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Maple Finance syrupUSDC Monitoring

What it monitors

  • PPS (Price Per Share): convertToAssets(1e6) on the syrupUSDC pool vs the value cached from the last run. Alerts on any decrease (HIGH); cache updates whenever PPS changes.
  • TVL (Total Value Locked): totalAssets() vs cached prior run. Alerts when absolute change is ≥15% (HIGH).
  • Unrealized Losses (on-chain): Batched unrealizedLosses() on FixedTermLoanManager and OpenTermLoanManager. Alerts on any non-zero total (HIGH).
  • Unrealized Losses vs Pool Size (subgraph): Maple GraphQL poolV2S per syrupUSDC and syrupUSDT. Alerts when unrealized losses are ≥0.5% of that pool's totalAssets (HIGH).
  • Strategy AUM: Logs assetsUnderManagement() on Aave and Sky strategies (visibility). Same figures define “liquid funds” for the withdrawal-queue ratio below.
  • Withdrawal Queue vs Liquid Funds: Pending withdrawal value (totalShares → convertToAssets) vs Aave + Sky AUM. Alerts when pending > 80% of that liquid total (MEDIUM).
  • Pool Liquidity: USDC balanceOf the pool, withdrawal manager lockedLiquidity, and queue request range. Alerts if lockedLiquidity > $1M (LOCKED_LIQUIDITY_THRESHOLD in main.py; message includes cash for context), or if pending request count > 20 (MEDIUM).
  • Loan Collateral Risk: GraphQL collateral merged across both pools; USD-weighted risk from ASSET_RISK_SCORES in maple/collateral.py. Alerts when weighted average is > 1.5 (MEDIUM), or when a collateral symbol is missing from the map (MEDIUM; unknowns use default score 5 for weighting).
  • Collateralization Ratio: syrupGlobals combined ratio (OC loans only; strategies excluded). Alerts when collateralRatio < 140% (MEDIUM).
  • Pool Delegate Cover: USDC balanceOf on PoolDelegateCover vs cached prior. Alerts if balance hits $0 after a non-zero cached value, or on any decrease vs that cached prior (MEDIUM).
  • Stablecoin Peg (DeFiLlama): syrupUSDC and syrupUSDT prices monitored via stables/main.py (runs every 10 min). Depeg alert below $0.97 (CRITICAL); fetch failure alerts LOW.

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

Severities match AlertSeverity in code (utils.alert): CRITICAL / HIGH (notifying morpho curation automation), MEDIUM / LOW (sending telegram messages).

Metric Threshold Severity
PPS decrease Any decrease vs cached prior (convertToAssets(1e6)) HIGH
TVL change ≥15% absolute change vs prior run (totalAssets) HIGH
Unrealized losses (on-chain) Any non-zero on FixedTerm + OpenTerm loan managers HIGH
Unrealized losses vs pool ≥0.5% of totalAssets per pool (subgraph; syrupUSDC + syrupUSDT) HIGH
Withdrawal queue vs liquid Pending withdrawal value > 80% of Aave + Sky AUM MEDIUM
Locked liquidity lockedLiquidity > $1M (LOCKED_LIQUIDITY_THRESHOLD) MEDIUM
Withdrawal queue depth > 20 pending requests (queue range) MEDIUM
Collateral risk score Weighted average > 1.5 (USD-weighted over collateral) MEDIUM
Unknown collateral asset Collateral asset not in ASSET_RISK_SCORES MEDIUM
Collateralization ratio syrupGlobals.collateralRatio < 140% (combined Syrup pools; OC loans only) MEDIUM
Delegate cover USDC balance → $0 from cached non-zero, or any decrease vs cached prior MEDIUM
Stablecoin peg (DeFiLlama) syrupUSDC / syrupUSDT price < $0.97 — see stables/main.py CRITICAL
DeFiLlama price fetch Request fails — see stables/main.py LOW
Monitoring run failure Uncaught exception in main() LOW

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