# Welcome to Marinade The best place to stake your SOL. ## **What is Marinade?** Marinade is a stake automation platform that helps you maximize SOL staking rewards while supporting the decentralization and performance of the Solana network. It continuously monitors the validator landscape and delegates your stake across a carefully selected set of high-performance validators using an open, transparent strategy. Users can stake their SOL either **natively** or through **liquid staking** for mSOL, a tokenized version of staked SOL. Both methods use the same validator delegation logic and receive rewards every epoch (approximately 2 days). ## Creation of Marinade Marinade was born out of the [merger of two projects](https://medium.com/marinade-finance/stronger-together-c1654f0f4c80) trying to accomplish a similar goal: offer a liquid staking solution on Solana that participates to the decentralization of the network and its security. The teams joined forces to work more efficiently towards making this idea a reality. Marinade formed around a set of values and a common objective and started building. ## Goals ### Spread adoption To onboard the next 1 billion people to crypto, we believe that the user experience must dramatically evolve and adapt to the needs of more users. While early adopters don’t care about writing down seeds and pin codes for multiple wallets, storing it around their house, or burying it in the ground, we can’t imagine a world where this is still a standard after 5, 10, or 20 years. That’s why we emphasize having our solution **well-designed, seamless, and a pleasure to use,** so that a friend can tell a friend that staking is as easy as clicking a button. *** ## What are the benefits of staking SOL? Blockchains use consensus protocols to validate transactions in a secure and decentralized way. Solana relies on a proof-of-stake mechanism, where staking plays a key role in maintaining the network’s security and performance. When you stake your SOL tokens to a validator, you contribute to the decentralization and efficiency of the Solana blockchain. In return, you receive rewards in SOL for each epoch, which lasts approximately 2 to 3 days, depending on the validator’s performance. Staking is important for the health of the network. The more SOL that is staked to efficient validators, the more decentralized and secure the system becomes. However, with the growing number of DeFi use cases, a significant amount of SOL remains unstaked and is actively used in decentralized applications across the ecosystem. ### What can you do with Marinade? * Stake and unstake SOL at any time * Use mSOL in DeFi protocols to multiply yield strategies * Redelegate existing stake without unstaking * Convert staked SOL into mSOL to make it liquid * Participate in Marinade DAO governance and shape the future of staking on Solana # Marinade DAO Marinade.finance is governed and built by the community. Owning MNDE tokens or actively engaging in the community makes you a member of Marinade DAO. Let's see what this means. ## What is a DAO? A Decentralized Autonomous Organization (DAO) is an on-chain system designed to give the governance of a protocol back to its users. By owning the governance token, you have the right to vote on decisions taken for the future of the protocol. These governance rules are applied on-chain, by smart contracts, where all information is freely accessible. Marinade has established governance on Realms using SPL-governance. To stay up-to-date with the latest announcements, join Marinade's Discord. ## Marinade DAO Marinade DAO (mDAO) is constituted of MNDE holders that lock their MNDE in governance. Locking MNDE in Marinade's governance gives voting power in the Marinade DAO and access to MNDE's utilities. ## Values When doing what we're doing, we come back to the following set of values: #### **ADAPTABLE** The ecosystem of Solana is **innovative and fast.** So are we. **Curiosity** is our favorite starting point. We nurture **agility.** Solid principles and processes allow us to **react quickly**. We are **building the future**. #### **APPROACHABLE & HONEST** We are **approachable**. We value team **collaboration over competition. Supportive** and **friendly** is our default mindset. **Honesty** guides our communication. We always **listen to ideas.