On-chain asset manager Maple Finance is integrating its dollar yield product USDT with Ink, the Ethereum Layer 2 built by the team behind Kraken, according to a press release shared with The Defiant.
This move expands Maple’s distribution to Kraken’s more than 10 million users and positions SyrupUSDT as a core asset within the Ink ecosystem.
Maple, which manages $3.8 billion in assets on-chain, said users can earn direct returns on syrupUSDT within Ink-native applications, including the lending and borrowing protocol Tydro, TVL’s largest protocol on Ink.
According to the release, an incentive and rewards program related to the launch is expected in the coming weeks. The integration follows SyrupUSDC’s $1 billion supply breach last September, as Maple aggressively expanded across chains.
“By bringing syrupUSDT to Ink, we are ensuring that the next wave of users have access to the most transparent and scalable revenue sources available,” Maple CEO Sid Powell said in the release.
TVL drop of ink
The Defiant reported in January that L2 had surpassed $500 million in TVL, a level it broadly maintained until the April 18 Kelp exploit, in which attackers deposited unsecured assets on Aave to borrow real money.
Ink’s TVL fell from about $490 million to about $322 million as of today, Mary 5. The sharp decline was led by Tydro, a white-label implementation of Aave, while Aave’s own TVL plummeted by $10 billion as capital drained, as The Defiant reported.
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