About this explorer

The Rails Maple explorer shows every wallet that has lent into Maple's syrupUSDC and syrupUSDT pools on Ethereum, whether still lending or exited, and the full history of each one. It also shows the pools as a whole: how much cash each has available to pay exits and how much it has lent out.

How it works

• Maple lends depositors' money to institutions. A lender deposits USDC or USDT into a pool and receives shares, called syrupUSDC in the USDC pool and syrupUSDT in the USDT pool. One position on this page is one wallet (an account address) holding shares in one pool.
• The pool delegate lends the pool's money to approved firms, who back each loan with collateral (assets pledged as security). Custodians, firms that keep assets safe for others, hold that collateral off-chain. The borrowers' interest raises the value of a share.
• Most of a pool is out on loan, so exits are queued. A lender asks to exit, and the request joins the withdrawal queue. It is paid at the exit rate, the value of a share, once the pool has cash available.
• A loan is either fixed-term, which runs to a maturity date, or an open-term loan, which has none. When repayment looks doubtful, the pool delegate can record an impairment on the loan, and the exit rate falls.
• The page shows what Maple's contracts recorded: the amount lent, the interest rate and any impairment. It cannot confirm that the collateral behind the loans exists, because the custodians hold it off-chain.

Glossary

Pool

: A pool is the contract that holds lenders' deposits of one asset (USDC or USDT). One pool delegate runs it, and a lender receives shares for each deposit. A wallet needs the pool's permission before it can deposit. Docs: Pool, Glossary

Pool delegate

: The pool delegate is the approved entity that runs one pool. It sets the pool's limits, lends the pool's money to borrowers and records an impairment when repayment looks doubtful. Docs: Protocol actors

Share

: A share is the token a lender receives for a deposit. The USDC pool's share token is syrupUSDC and the USDT pool's is syrupUSDT. Each share is a claim on a part of the pool, and its value grows as borrowers pay interest. Docs: Pool

Exit rate

: The exit rate is what one share pays out on withdrawal today, so it is the value of a share. It rises as borrowers' interest accrues and falls when the pool records a loss. Docs: Exchange rates

Withdrawal queue

: The withdrawal queue is the line of exit requests for a pool. Requests are paid first in, first out, as the pool has cash available. The shares stay in the queue's custody (escrow) until the request is paid. Docs: Withdrawal queue

Open-term loan

: An open-term loan has no maturity date, the day a loan must be fully repaid. Instead the lender can call part or all of the principal, the amount lent, and the borrower must repay it once the notice period ends. Docs: Open Term Loan

Impairment

: An impairment is a write-down of a loan before a loss is final: its recorded value is lowered because repayment looks doubtful. The pool records an unrealized loss, which lowers the exit rate until the loan is repaid or defaults. A default is a borrower failing to repay. Docs: What is an impairment, Impairment in the glossary

You can search by wallet address. The listing filters by Status (Open or Closed), Queue (In withdrawal queue), Pool (syrupUSDC or syrupUSDT), Deposited (an amount in the pool's token) and Transactions (a count). It sorts by Recent activity or Deposited.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.