MPL Token

The MPL token is the native governance token of the Maple protocol. It is located in a separate repository from maple-core, located here. The MPL token is an FDT token following the ERC-2222 standard, a concept which is covered in further depth on this page.

The MPL token is used in the 50-50 MPL-USDC Balancer pool created during the protocol deployment, and will be used in all other Balancer pools which will have BPTs used in StakeLockers. MPL must be present in any BPT that is used in any StakeLocker in the Maple protocol, so it is necessary for users, who wish to stake a Liquidity Pool, to interact with it in order to stake.

The MPL token may receive fees periodically from the Treasury, at the discretion of the Governor. Funds are gathered in the MapleTreasury, converted to the fundsToken of the MPL token FDT, and sent to the MPL token contract. This is covered in more detail on this page.

When MPL tokens are added as liquidity to the Balancer pool, the Balancer pool is the owner of those tokens, which are accruing USDC interest. To account for this, an additional function was added to the FDT contract withdrawFundsOnBehalf. This function allows for the following:

1. Claims USDC interest from MPL contract, transferring it into the Balancer pool contract address
2. Now that the Balancer pool has an increased balance of USDC, gulp can be called, which updates the supply of USDC in the context of the MPL-USDC Balancer pool pair. More documentation is outlined in Balancer's documentation here
3. The USDC supply increases and the MPL supply stays constant, increasing the implied value of MPL.