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Maple Finance syrupUSDC Monitoring

What it monitors

  • PPS (Price Per Share): Tracks convertToAssets(1e6) on the syrupUSDC pool. Should be monotonically increasing. Alerts on any decrease, which would indicate loan impairment or loss.
  • TVL (Total Value Locked): Monitors totalAssets(). Alerts on changes exceeding 15% between runs.
  • Unrealized Losses: Checks both FixedTermLoanManager and OpenTermLoanManager for non-zero unrealizedLosses(). Any non-zero value indicates an active loan impairment.
  • Unrealized Losses vs Pool Size: (via subgraph) Per-pool check across syrupUSDC and syrupUSDT. Alerts when unrealized losses reach >=0.5% of pool total assets.
  • Strategy Allocations: Tracks assetsUnderManagement() on Aave and Sky strategy contracts for DeFi allocation visibility.
  • Withdrawal Queue vs Liquid Funds: Alerts when pending withdrawal shares reach 20% of liquid funds (Aave + Sky strategy AUM).
  • Loan Collateral Risk: Fetches combined collateral breakdown across both syrupUSDC and syrupUSDT pools from the Maple GraphQL API and calculates a USD-weighted risk score. Each collateral asset has a risk rating (1=low, 2=medium, 3=high). Alerts when the weighted score exceeds 1.5, or when unknown collateral assets appear.
  • Collateralization Ratio: Uses Maple's syrupGlobals endpoint for the official combined collateralization ratio across all Syrup pools (syrupUSDC + syrupUSDT). The ratio only counts overcollateralized borrower loans as the denominator — DeFi strategy deployments (Sky, Aave, PYUSD, aUSDT, etc.) are excluded. Alerts when ratio drops below 150%.
  • Pool Delegate Cover: Monitors USDC balance of the PoolDelegateCover contract — the delegate's "skin in the game" that gets slashed first on defaults. Alerts on any decrease or zero balance.

Key Contracts

Contract Address Purpose
syrupUSDC Pool 0x80ac24aA929eaF5013f6436cdA2a7ba190f5Cc0b ERC-4626 vault
FixedTermLoanManager 0x4A1c3F0D9aD0b3f9dA085bEBfc22dEA54263371b Loan health
OpenTermLoanManager 0x6ACEb4cAbA81Fa6a8065059f3A944fb066A10fAc Loan health
AaveStrategy 0x560B3A85Af1cEF113BB60105d0Cf21e1d05F91d4 DeFi allocation
SkyStrategy 0x859C9980931fa0A63765fD8EF2e29918Af5b038C DeFi allocation
WithdrawalManagerQueue 0x1bc47a0Dd0FdaB96E9eF982fdf1F34DC6207cfE3 Withdrawal processing
PoolDelegateCover 0x9e62FE15d0E99cE2b30CE0D256e9Ab7b6893AfF5 Delegate skin-in-the-game

Alert Thresholds

Metric Threshold Severity
PPS decrease Any decrease Critical
TVL change >15% between runs Warning
Unrealized losses Any non-zero (chain) Critical
Unrealized losses vs pool >=0.5% of pool assets (subgraph) Warning
Withdrawal queue >=20% of liquid funds Warning
Collateral risk score >1.5 weighted average Warning
Unknown collateral asset Any new asset not in risk map Warning
Collateralization ratio <150% collateral/loans (via syrupGlobals, combined across pools) Warning
Delegate cover decrease Any decrease or zero balance Warning

Collateral Risk Scores

Scores are defined in maple/collateral.py. Unknown assets default to risk score 5 (Unknown) and trigger an alert for review.

Governance Monitoring

Running

uv run maple/main.py

Frequency

Runs hourly via GitHub Actions.

Risk Report

Full risk assessment: maple-syrupusdc report