🗳
MNDE Governance
Marinade is governed by people that lock MNDE and obtain veMNDE.
Marinade is owned by MNDE holders that lock their tokens in Realms to obtain veMNDE. In a previous vote, MNDE holders ratified this Constitution 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 maintain Solana robust and censorship-resistant, the DAO understands the risks and responsibilities of governing the stake and securing the network. Marinade aims to delegate to validators that demonstrate good long-term performance and are decentralized from multiple factors. Marinade governance should support initiatives to make the delegation strategy accessible and predictable and allow the ecosystem to form a consensus on how to delegate staked SOL responsibly
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)
Marinade considers that all governance participants accept to follow this Code of conduct, 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 Realms to obtain veMNDE. Unlocking your tokens to get back your MNDE will start a 30-days unlock process.
When locking your MNDE, make sure to choose the following settings:
Make sure to set the lockup time and the number of days before confirming the transactions.
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.
If you owned Marinade NFTs containing locked MNDE, a migration tool is available on Marinade's dApp.
Once your wallet has locked MNDE tokens in Realms, you'll be able to use your veMNDE power to vote on proposals, but also to direct stake by using Marinade's app.
Marinade's Realms is configured with the following parameters:
Pubkey: 899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo
Authority: FsrqQfLGdFVtySSSsyZJUzVBA9bvGZSKyhp7nsJCqgJe
Owner: GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs
Community Mint: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey
Council Mint: 6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs
Governance topics will always be discussed on Marinade Forum in order to be thoroughly analyzed. Once the discussion has been finalized, it can be submitted to a vote.
There will also be announcements on Marinade's Discord when a proposal is active and can be voted on. Our Discord is also a good place to talk about the ongoing governance proposals.
MNDE tokens can be acquired or sold on any DEX in the Solana ecosystem. We recommend using Jupiter aggregator to find the best prices.
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 that you can trade or see in your wallet.
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 will be able to start the unlock period on Realms and get back your MNDE after 30 days if you desire.
Last modified 1mo ago