Maple Institutional Secured Lending (Ethereum)
Takes as collateral: bitcoin
Events for this venue: dated moves past a published rule and levels crossed.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | bilateral_unpublishedsourcedocs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04: "This interest is determined by the loan terms set by Maple's in-house credit underwriting and risk management. the pool delegate and borrowers." Terms are negotiated per borrower and are not published as a rate card, which is `bilateral_unpublished` rather than `posted_card`. Operator decision 2026-09-04. |
|---|---|
| Term structure | open_endedsourceBoth contract families are deployed — FixedTermLoan and OpenTermLoan, each with its own factory, manager and refinancer (docs.maple.finance/technical-resources/loans/). ⚠ The live book is entirely OPEN TERM: measured on-chain 2026-09-04, assetsUnderManagement() and principalOut() on the FixedTermLoanManager read 0 for this pool and for all three syrup pools, while the OpenTermLoanManager holds $340,508,005 here. The value records what the book IS, not what the contracts allow. |
| Rate certainty | fixed_at_originationsourceFixed within a loan and alterable only by mutual agreement: the refinance path requires that "a Lender accepts new terms" (FixedTermLoanRefinancer / openTermRefinancer interfaces, docs.maple.finance/technical-resources/interfaces/). No unilateral repricing by the venue. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesource⚠ CORRECTED FROM THE FIRST READING, WHICH WAS `none`. docs.maple.finance/maple-institutional-for-lenders/defaults-and-impairments-1.md, retrieved 2026-09-04: "The Maple Operations team has a proprietary alert system in place with three separate sources for price feeds, and a 24/7/365 live monitoring process." The feeds are OFF-CHAIN and operator-run and the three sources are not named, so this is `multiple` in the sense of more than one price source in the liquidation path — not a set of named on-chain oracles. The `none` reading came from /technical-resources/loans/defaults.md, which describes the on-chain payment-default path and is silent on the margin-call path beside it. |
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| Default & liquidation | thresholdsourceTwo paths, and the price-triggered one binds. (a) PRICE: "If collateral value falls to the Margin Call Level, the borrower is automatically notified and has 24 hours to top up and restore collateralization to the Initial Collateral Level. If they fail to do so in time, Maple liquidates their collateral as part of the legal agreement with the borrower." And: "At any point, if collateralization reaches the Liquidation level, even if a margin call is in process, Maple has full rights to liquidate collateral to protect lender principal." (b) PAYMENT: a missed payment past the grace period lets Maple default the loan, repossess and liquidate collateral (defaults-and-impairments.md). Execution is off-chain, preferentially through partnered OTC desks, with CEX/DEX as the fallback. `threshold` records that a collateral price level ends the loan; the discretion and the 24-hour cure band are real and are recorded here rather than in the value, because the enum admits one. |
| Custody & backing | third_party_custodialsource"Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in qualified custody." ⚠ AND THE VALUE IS INCOMPLETE BY CONSTRUCTION, NOT BY OVERSIGHT: the same page states "Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets and reinvesting the collateral in staking and/or secured lending opportunities" — rehypothecation, stated by the venue. custody_model is a VENUE-level attribute and this venue's answer differs by pool on the single question that matters most to a lender. Either this venue splits into two rows or the attribute gains a scope; that is a spec-owner act and is not taken here. Source: docs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04. |
| Recourse | recoursesourceBorrowers complete KYC/KYB and entity documentation and sign a Master Lending Agreement; collateral liquidation on a failed margin call is executed "as part of the legal agreement with the borrower". So the claim runs against an identified legal entity under a signed contract, which is what separates this from the `non_recourse` on-chain venues around it. ⚠ WHAT IS NOT ESTABLISHED: whether the lender holds a DEFICIENCY claim beyond the collateral. The MLA is referenced at /legal/borrower-mla.md and its terms on that point have not been read, so `recourse` here records the existence and the counterparty of the obligation, not its full extent. ⚠ The first reading recorded this cell as "contractual", which is not a value this column admits — the live CHECK is non_recourse/recourse/partial/not_applicable/undisclosed. Sources: docs.maple.finance/maple-for-borrowers/introduction.md, /maple-institutional-for-lenders/defaults-and-impairments-1.md, retrieved 2026-09-04. |
| Track record | unknown (⚠ MONTHS ARE ESTABLISHED; INCIDENTS ARE NOT, AND THE TWO ARE SEPARATED DELIBERATELY. MONTHS (recorded here because the column cannot hold them — see the note above): chain-verified 2026-09-04 by binary search on eth_getCode — this pool, its PoolManager and both loan managers first carry code at block 19,363,393, 2024-03-04, giving 30 months for THIS venue. (Maple's 2.0 core — globals and poolManagerFactory — dates to block 16,126,986 / 2022-12-06, five days before the docs' stated "migration to Maple 2.0... December 11, 2022"; the 1.0-era fixedTermLoanFactory to 2022-01-13. Those are the protocol's ages, not this venue's.) INCIDENTS: `unknown`, not `observed`. Maple's documentation defines how defaults and impairments work and compiles no history of them; queried directly, the venue's own documentation endpoint answers "I cannot find information in the docs that lists Maple's historical loan defaults". The widely-reported 2022 borrower defaults occurred on Maple 1.0 pools under third-party pool delegates making largely UNSECURED loans — a different instrument from this overcollateralised secured book, and attaching them to this row would repeat an earlier error made with Genesis (an unsecured coin-borrow series read as bitcoin-collateralised credit). Establishing them from primary records means reading Impaired / Repossessed events off the 1.0 loan contracts, which is a chain read this runbook has not done. `none observed` is NOT claimed: nothing has been observed because nothing has been looked at.) |
Composition
Who and what makes up this market?
