You'll find the answers to most of your questions here! If something is not yet answered, reach out to us on our Discord.
What is Marinade?
Marinade.finance is a liquid staking protocol built on Solana. People stake their Solana tokens with Marinade using automated staking strategies and receive "staked SOL" tokens (mSOL) that they can use in DeFi or unstake at any time to swap back to SOL.
Is Marinade custodial?
No, Marinade is a non-custodial protocol. This means that your tokens are in your possession and always accessible.
Marinade is also permisionless, meaning that our bot or our smart contracts can be interacted with, even in the absence of the team.
What is liquid staking?
Liquid staking is an alternative to traditional staking: it allows users to stake any amount of SOL and to effectively unstake their SOL without the requirement of waiting 1~3 days before the stake is warmed up or cooled down. Warming up or cooling down stake normally takes around 3 days.
How long does it take to stake and unstake?
With Marinade, you can stake SOL and/or unstake SOL immediately. There is no waiting time with our liquid staking solution. However, immediate unstake will involve fees (0.3% to 3%).
You are also free to use the delayed unstake to get your SOL back without any fee. However, you will have to wait 1-2 epochs to get back your SOL and the accumulated rewards.
The time displayed on your claim ticket (when using the delayed unstake option) is displayed in your local timezone.
Are staking rewards staked automatically?
Staking rewards are compounded automatically into the staked SOL.
What fees does Marinade charge?
The fee structure of Marinade is as described below:
Delayed unstake (1-2 epochs wait time)
0.3% - 3%
2% on rewards (translates to ~0.14% on staked SOL)
Marinade does not charge any fee to deposit your SOL.
Marinade does not charge any fee for unstaking provided a user waits 1-2 epochs by using the delayed unstake feature.
On Marinade, your SOL is not locked and you are free to withdraw it instantly at any time by paying a small fee.
The immediate unstake fee varies between 0.3% and 3% and depends on the total liquidity available in the Marinade pool and the amount to unstake. Marinade’s liquidity target is set at 100,000 SOL. As long as this target is maintained after unstaking, the fee will be at 0.3%.
If the liquidity in the Marinade pool goes below the given threshold, the "Unstake now!" fee is calculated as:
amount_after = liquidity remaining after unstaking
target = 100,000
These parameters are used currently but could change. In the future, the Marinade DAO will be responsible for the fee structure and will vote on the parameters.
The unstake now fee can also be viewed in the Marinade dashboard when you enter the amount of mSOL you want to unstake.
Marinade has an ongoing management fee of (~0.14% p.a.) to support further product development. It is automatically taken from your staking rewards and represents 2% of your rewards.
Eg. If you have 100 SOL staked for 1 year with a staking return of 7%, you would have earned 7 SOL with your rewards. Marinade takes a 2% commission on those rewards each epoch, amounting to 0.14 SOL and you are keeping 98% of the reward (6.86 SOL).
Like the previous parameters, our management fee can be changed by the Marinade DAO. However, for the foreseeable future, our management fee will be 2%. This is the only mandatory fee when using Marinade.
Has Marinade been audited?
Back in July, while still on devnet, Marinade asked the Solana Foundation for recommendations of auditors who know the ins and outs of protocols running on Solana. They introduced us to the Neodyme team (previously called ALLES! One), who reviewed most of the major protocols and even came up with a summary article: Solana Smart Contracts: Common Pitfalls and How to Avoid Them. We passed their code review with no critical issues found, and after confirming this with another set of white-hat hackers we decided it was a green light for us to launch on mainnet.
When you deposit your tokens, Marinade automatically spread their delegation among the top-performing validators that actively participate to Solana decentralization (See Delegation strategy). You will receive 'marinated SOL' (mSOL) tokens back in your wallet. mSOL can be unstaked to receive your SOL tokens back, plus rewards. mSOL increases in value every epoch relative to SOL.
Where can I see the validators Marinade delegates to?
We're bootstrapped and self-funded with help from ecosystem grants provided by Solana and Serum. We're not taking in any private investors or VC funds and are not doing any private or public sale. We plan to build our DAO around Marinade users.
Is there any airdrop?
The last snapshot for the MNDE retroactive airdrop was taken on October 7th 2021. If you used the Marinade ecosystem before this date, you might be eligible for our upcoming MNDE airdrop.
Missed out? No worries! You can participate in MNDE liquidity mining or become active in the Marinade community.
Do you have a governance token?
The Marinade token (MNDE) was released on September 30th 2021 and is only accessible through liquidity mining or on secondary markets. Its max supply is 1 billion and you can find more information about it in our tokenomics.
How can I use my MNDE?
MNDE can be used to participate in Marinade governance by locking your MNDE into a Marinade NFT Chef.
Once your MNDE are locked, they can be withdrawn by commiting to a 30-day unlock period and burning your NFT at the end of this period to get back the underlying MNDE.
With a Marinade Chef NFT, you can create and vote on proposals on Tribeca. You can also use your voting power to control a part of the total Marinade stake via the Validators gauges.
Does Marinade vouch for the security of protocols using mSOL?
No. mSOL is a permissionless token that can be integrated anywhere and by anyone. If a project offers the possibility to use mSOL, this does not mean that the project is safe or audited by the Marinade team at all.
We encourage you to always do your due diligence on the projects you invest in. If you have any doubts or questions, we will gladly discuss them with you on our Discord.
Why is the Orca mSOL/SOL pool not balanced?
As mSOL and SOL prices are correlated, Orca created what they are calling a stable pool. This stable pool does not have the same balancing requirements as other pools, as the values of the assets are correlated.
Any hardware wallet supporting Solana and SPL tokens will also support mSOL. You can send your mSOL to the Solana address of your hardware wallet and manage your funds from it.
If you are using Ledger, you will need to connect your Ledger to a browser-extension wallet in order to see and manage all your SPL tokens and NFTs or use DeFi protocols, as Ledger Live doesn't currently permit this. You can follow the tutorials on the official Ledger website to connect your hardware wallet to a browser-extension wallet.
Trezor currently doesn't support Solana or SPL tokens.