SYRUP model
Maple's revenue is the dollars it lends times the cut it keeps. This model grows the dollars with the stablecoin market and Robinhood Earn, applies Maple's measured take rates, and prices SYRUP at a revenue multiple. Starting values are measured by the pipeline and refresh daily (as of 2026-10-14). Move the sliders to test your own view.
| 2026 TTM | 2027E | 2028E | 2029E | 2030E | |
|---|---|---|---|---|---|
| Stablecoins | $308.85B | $785.94B | $2.00T | $2.45T | $3.00T |
| Maple deposits | $1.79B | $4.44B | $11.11B | $13.83B | $17.33B |
| syrupUSDG on Earn | $138.8M | $243.3M | $426.3M | $747.2M | $1.31B |
| Robinhood Earn TVL | $530.0M | $928.9M | $1.63B | $2.85B | $5.00B |
| Core credit revenue | $13.4M | $23.9M | $60.8M | $97.2M | $119.0M |
| Robinhood channel revenue | $1.0M | $1.4M | $2.5M | $4.4M | $7.7M |
| Offchain revenue | $7.8M | $2.7M | $2.7M | $2.7M | $2.7M |
| Total revenue | $22.3M | $28.1M | $66.1M | $104.3M | $129.4M |
| MIP-021 tier | 20% | 30% | 30% | 30% | 30% |
| Buybacks | $4.5M | $8.4M | $19.8M | $31.3M | $38.8M |
| Market cap | $265.5M | $334.7M | $787.7M | $1.24B | $1.54B |
| Circulating supply | 1167M | 1167M | 1167M | 1167M | 1167M |
| SYRUP price | $0.23 | $0.29 | $0.67 | $1.07 | $1.32 |
| 2030 stablecoins | 10.0x | 11.9x (set) | 27.5x (median) |
|---|---|---|---|
| $1.00T | $0.42 1.8x | $0.50 2.2x | $1.14 5.0x |
| $2.00T | $0.70 3.1x | $0.83 3.7x | $1.92 8.4x |
| $3.00T | $0.97 4.3x | $1.15 5.1x | $2.66 11.7x |
Core deposits = stablecoins × Maple's core share. syrupUSDG on Earn = Earn TVL × syrupUSDG's share of Earn. Revenue = average core deposits × core take rate + average syrupUSDG × Maple's fee (0.746%: lenders earn 4.95%, Maple keeps 13.1% of interest) + offchain revenue. Buybacks follow MIP-021 (10% of monthly revenue under $1.5M, 20% to $2M, 30% above). Market cap = revenue × P/S; price = market cap ÷ circulating supply.
Today's inputs: stablecoins $308.85B · Maple deposits $1.79B (onchain, latest month-end) · syrupUSDG on Robinhood Chain $138.8M · Earn TVL $530.0M · trailing-12m revenue $22.3M ($14.5M onchain + $7.8M offchain) · core take rate 0.8% (last 3 months) · market cap $265.5M · circulating supply 1167M.
2027 and 2029 stablecoins sit at the geometric midpoint of the years around them. Earn TVL grows at the constant rate that reaches the 2030 setting. Not investment advice.