** #### **RESPONSIBLE** Every one of us is **accountable for our individual contribution**, no matter the scope. We **own our commitments** as if no one is watching. We are all **value creators**. We **stand up for the outcomes** of our work. We **learn from failures**, and we **analyze and celebrate success**. We only accept short-term wins **compatible with our long-term vision**. {% content-ref url="/pages/maDpRBtCQUHxBzY5Y7ut" %} [Contributors](/marinade-dao/contributors) {% endcontent-ref %} # Contributors You will find here the internal structure of the mDAO and its team members. ## Workgroups details 1. :tools: **Build.** The "Build" workgroup is about designing, creating, and releasing new products and features for Marinade, its governance, or public goods for the Solana ecosystem. 2. :rocket: **Growth.** The "Growth" workgroup is responsible for tokenomics, governance, attracting and retaining TVL, creating content and taking care of the Chefs community. They explore the new horizons of web3 to drive Marinade towards success. ## Become a contributor If you think you can contribute to Marinade, you can use [this form](https://tally.so/r/wkg9Zw) to reach out. If an open position fits with your skills, you'll be contacted for an interview. If there are no open positions matching your profile, we'll keep your application and may contact you in the future. In the meantime, we strongly recommend that you read our entire documentation, join our [Discord ](https://discord.com/invite/yTdH8YkYKg)and introduce yourself to the kitchen. # The MNDE token Marinade’s MNDE token lets holders participate in the protocol's governance. This includes control of the DAO’s fees and treasury. ### MNDE Details {% hint style="info" %} **Last updated: September 5, 2025 (post-burn)** This page reflects the DAO-approved burn of 300M MNDE (MIP-14) and the updated treasury allocations. {% endhint %}
#### Supply Overview * **Original supply at issuance:** 1,000,000,000 MNDE * **Current supply (post-burn, Sep 5, 2025):** 700,000,000 MNDE * **Burned:** 300,000,000 MNDE (DAO vote [MIP-14](https://forum.marinade.finance/t/mip-14-burn-5-50-of-mnde-total-supply/1909) · [Realms vote](https://v2.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo/proposal/EyeY8hrThBWw5MMtsAmNrnc7BoJGAtHsfsxVf17cG7E1)) * **Circulating supply:** See [stats](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m\&from=now-90d\&to=now\&timezone=utc) #### Issuance Details * **Issuance date:** 7 October 2021 * **Fully issued date:** None (distribution based on DAO votes) * **Mint address:** `MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey` * **Minting:** Disabled Marinade was founded through Solana ecosystem grants at the Solana Hackathon in 2021 and launched its liquid staking protocol and mSOL liquid staking token on mainnet that August.\ The MNDE governance token was minted on November 7, 2021, as a fair-launch token with no ICO (Initial Coin Offering). Marinade launched on-chain DAO governance in April 2022. Since then, all decisions related to the treasury have been voted on chain. In July 2023, the DAO migrated its governance platform to Realms. This enables direct control of the treasury and protocol decisions by MNDE holders. ### How to participate in DAO governance with MNDE To participate in DAO governance, holders must lock their MNDE on Marinade’s Realms governance platform. Locked MNDE is subject to a 30-day unlocking period which begins once the unlock is initiated. MNDE holders cannot vote during this period. Anyone with locked MNDE can vote on proposals. ### MNDE Incentives Founded as a public good for Solana whose core mission is to contribute to a decentralized and performant Solana blockchain, Marinade’s main goal is to distribute MNDE to similar-minded ecosystem builders and enable them to control the parameters of protocol and treasury through governance. While liquidity mining was prevalent in the early days of the token to grow distribution and liquidity, the DAO has since transitioned to a model where MNDE is