$MPL - Undervalued Onchain RWA
The growth of DeFi projects is closely tied to their product offerings.
A recent example is Pendle's PT/YT, which boosted price/TVL through its connection with the Restaking narrative.
This growth has been driven by the team's ongoing execution of the strategy, "Find product-market fit during the bear, and scale during the bull."
I anticipate Maple will follow a similar playbook.
Recently, Maple has been making significant progress with real revenues and product-market fit. Revenue/TVL across the platform has been roaring back to multi-year highs, reaching $300M, driven by the launch of @syrupfi.
**Sryup, a permissionless fixed yield protocol powered by Maple, offers high-quality collateralized lending instruments to institutions and has been a major catalyst for this growth, achieving ~$42M in TVL with an 18% APY.
This on-chain lending protocol has doubled its active loans over the past six months while maintaining a record of zero exploits.
Also, a strategic partnership with @ZodiaCustody is expected to lead to further growth and play a leading role in institutional lending.
After the launch of Ethereum ETFs and the resolution of the $ETHE overhang, tokenization (RWA) led by BlackRock and Goldman Sachs is likely to re-emerge as a major narrative.
With a market cap of just $85M, I expect Maple to become a dark horse in the near future.