| Collateral accepted | BTC and ETH (Blue Chip Secured); select digital assets, not enumerated (High Yield Secured)sourcedocs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04, verbatim: "Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in qualified custody" and "Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets". ⚠ THE SECOND HALF IS NOT AN ENUMERATION AND IS NOT TREATED AS ONE — "select digital assets" names no asset, so the High Yield share of this book is uncharacterised collateral until the per-loan chain read runs. ⚠ AND THE TRAP THAT WOULD MAKE A CHAIN READ WRONG, from Maple's own integration docs: fundsAsset and collateralAsset can be the SAME ERC-20 — "a $10m USDC loan can be collateralized with $1m of USDC" — so BTC attribution must filter collateralAsset against the wrapper registry and never infer bitcoin from the mere presence of collateral. ⚠ 2026-09-04: this cell is the VENUE'S STATEMENT and is not verifiable by us. The collateral is off-chain (qualified custody) and the loan contracts expose no collateral accessors, so there is no independent read against which to check the asset list. Recorded as venue-published, never as chain-verified. |
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| Book depth & concentration | disclosedsourceOutstanding is chain-readable and was read: principalOut() on the OpenTermLoanManager = $340,508,005, assetsUnderManagement() = $341,318,346, pool totalAssets() = $341,320,282, all at 2026-09-04 (USDC, 6dp). ⚠ Distinct counterparties and largest-borrower share are NOT published and are not derivable from these aggregates; per-borrower attribution needs a per-loan enumeration. ⚠ And note what this figure is NOT: api.maple.finance/v2/graphql `syrupGlobals` reports loansValue $1,406,341,360 / collateralValue $2,538,652,507 for the SYRUP pools, which the docs state are segmented from the institutional pools and which the chain confirms are separate contracts. Quoting syrupGlobals for this venue would overstate its book fourfold. |
| Observability | price: partial — Per-loan interest rate is readable from the loan contracts (OpenTermLoan / FixedTermLoan) and the lender-side rate from the pool. NOT YET INGESTED: the per-loan reader is written and not yet gated. quantity: partial — Outstanding principal is readable on-chain (principalOut on each loan manager) and was measured at $340,508,005 on 2026-09-04. Distinct counterparties and largest-borrower share are not published by the venue and are not derivable from the pool aggregate. NOT YET INGESTED. composition: none — Collateral is held OFF-CHAIN in qualified custody and is not observable on-chain in any form. Measured 2026-09-04: collateralAsset() and collateral() are absent from OpenTermLoan (raw eth_call reverts with missing revert data) and the venue's entire live book is open-term — the FixedTermLoanManager, whose contract family does expose those accessors, holds principalOut() = 0. ⚠ CORRECTS the first reading, which read the FixedTermLoan interface and concluded the venue lands in bcd.usd_exact; an interface that exists is not an interface that is used. There is also no published aggregate to bound it with: the only collateral figure Maple publishes is syrupGlobals.collateralValue, which covers the syrup pools and not this venue (see 081). Establishing this venue's bitcoin share therefore requires a disclosure the venue does not currently make, and `none` records that rather than implying a pull that could be built. |
What the loans are denominated in
Not yet established for this venue — which is not the same as dollars.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- custodian established — a third party holds the collateral
source
attribute · custody_model = third_party_custodial"Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in qualified custody." ⚠ AND THE VALUE IS INCOMPLETE BY CONSTRUCTION, NOT BY OVERSIGHT: the same page states "Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets and reinvesting the collateral in staking and/or secured lending opportunities" — rehypothecation, stated by the venue. custody_model is a VENUE-level attribute and this venue's answer differs by pool on the single question that matters most to a lender. Either this venue splits into two rows or the attribute gains a scope; that is a spec-owner act and is not taken here. Source: docs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04. - representation incompleteno curated BTC representation is held for this venue (markets / metadata / collateral_asset)
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Rate volatility (30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Spread to the pair aggregate | collecting (not read yet) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | collecting (not read yet) — this venue has no borrow rate to compare |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | collecting (not read yet) — a pool's debt has no collateral of its own; the LTV of its bitcoin-only borrowers needs an account-level read, which this venue does not have yet |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Listed under the published criteria. Listing is not endorsement, the order is not a ranking, and this dataset integrates with none of them.
| Transport | streamable-http |
|---|---|
| Authentication | none |
| Tools observed | total · 0 prepare · 0 submit |
| Documentation | https://docs.maple.finance/integrate/technical-resources/configure-mcp-server.md |
| Last checked | 2026-10-16 |
GitBook-hosted documentation MCP, not a protocol data server. Serves the docs corpus; exposes no book, rate or loan data and prepares no transactions. The venue's data surface is the separate open GraphQL endpoint api.maple.finance/v2/graphql (POST only; a GET returns 404), whose syrupGlobals aggregate covers the syrup pools and NOT this venue.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/maple_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "maple_ethereum" }) get_venue({ venue_id: "maple_ethereum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp