title: [Direct-to-AIP] Asset Listing - syrupUSDG X Layer
author: @TokenLogic
created: 2026-10-15
Summary
This publication proposes onboarding syrupUSDG to Aave V3 X Layer. It would be collateral only within a new E-Mode for borrowing stablecoins, and not collateral outside that E-Mode. Input from the Risk and Technical Service Providers is requested.
Motivation
syrupUSDG
syrupUSDG is Maple Finance’s yield-bearing USDG token. Users deposit USDG into Maple’s Syrup pool on Ethereum and receive syrupUSDG. Maple lends the pooled USDG to institutional borrowers against overcollateralized loans. Interest accrues to the token’s exchange rate against USDG, so the token is non-rebasing.
The token is an ERC-4626 vault on Ethereum. Chainlink CCIP bridges it to Robinhood Chain and Arbitrum: syrupUSDG is locked on Ethereum and minted on the destination chain.
syrupUSDG is already listed as collateral on Aave V4 Ethereum, on the Maple SyrupUSDG spoke of the Global Dollar Hub.
Supply and Adoption
Since supply started growing in late June 2026, syrupUSDG has reached 213.3M tokens across three chains:
- Robinhood Chain: 137.9M (65%)
- Ethereum: 51.5M (24%)
- Arbitrum: 24.0M (11%)
Supply grew steadily from about 90M in early July to over 200M by October.
Yield Profile
syrupUSDG’s yield has been stable since it began accruing on 26 Jun 2026. The trailing 30-day APY has stayed in a narrow ~4.7%–5.4% range.
Daily APY has a mean of 5.00%, a median of 5.01% and a standard deviation of 0.39pp over 97 days.
The yield is predictable and stable, which makes syrupUSDG a good fit for a stablecoin carry trade on Aave. Users can post syrupUSDG in the E-Mode and borrow stablecoins while the borrow rate stays below syrupUSDG’s yield. That creates sustained borrowing demand for X Layer’s stablecoin reserves.
Loan Book and Collateral
The USDG Maple loans from the syrupUSDG pool mainly go to institutional borrowers and are overcollateralized. Historically, most of the book has been BTC-backed, now $164.4M in BTC collateral. Since mid-September, Maple has also issued ETH-backed loans, now with $30.6M of ETH collateral.
syrupUSDG Collateral Value
As of 13 Oct 2026, the BTC- and ETH-backed loans total $105.2M of principal, secured by $195.6M of collateral. That is an average collateralization level of about 186%.
The pool also holds about $40M of intercompany loans. About $35M funds minting syrupUSDC and $5M funds syrupUSDT. Maple puts syrupUSDG’s excess liquidity to work in its other Syrup products, so syrupUSDG holders are also indirectly exposed to syrupUSDC and syrupUSDT.
Value Proposition
syrupUSDG’s 30-day APY is ~4.9%, so it earns more than every stablecoin borrow rate above on X Layer. Users can loop that spread into a leveraged carry position.
This listing benefits by creating stable borrowing demand that increases utilization, attracting additional stablecoin deposits through higher supply rates, and strengthening X Layer’s USDG ecosystem by complementing the existing USDG and PT-USDG markets with a non-expiring yield source that enables users to maintain a USDG carry trade without rolling over positions at maturity.
Maple has also committed to seeding $2M in syrupUSDG liquidity on X Layer. Local liquidity makes it easier for borrowers to enter and exit positions and enables liquidators to close positions without bridge delays, supporting the market from launch.
Specification
Asset Details
Proposed Market Configuration
We propose the following initial configuration for syrupUSDG, subject to final recommendations from Aave’s Risk Service Providers.
E-Mode Configuration
E-Mode: syrupUSDG / Stablecoins
Oracle
syrupUSDG would be priced through a Dynamic CAPO adapter. The adapter takes the syrupUSDG/USDG exchange rate and multiplies it by a capped USDG/USD price.
The adapter has two components:
USDG/USD price
A Chainlink USDG/USD feed is live on X Layer at 0x385C6bDDE06b0E438319bF4ddBfFe51C521ABf3D. Aave V3 X Layer already uses it for the USDG reserve, through the Capped USDG/USD adapter 0xe00b2732396a1f047d4a00e0165025a9cf400245 with a 1.04 price cap. We propose reusing that adapter as the base price feed.
syrupUSDG/USDG exchange rate (prerequisite)
syrupUSDG’s exchange rate lives in the ERC-4626 vault on Ethereum, so X Layer has no on-chain source for it. Before listing, Chainlink needs to provide a syrupUSDG/USDG exchange-rate feed on X Layer that reads the rate from the Ethereum vault and relays it to X Layer.
The CAPO parameters will be set by the Risk Service Providers. The final oracle contracts and configuration remain subject to confirmation by Aave’s Risk and Technical Service Providers.
Disclaimer
TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 and the KPI as outlined in this publication. The scope of this engagement is available via this forum proposal.
TokenLogic supports and maintains an independent delegate voting platform within the Aave community.
TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission.
Next Steps
- Gather feedback from the community.
- Using the Direct-to-AIP process, incorporate feedback from the Risk Service Provider and the Technical Service Provider.
- Confirm the following are deployed on X Layer:
- the Chainlink syrupUSDG/USDG exchange-rate feed
- syrupUSDG liquidity seeded on a DEX
- Deposit at least $150 worth of syrupUSDG into the Aave Short Executor on X Layer before the market goes live, as required by Aave Governance Framework v2.
- Escalate to the AIP Voting stage.
Copyright
Copyright and related rights waived via CC0.