How does a DeFi protocol actually turn profit without token subsidies? Maple Finance just showed the blueprint—generating $25M in annual revenue off a $1.7B loan book while maintaining a flawless zero-default track record. No token emissions. No liquidity mining gimmicks.

The mechanics are straightforward: 1.5% origination fees plus 3-5% management fees. That's it. And the major players are paying real interest rates to get real capital—Wintermute, GSR, Auros all tapping into the pool for working capital needs.

This isn't theoretical finance. It's the first DeFi protocol actually operating like a traditional credit institution: transparent fee structure, institutional-grade risk management, sustainable revenue model. No yield farming theater. Just honest economics.