Credit · SYRUP · $2.3B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy A, Growth BB. Institutional credit rebuilt post-2022 defaults; syrupUSD growth; underwriting risk is the watch item.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $2.3B | $2.3B |
| 12-month TVL change | +10% | -24% |
| Worst 90-day drawdown | 25% | 29% |
| Drawdown scored | 25% (90-day only, v1.0) | 29% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 71 | A · 71 |
| Growth | BB · 57.5 | BB · 45.3 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at A (71 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 29% and 12-month TVL change is -24%. TVL stability is scored on the 90-day drawdown, which is the worse of the two. Sustainability ratio (3x), unlock pressure (5%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (73.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (45.3 / 100), unchanged from the July 27, 2026 screen. TVL is $2.3B, -24% over twelve months (it was +10% at the previous screen). Category share (9%) and momentum (7 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is A and the Growth outlook is BB; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Maple survive stress and pay its users back. Legitimacy (A) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
Maple is the institutional credit story of the screen: an on-chain lender that took real defaults in the 2022 credit unwind, restructured, and rebuilt around overcollateralized institutional lending and its syrupUSD yield product. It is one of only two protocols in the universe with positive twelve-month TVL growth.
Solvency screens at A. Revenue covers emissions ~3x on genuine lending spread, drawdown has been shallow (~25%) through the rebuild, and unlock pressure is moderate. The risk score (7/10) carries the category's essential caveat: credit underwriting risk does not show up in on-chain collateral ratios until it does — 2022 proved exactly that.
Legitimacy screens at A, and the score is earned the hard way: the team handled defaults, restitution, and restructuring in public, which the framework treats as demonstrated exploit-response quality applied to credit. Audits are solid; governance is foundation-weighted (5/10).
Growth screens at BB with the best momentum profile of any credit protocol: +10% TVL over twelve months, syrupUSD compounding, institutional pipeline visible. Category share (9%) is the limiting input — private credit on-chain is still small.
Composite BB, trajectory positive. The screen's read: a management team that has already been through its crisis. A full rating would center on loan-book composition and counterparty concentration.
