I cannot wrap my head around how undervalued $SYRUP still is.

@maplefinance just printed a new all-time high in active loans. The token ripped 25% on it - then gave back 15%. The market saw a record and sold it. What is it going to take?
> Active loans climbed to $1.725B, a fresh ATH, up 6.2% over the prior peak of $1.623B from December.
> Since bottoming at $772.9M in April, the loan book has rebounded 123.2%.
In a single day, they added more than $200M in new loans.
✦ Now sit with the next part, because this is what should stop you.
They set this record while $BTC price action was horrific.
Their addressable market effectively got cut in half, and they still posted an ATH.
This is the opposite of a protocol that needs a bull market to breathe.
Utilization sits at 81.4%. Nearly every dollar deposited is out working as an overcollateralized loan. That is brutal capital efficiency for institutional lending.
> Trailing 365d fees are $103.6M. The entire market cap is $159M.
> That is a protocol generating fees worth ~63% of its whole market cap every year, changing hands at a 1.67x price-to-fees.
Loans are Maple's primary revenue engine. Loans just hit an ATH. Revenue follows loans. You can do the math on the next few months yourself.
And it is not only the numbers.
What's also worth noting is the fact that the potential is huge - leaders like $AAVE, $MORPHO etc have huge market caps compared to SYRUP and I think the performance backs it to be something similar in the future.
June 25 : Maple closed what may be the first fully onchain warehouse facility for digital asset-backed loans, with Kraken. SYRUP popped ~20% on it.
May 7 : third-party Proof of Reserves went live for syrupUSDC and syrupUSDT.
April 30 : SYRUP listed on Revolut, opening it to 70M+ users across 39 countries.
Strongest fundamentals in the protocol's life, and the token is parked at its annual low.
I know the bear case. Let me put it on the table myself.
SYRUP is still down 57% YTD, and today tells the story - a 25% spike faded back to +10%. That is a market that does not trust the move yet, bouncing off a still-falling 50-day.
Fees cooled in May and June, and most gross fees pass through to lenders, not the treasury.
Both of those are fair.
But here is the split. The bear case is an argument about the chart. The bull case is an argument about the business and the business just set a record with its back against the wall.
A protocol does not usually print its best year and its cheapest token at the same time. When it does, that gap is the entire trade.
NFA.