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Marinade Finance: the latest liquid staking protocol on the Solana blockchain

Marinade (MNDE) has emerged as a new addition to the decentralized finance (DeFi) space, functioning as a robust liquid staking protocol on the Solana blockchain. Recognized for its innovative methodology, Marinade allows users to stake SOL tokens, earning compounding rewards while actively contributing to the decentralization of the Solana ecosystem.

In this guide, we’ll take a close look at the intricacies of Marinade, its distinctive features as a cryptocurrency, and its role within the broader DeFi ecosystem.

What is Marinade (MNDE)?

Marinade Finance is a liquid staking protocol operating on the Solana blockchain. It empowers users to stake their Solana tokens using automated strategies. This results in the acquisition of “staked SOL” crypto tokens, which can be seamlessly used within DeFi or easily swapped back to the original SOL tokens by unstaking.

MNDE represents the native governance token of the Marinade Finance ecosystem, serving as a fundamental element in shaping the protocol’s trajectory. MNDE tokens allow holders to participate in the decentralized decision-making processes governing the Marinade protocol and its treasury.

Holders of MNDE tokens have voting power, enabling them to influence key aspects such as platform upgrades, parameter changes, and strategic directions. This democratic governance structure aligns with Marinade’s commitment to community involvement, fostering a decentralized ecosystem where users have a direct say in the platform’s growth. The protocol also implements a non-custodial approach, making sure users maintain control and ownership of their assets throughout the staking process.

How does Marinade work?

Marinade allows users to tailor their staking experience by providing two options: native staking and liquid staking for mSOL, a liquid staking token. Both alternatives involve staking SOL tokens with a shared set of high-performance validators.

Liquid staking, enabled by a smart contract, grants stakers “marinated SOL” or mSOL tokens. These tokens unlock multiple possibilities as they can be used as collateral within the Solana DeFi ecosystem.

In the context of liquid staking SOL for mSOL, the value of mSOL increases incrementally relative to SOL each epoch. This growth is fueled by Solana’s inflation rewards, which are systematically added to the underlying staked SOL within Marinade’s stake pool.

Conversely, opting for Marinade native staking eliminates interaction with the liquid staking smart contract, bypassing the acquisition of mSOL. Instead, SOL staking rewards are compounded into the stake account at the end of each epoch.

Withdrawal of staked SOL is a straightforward process, achievable by unstaking and meeting the unlock period, which typically spans 1-2 epochs. Alternatively, in the case of liquid staking, users can accelerate the withdrawal process immediately for a nominal fee.

Notably, users don't have to unstake their SOL to transition into Marinade. The Marinade decentralized application (DApp) empowers users to quickly redelegate their SOL stakes to the validator pool. This allows for instant participation in Marinade’s native or liquid stake and the subsequent accrual of rewards.

Meanwhile, the platform acknowledges the importance of liquidity, enabling direct exchanges between mSOL and SOL on secondary markets at prevailing market rates. This feature enhances users’ flexibility, allowing them to seamlessly navigate between assets based on their preferences and market conditions.

According to Marinade’s white paper, Marinade extends its capabilities by allowing users to tokenize their existing stake. If users are currently delegating to a single validator and possess one or multiple stake accounts, Marinade allows these accounts to be converted into mSOL. This transformation supports liquidity, as it allows users to liquidate their staked assets and further engage with the broader DeFi ecosystem on Solana.

Native token: MNDE

Marinade’s MNDE token stands as a key enabler of governance within the protocol. It allows holders to actively shape the direction of the Marinade DAO (mDAO). This influence extends to crucial aspects such as managing fees, overseeing the treasury, and determining the allocation of the pool’s SOL stake among validators. The MNDE governance token, with a total supply of 1,000,000,000 MNDE, plays a central role in Marinade Finance’s decentralized decision-making processes.

Minted on November 7, 2021, MNDE was launched as a fair-launch token without an initial coin offering (ICO). Marinade introduced on-chain DAO governance in April 2022, marking a significant step toward empowering MNDE holders to participate in critical decisions related to the protocol’s treasury.

Participation in DAO governance with MNDE involves locking the tokens on Marinade’s Realms governance platform. Locked MNDE undergoes a 30-day unlocking period upon initiation, during which holders can't cast votes. However, those with locked MNDE can submit proposals on-chain and execute them when passed. Alongside its governance utility, MNDE may also play a role in incentivizing and rewarding active community participants.

At the time of writing, the current real-time MNDE price is $0.30, with a market cap of $75.30 million, according to OKX. The circulating supply is currently recorded at 255.38 million MNDE tokens.

MNDE’s token supply and distribution

Marinade’s MNDE token allocation is strategically divided for a dynamic ecosystem. 7.5%, or 75 million MNDE, is dedicated to initial contributors, a distribution set to conclude by January 2024. This group played a pivotal role in the project’s early growth.

The remainder of MNDE stays in the DAO-controlled treasury, empowering the DAO to propose and vote on token distribution. This flexibility allows the community to shape the timing and manner of MNDE token releases actively.

Additionally, 130 million MNDEs are currently locked within the DAO’s governance structure, employing a TVL-based unlocking mechanism. This approach makes sure that token releases align with the protocol’s growth, emphasizing decentralized decision-making and the value locked within the Marinade ecosystem.

Who created MNDE?

Lucio Tato co-founded Marinade Finance in 2021 after the project was awarded an $80,000 grant from a Solana hackathon. Tato is an accomplished Argentinian programmer specializing in proof-of-stake chains like Solana and NEAR. Tato is also the co-founder of Meta Pool, a multichain liquid staking solution.

The final word

Marinade represents an inventive platform that brings a fresh perspective to the DeFi landscape. With its user-centric approach, transparent governance, and robust functionality, Marinade offers a compelling solution for those seeking to participate in the Solana ecosystem. As users navigate the complexities of DeFi on Solana, Marinade Finance stands as a compelling choice to many, offering both innovation and accessibility within its ecosystem.

Visit the Marinade website or join the Marinade community for more information on the Marinade stake pool, faqs, and more.

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本文章可能包含不适用于您所在地区的产品相关内容。本文仅致力于提供一般性信息,不对其中的任何事实错误或遗漏负责任。本文仅代表作者个人观点,不代表欧易的观点。 本文无意提供以下任何建议,包括但不限于:(i) 投资建议或投资推荐;(ii) 购买、出售或持有数字资产的要约或招揽;或 (iii) 财务、会计、法律或税务建议。 持有的数字资产 (包括稳定币) 涉及高风险,可能会大幅波动,甚至变得毫无价值。您应根据自己的财务状况仔细考虑交易或持有数字资产是否适合您。有关您具体情况的问题,请咨询您的法律/税务/投资专业人士。本文中出现的信息 (包括市场数据和统计信息,如果有) 仅供一般参考之用。尽管我们在准备这些数据和图表时已采取了所有合理的谨慎措施,但对于此处表达的任何事实错误或遗漏,我们不承担任何责任。 © 2025 OKX。本文可以全文复制或分发,也可以使用本文 100 字或更少的摘录,前提是此类使用是非商业性的。整篇文章的任何复制或分发亦必须突出说明:“本文版权所有 © 2025 OKX,经许可使用。”允许的摘录必须引用文章名称并包含出处,例如“文章名称,[作者姓名 (如适用)],© 2025 OKX”。部分内容可能由人工智能(AI)工具生成或辅助生成。不允许对本文进行衍生作品或其他用途。

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