🗳️MNDE Governance
Marinade is governed by people that lock MNDE and obtain veMNDE.
DAO Constitution
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.
1. The Marinade DAO builds a censorship-resistant layer of Solana
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.
2. Separation of powers
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
3. Fees usage
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.
4. MNDE distribution goals
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.
5. Amendments to this constitution by majority vote
Any change may be made to this constitution only by a two-thirds majority and at least 1% of all tokens participating.
DAO Structure
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 the upgrade authority and admin parameters for Marinade Native, validator bonds, Recipes, gauges and the rest of the contract surface
The main mSOL liquid staking program is the exception. Its upgrade authority still sits on the Solana ecosystem multisig rather than with the DAO. See Multisig governance.
Marinade Council - A set of 5 contributors elected internally to drive operations, holding a 3-of-5 multisig on Realms.
Power to update the contract parameters (see this)
Use the protocol fees to conduct operations
Access to Marinade's operational wallet (containing earmarked budgets voted on by the DAO)
The same five contributors also form the Emergency Pause Council, which holds pause authority on the main mSOL program and on validator bonds under a separate 3-of-5 threshold.
The five seats are verifiable: the DAO's council mint 6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs has a supply of exactly 5, at zero decimals, so five council tokens exist and five seats are filled.
Lock MNDE for veMNDE
To participate in Marinade's governance and benefit from MNDE's utility, lock your MNDE on Marinade's governance page to obtain veMNDE, which is the recommended route. Locking directly in Realms performs the same on-chain action. Unlocking your tokens to get back your MNDE will start a 30-day unlock process.
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.
If you still hold a Marinade Chef NFT with locked MNDE, there is no self-serve migration page any more. Open a support ticket in the Help Center or on Discord with your wallet address and a screenshot of what you hold, and the team will handle it case by case.
Once your wallet has locked MNDE tokens in Realms, you can use your veMNDE power to vote on proposals from Marinade's governance page or directly in Realms.
Realms setup
Marinade's Realms is configured with the following parameters:
Realm (pubkey)
899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo
Authority
FsrqQfLGdFVtySSSsyZJUzVBA9bvGZSKyhp7nsJCqgJe
Owner (SPL governance program)
GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs
Community mint (MNDE)
MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey
Council mint
6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs
Voter Stake Registry program
VoteMBhDCqGLRgYpp9o7DGyq81KNmwjXQRAHStjtJsS
VSR registrar
5zgEgPbWKsAAnLPjSM56ZsbLPfVM6nUzh3u45tCnm97D
All subgovernances and their parameters can be consulted on this page.
FAQ
Where are governance items discussed and how do I find out about them?
Governance topics will always be discussed on Marinade Forum to be thoroughly analysed. Once the discussion has been finalized, it can be submitted for 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 an excellent place to talk about ongoing governance proposals.
Where can I trade MNDE?
MNDE tokens can be acquired or sold on any DEX in the Solana ecosystem. We recommend using Jupiter aggregator to find the best prices.
Where do I lock MNDE?
On Marinade's governance page, which is the recommended route. You can also lock directly in Realms, where you must choose Lock tokens, not Deposit.
What is veMNDE?
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.
Can I vote while my MNDE is unlocking?
Yes. Voting power is derived from your remaining lock time, so it decreases steadily across the 30-day unlock rather than dropping to zero when you start. Halfway through the period you still hold roughly half the weight of a full lock.
What should I do with my Chef NFTs?
Marinade Chef NFTs are long deprecated and there is no longer a self-serve page for migrating them. If you still hold one, open a support ticket with your wallet address, a screenshot of what you hold and what you want to do. Responses can take longer than usual because each position is handled individually.
Last updated
Was this helpful?