Most Tokens Will Die Without Revenue

In this episode, we sit down with Sid Powell, Co-Founder & CEO of Maple Finance, to break down how institutional crypto lending is evolving—and why the next wave of DeFi value may come from real revenues, cash flow, and “earnings per token.”

Sid shares how Maple underwrites Bitcoin-backed loans for institutions, why they focus on deep-liquidity collateral (BTC, ETH, SOL, XRP), what really happens during sharp drawdowns (margin calls, liquidations), and why he believes blockchains will eat finance over the next decade.

We also dive into Syrup, Maple’s governance token, how Maple thinks about buybacks vs reinvesting, and why applications may capture more value than infrastructure over time.