distributed primarily via contributions to the protocol benefitting the TVL growth of the protocol. Marinade’s core contributors do not receive time-based token unlocks, only TVL milestone unlocks. [Read more about Marinade’s MNDE and incentives](https://medium.com/marinade-finance/mnde-tokenomics-update-revisiting-incentives-at-marinade-3fc2d087d764?source=collection_home---6------14-----------------------). ### MNDE Allocations & Treasury Status (Post-Burn, September 5, 2025) #### Treasury Holdings (as of Sep 5, 2025) * **Total in treasuries = 343.47M** * [**DAO Treasury**](https://solscan.io/account/B56RWQGf9RFw7t8gxPzrRvk5VRmB5DoF94aLoJ25YtvG)**:** 138.97M * [**Labs Treasury**](https://solscan.io/account/J5BEceL5z1EQ7JBqEFu4BfPN4PYCeQaW3GXrzXFfCzhs)**:** 204.50M #### Distributed / Spent Programs
ProgramAllocationStatus
Retroactive Rewards7.26MDistributed 2021 across Waves 0–3
Project Incentives68.54MDistributed 2021–2022 to DeFi pools and protocols
Open Door Program2.57MDistributed 2021–2022 total
Token Exchange / Treasury Grant / Swap12.52MDistributed 2022
Miscellaneous Distributions16.30MDistributed 2022 to early 2023
Liquidity Mining Gauges27.60MDistributed Jul 2022 – Aug 2023
Team / Advisors Milestone (8M SOL)46.00MDistributed Oct 2022 – Sep 2023
Marketing Budget6.00MSpent 2022–2023
Security Audits2.00MDistributed Nov 2023
Initial Contributors75.00MDistributed 2023 - Jan 2024
Marinade Earn S1 + S212.24MDistributed 2023–2024 and claimed (25M unlocked; clawbacks returned)
Marinade Earn S325.00MDistributed 2024; unused rolled into S4
Market Makers26.00MDistributed Jun 2024
MIP.4 Research & Dev10.50MDistributed Jan 2025
MIP.6 Growth & Awareness21.00MDistributed Jan 2025
MIP.14 Supply Burn300.00MBurned Sep 2025
#### Active Programs (still in lab treasury)
ProgramAllocationStatus
MIP.7 Marinade Earn S4~10.00MRemaining active incentives (DAO)
MIP.12 Migrate Campaign25.00MApproved and allocated Aug 2025, campaign starts Sep 15, 2025 for 3 months
MIP.13 Active Staking Rewards25.00MApproved and allocated Aug 2025, distribution scheduled end of 2025
MIP.15 Marinade Operation Grant100.00MActive for Labs operations, 1-year cliff
Team / Advisors Milestone (16M SOL)46.00MNot vested; conditioned on 16M SOL TVL (Labs Treasury)
*** ### Where to get the MNDE token MNDE is available for trading on leading Solana DEXs. MNDE is also available on central exchanges like [Coinbase](https://www.coinbase.com/), [Crypto.Com, ](https://crypto.com/price/mnde)and [Gate](https://www.gate.io/). * Trade MNDE on [Raydium](https://raydium.io/swap/) * Trade MNDE on [Orca](https://www.orca.so/) * Trade MNDE on [Jupiter](https://jup.ag/) * View MNDE on [Coingecko](https://www.coingecko.com/en/coins/marinade) * View MNDE on [CoinMarketCap](https://coinmarketcap.com/currencies/mnde/) ### References: * [Marinade Realms Governance](https://v2.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo/proposals) * [Marinade Forum](https://forum.marinade.finance/) * [Marinade Stats](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m) # 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 ](https://app.realms.today/dao/MNDE)to obtain veMNDE. In a previous vote, MNDE holders ratified this [Constitution](https://forum.marinade.finance/t/marinade-dao-constitution/468) 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 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.* * Power to update the contract parameters (see [this](/marinade-protocol/security/multisig-governance)) * Use the protocol fees to conduct operations * Access to Marinade's operational wallet (containing earmarked budgets voted on by the DAO) {% hint style="info" %} Marinade considers that all governance participants agree to follow this [Code of Conduct](https://forum.marinade.finance/t/marinade-dao-code-of-conduct/470), ratified by the DAO. {% endhint %} ## Lock MNDE for veMNDE In order to participate in Marinade's governance and benefit from MNDE's utility, you will need to lock it in [Realms](https://app.realms.today/dao/MNDE) to obtain veMNDE. 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:**

Make sure to set the lockup time and the number of days before confirming the transactions.

{% hint style="danger" %} 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. {% endhint %} {% hint style="warning" %} If you owned Marinade NFTs containing locked MNDE, a migration tool is available on [Marinade's dApp](https://marinade.finance/app/). {% endhint %} Once your wallet has locked MNDE tokens in Realms, you can use your veMNDE power to vote on proposals and to [direct stake](/the-mnde-token#mnde-directed-stake) by using Marinade's app. ## Realms setup Marinade's Realms is configured with the following parameters: **Pubkey**: 899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo\ **Authority**: FsrqQfLGdFVtySSSsyZJUzVBA9bvGZSKyhp7nsJCqgJe\ **Owner**: GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs\ **Community Mint**: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey\ **Council Mint**: 6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs All subgovernances and their parameters can be consulted on [this page](https://app.realms.today/dao/MNDE/params). ## FAQ ### Where are governance items discussed and how do I find out about them? Governance topics will always be discussed on [Marinade Forum](https://forum.marinade.finance/) 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 ](https://discord.com/invite/6EtUf4Euu6)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](https://jup.ag/) to find the best prices. ### Where do I lock MNDE? MNDE can be locked for veMNDE on [Realms](https://v2.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo/my-governance). ### 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. ### What should I do with my Chef NFTs? Marinade Chef NFTs have been deprecated. A migration tool is available on Marinade’s dApp, which will burn your NFT and let you either withdraw your MNDE or transfer the locked MNDE to Realms. Visit the [MNDE page](https://old.marinade.finance/mnde/) to complete the migration. # Official Links If you want to join us, here is where you can find us! ## Interact with us Discord: X: Forum: [https://forum.marinade.finance/](https://forum.marinade.finance) ## Follow our work Blog: GitHub repository: Marinade Stats: [https://stats.marinade.finance/](https://stats.marinade.finance) Validators dashboard: \ \ Protected Staking Rewards validator dashboard: # Protocol Overview Marinade.Finance was built to bring to life a vision. A non-custodial liquid staking solution on Solana, decentralizing the network. ## What can you do on Marinade? Marinade offers flexible staking options and tools to manage your SOL across different formats: ### [Marinade Native](/marinade-protocol/protocol-overview/marinade-native) Stake SOL or deposit a stake account directly into Marinade while retaining full control. Your stake stays entirely on-chain and is automatically delegated through Marinade’s **Stake Auction Marketplace**, which matches stake with high-performing validators in a permissionless, market-driven process. You can also migrate your existing native staked accounts into Marinade to benefit from automated delegation and performance optimization. ### [Marinade Select](/marinade-protocol/protocol-overview/marinade-select) A premium staking set powered by Marinade. It includes a vetted group of community-recognized validators that meet strict criteria for performance, compliance, and decentralization. Designed for users who want a high-trust, simplified staking experience without actively managing validator selection. ### [Marinade Liquid](/marinade-protocol/protocol-overview/marinade-liquid) Stake SOL or deposit a stake account to receive mSOL, a liquid staking token that can be used throughout the Solana DeFi ecosystem. You can also swap other liquid staking tokens into mSOL, or convert mSOL and other staking positions back to SOL through immediate or delayed unstaking. *** ## What's so special about Marinade Native? Marinade Native provides a secure, non-custodial staking experience with: * Full ownership of your SOL at all times * No smart contract risk * Automatic validator delegation and rebalancing * Redelegate existing stake accounts without unstaking * Unstake anytime with a 1–2 epoch unlock period * Community-led governance through the Marinade DAO *** ## What’s so special about Marinade Liquid? Staking with Marinade for mSOL offers several unique advantages: * Stake SOL and receive mSOL, which grows in value with rewards * Use mSOL in DeFi for collateral, trading, or yield strategies * Convert existing stake accounts into mSOL * Trade mSOL on secondary markets at market rates * No performance fees on staking rewards # Marinade Native Marinade native is a tool to have your staked SOL managed and optimized automatically by Marinade's delegation strategy. ## What is Marinade Native? Marinade Native is an alternative to liquid staking that allows users to benefit from an automated delegation strategy without using any smart contract. It differs from liquid staking on the following points: * Marinade Native does not rely on a smart contract but **leverages native Solana functionalities.** * When using Marinade Native, you **retain custody over your SOL** and stay the only authority that can withdraw it at all times * Marinade Native does not charge any deposit fee or ongoing management fee. * You **do not receive mSOL** when using Marinade Native. You are creating Solana stake accounts in your wallet and delegating the management of those to Marinade * Since you are staking natively when using Marinade Native, **rewards are directly sent to each of your stake accounts at the end of every epoch** (every \~2 days) ## How to use Marinade Native?
To use Marinade Native, click on "Stake" for your SOL and select the desired strategy options, then confirm the transaction. You can also redelegate existing stake accounts to Marinade Native by selecting them in Marinade's dApp, choosing "Native" and confirming the transaction. ## Why should I use Marinade Native? Marinade Native allows you to benefit from an optimized delegation strategy reaching top-performing validators. Your **staking position is automatically monitored and rebalanced for no fees and delegated to the best validators on the network**, without having to monitor or manage it yourself. Marinade Native allows you to futureproof your staking position so it's always delegated to a wide range of top-performing validators, even if the best-performing validators change over time. It also considers any revenues from MEV (or any other sources), and will identify the validators extracting and redistributing the most value to their stakers for you. It also **protects you from commission rugging** (validators stealing their delegators' rewards by changing their commission), the **validator(s) you chose going offline or running an outdated client**, etc. Slashing is also bound to be added to Solana and having your staked SOL monitored and rebalanced to avoid bad-performing and/or nefarious validators will be one of the best ways to mitigate the slashing risks. {% hint style="success" %} Marinade Native can also be used with **locked SOL.** Make sure you optimize and automate it with Marinade Native until it gets unlocked! {% endhint %} ## Is there a minimum to use Marinade Native? You can use Marinade Native with as little as 1.0046 SOL. Nonetheless, Marinade will never create smaller stake accounts than 1 SOL, so your stake will not be split across a hundred validators but will stay delegated to a lower number of validators with stake accounts of 1 SOL each. We recommend using Marinade Native with at least 100 SOL to get your stake fully distributed. ## Can I unstake at any time? Yes. When you exit your Marinade Native position you have two options: #### Instant unstake (sell your native stake now)
Instant unstake lets you convert your natively staked SOL back to liquid SOL in a single transaction, without waiting for the usual 1 epoch cooldown. When you choose this option in the app: * Marinade detects eligible native stake accounts in your wallet (including Marinade Native positions). * A market maker provides a quote, and the UI shows an **estimated amount of SOL** you would receive. * You can review the quote and decide whether to accept it. The received SOL amount can be slightly lower than the nominal stake balance, depending on market conditions and available liquidity. If you’re not comfortable with the quote, you can always switch to the delayed unstake option instead. #### Delayed unstake (standard unlock period)
If you prefer to avoid any quote or price impact, you can use delayed unstake: * Marinade schedules your stake accounts to deactivate at the next epoch boundary. * Your SOL (plus any rewards up to that point) becomes claimable after **1 epoch**. * The app shows an estimated time for when your SOL will be ready to claim. Delayed unstake is the default “native” way to exit staking. ## Is Marinade Native safe? By excluding the use of any smart contract and allowing you to retain full custody over your staked SOL, Marinade Native removes several risks. Since Marinade Native will never own the authority to touch your SOL, **its only power is to delegate your stake to different validators in the cluster**. Marinade native relies on [Marinade's delegation strategy,](/marinade-protocol/protocol-overview/stake-auction-market) which is crafted to spread your stake among top-performing validators while accounting for network decentralization. There are also technical backstops (see [Marinade Native](/marinade-protocol/protocol-overview/marinade-native)) to ensure that Marinade Native will always do the best for your staking position. # Marinade Native: API & SDK ## Technical Overview Marinade Native leverages Solana's [stake account structure](https://docs.solana.com/staking/stake-accounts). As explained in Solana's documentation, stake accounts have two different authorities that can belong to separate addresses: the stake authority and the withdraw authority. > The *stake authority* is used to sign transactions for the following operations: > > * Delegating stake > * Deactivating the stake delegation > * Splitting the stake account, creating a new stake account with a portion of the funds in the first account > * Merging two stake accounts into one > * Setting a new stake authority > > The *withdraw authority* signs transactions for the following: > > * Withdrawing un-delegated stake into a wallet address > * Setting a new withdraw authority > * Setting a new stake authority Marinade Native was designed to receive the *stake authority* of the user's stake account without touching the withdraw authority that stays assigned to the user's wallet. The stake authority that Marinade will use is a PDA of a Solana program. The contract will allow a Marinade bot to call