B4Bit

06/16 15:52

The price of Maple Finance’s token continued its s

The price of Maple Finance’s token continued its strong rally on Monday, hitting its highest since November.

The price of Maple Finance (SYRUP) jumped more than 8% on June 16, up 512% from its lowest point this year. The jump pushed its market cap to over $600 million, while its 24-hour volume rose 74% to $90 million.

The price of SYRUP jumped as the total assets under management in the ecosystem skyrocketed. Data on its website shows that its assets under management have grown to $2.23 billion in just a few weeks after breaking the $2 billion mark.

Separate data compiled by DeFi Llama shows that the total value locked on its platform has grown to $1.6 billion from $298 million in January, an increase of 433%.

 The surge was driven by the High Yield Secured Lending product, which has amassed more than $424 million in assets. This fund allows users to invest in a product backed by liquid tokens such as Bitcoin btc1.85%Bitcoin and Ethereum eth3.77%Ethereum.

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