Maple: On-Chain Credit Powerhouse

James pitches Maple as an on-chain credit powerhouse scaling rapidly with $1B+ TVL across institutional lending, Syrup (permissionless protocol), and BTC Yield products. At <5% of CeFi lending and ~1% of total crypto lending, Maple targets $4B TVL by end-2025, implying $35M protocol revenue and a $500M-1B valuation versus current $150-200M, with Syrup's $550M TVL already surpassing the institutional arm and integrating with Pendle and Morpho.