MNDE Governance
Marinade is governed by people that lock MNDE and obtain veMNDE.
Last updated
Marinade is governed by people that lock MNDE and obtain veMNDE.
Last updated
Marinade is owned by MNDE holders that lock their tokens in to obtain veMNDE. In a previous vote, MNDE holders ratified this that highlights the goals of Marinade as a DAO.
The DAO builds the risk-management infrastructure to provide improved security and capital efficiency for the Solana network and the users through SOL liquid staking. Marinade governance will support development connected to the censorship resistance and liveness topic. It will support the ecosystem to build on top of Marinade but will not pursue building its second-layer DeFi primitives such as lending protocols, stablecoin, DEX, options, etc.
To allow flexibility and predictability, the critical system parts are owned by the Marinade governance, and the operational control and funding are granted to the core team.
Marinade Governance (MNDE token holders + ecosystem council): main program upgrade, MNDE treasury
Marinade Core Team (team council): main program params, DAO program, fees
The primary usage of fees is to fund the team operations and further protocol development. The excess of fees accumulated is governed and decided by the DAO.
The incentives should be aligned with the objectives of the DAO. Starting with the fair launch, the Marinade governance plans to keep continuity in its objective for the DAO ownership to be well-spread in the ecosystem to benefit all the actors powered by secure Solana.
Any change may be made to this constitution only by a two-thirds majority and at least 1% of all tokens participating.
As planned by the constitution above, Marinade has split the powers and responsibilities in the following way:
MNDE holders - All MNDE holders that locked their MNDE to obtain governance power
Ownership of Marinade's treasury
Ownership of Marinade's program (still on the ecosystem multisig for now)
Marinade Council - A set of 7 contributors elected internally to drive operations, with a 4/7 multisig on Realms.
Use the protocol fees to conduct operations
Access to Marinade's operational wallet (containing earmarked budgets voted on by the DAO)
When locking your MNDE, make sure to choose the following settings:
Realms offer two options, "Deposit" and "Lock tokens". Make sure to only use "Lock tokens" as depositing tokens will not give you any voting power in Marinade governance.
Marinade's Realms is configured with the following parameters:
Pubkey: 899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo Authority: FsrqQfLGdFVtySSSsyZJUzVBA9bvGZSKyhp7nsJCqgJe Owner: GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs Community Mint: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey Council Mint: 6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs
veMNDE is the representation of your governance power in Marinade DAO. Locking MNDE in Realms results in your wallet having veMNDE power.
veMNDE is not a fungible SPL token you can trade or see in your wallet.
Power to update the contract parameters (see )
Marinade considers that all governance participants agree to follow this , ratified by the DAO.
In order to participate in Marinade's governance and benefit from MNDE's utility, you will need to lock it in to obtain veMNDE. Unlocking your tokens to get back your MNDE will start a 30-day unlock process.
If you owned Marinade NFTs containing locked MNDE, a migration tool is available on .
Once your wallet has locked MNDE tokens in Realms, you can use your veMNDE power to vote on proposals and to by using Marinade's app.
All subgovernances and their parameters can be consulted on .
Governance topics will always be discussed on to be thoroughly analyzed. Once the discussion has been finalized, it can be submitted for a vote.
There will also be announcements on Marinade's when a proposal is active and can be voted on. Our Discord is also an excellent place to talk about ongoing governance proposals.
MNDE tokens can be acquired or sold on any DEX in the Solana ecosystem. We recommend using to find the best prices.
MNDE can be locked for veMNDE on .
Marinade Chef NFTs have been deprecated and a migration tool is available on Marinade's dApp. This migration will burn your NFT and transfer your locked MNDE to Realms. You can start the unlock period on Realms and get back your MNDE after 30 days if you desire. Visit the MNDE page to complete the migration:
