from inflation schedule till 1st Oct 2024)

Following the approval of MIP-010, a migrator contract allows MPL users to convert to SYRUP, and all issuance and emissions will also be minted as SYRUP tokens.

In line with the agreed token inflation schedule and issuance, the expected supply of SYRUP tokens will be 1,228,740,800 by September 2026.

Details regarding the SYRUP token issuance can be found in our [governance proposal](https://community.maple.finance/t/mip-010-syrup-token-launch-and-mpl-syrup-conversion/334).


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