DeFi lending TVL fell 25.2% last quarter. Maple's AUM fell 0.94%. Active loans hit an all-time high of $1.84B, up 55.6%, with zero forced liquidations through the worst quarter on record for crypto security. Revenue is up 47% year over year. H1 alone is already ~70% of all of 2025. syrupUSDG launched and crossed $135M in days. It sits above $225M in mid-August. For comparison, syrupUSDT needed roughly a year to reach $100M. Maple Institutional grew 767% to $753.1M, with the Kraken deal driving the acceleration. And from August, monthly $SYRUP buybacks scale up to 30% of net revenue. h/t GLC Research for the best reports in the space.