delegation instructions on behalf of this PDA. This way, Marinade’s multisig (4/7) can revoke the bot's access and create a new one if needed. ## How does the unstake work? Staking on Solana is subject to a cooldown period. When a stake account is delegated, the stake account has to be deactivated first. Then, at the beginning of the next epoch (epochs take slightly over two days), the user holding the withdraw authority can withdraw funds from the stake account. Users of this product always maintain ultimate power over the stake accounts and can revoke the stake authority previously granted to Marinade using most wallets. However, Marinade splits the stake between over 100 validators to spread the risk and support well-performing validators. Therefore, It would be inconvenient for our users to revoke the stake authority, deactivate and withdraw each of the stake accounts one by one. Marinade has thought of this, and users can use the dApp to help them with the withdrawal - Marinade will prepare the stake accounts for withdraw on your behalf. * Users ask for the amount of SOL they want to withdraw. * We deactivate stake accounts amounting to how much users want to withdraw. * We merge deactivated stake accounts at the beginning of the next epoch, so there is a single deactivated stake account * Users can withdraw funds in a single transaction To avoid some draining attacks (as Marinade pays for deactivation, and timely merging of all the stake accounts), a small fixed fee of 0.001 SOL is applied for this service. {% hint style="info" %} This can be integrated easily through the SDK. {% endhint %} ## **Does Marinade Native support locked-up stake accounts?** Yes. When users give Marinade stake authority over stake accounts with different lockup periods and users then want to withdraw some part of the stake, Marinade prioritizes the unlocked stake accounts and then stake accounts with the shortest lockup periods. ## Marinade Native on-chain addresses Marinade Native uses two on-chain addresses: `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` This authority is used to manage the stake of all Marinade Native users. `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N` This authority is used to prepare and merge the stake accounts of Native users that required an unstake. Those two authorities are PDAs derived from a proxy contract, so no private key exists for them, and they are controlled and can be changed by Marinade's Council. ## Marinade Native SDK {% embed url="" %} Marinade Native SDK {% endembed %} ## Marinade Native API {% embed url="" %} Marinade Native API {% endembed %} # Marinade Select Marinade Select is a curated set of trusted Solana validators offering secure, decentralized, and capital-efficient staking. ## What Is Marinade Select? Marinade Select is a premium staking set powered by Marinade. It includes a vetted group of community-recognized validators that meet strict criteria for decentralization, performance, and compliance. Unlike Marinade’s open [**Stake Auction Marketplace (SAM)**](/marinade-protocol/protocol-overview/stake-auction-market), Marinade Select is invite-only and excludes: * Superminority validators (those with outsized influence on network consensus) * Validators on community or Marinade blacklists * Participants engaging in harmful MEV practices (e.g., sandwich attacks) *** ## Why Stake with Marinade Select? Marinade Select delivers: * **High-Quality Validators:** Each validator is vetted for decentralization, performance, and transparency. * **Protected Staking Rewards (PSR):** Validators cover penalties and rebalancing costs to safeguard user returns. * **Smart Rebalancing:** Stake is actively managed to optimize efficiency and avoid unnecessary costs. * **Institutional Readiness:** Fully compliant validator set suitable for regulated entities and large-scale stakers. ### Validator Bonds All validators in the Select set are required to maintain a **bond** denominated in SOL. This bond: * Covers **performance penalties and rebalancing costs** if a validator leaves the set. * Helps align validator incentives with staker outcomes. * Is automatically **delegated** to the validator to earn yield. **Bond Requirements:** * Coverage Ratio: 1 SOL per 1,000 SOL staked * Source: SOL (locked and delegated through Marinade’s infrastructure) *** ## How It Works
ComponentDetails
Select SetA curated list of verified validators. Participation requires identity verification, bonding, and ongoing performance standards.
Validator BondValidators post a bond (~1 SOL per 1,000 SOL staked) used to protect staker returns and cover rebalancing costs.
New Stake FlowNew deposits are distributed evenly across the Select set or allocated to underweighted validators based on individual user positions.
UnstakingSelective unstaking from a subset of validators minimizes capital inefficiencies. Remaining stake is gradually rebalanced over time.
RebalancingRebalancing occurs in epochs and ensures users maintain proportional exposure across the set without impacting APY.
## Stake Distribution & Rebalancing Marinade Select employs **smart stake flow management** to preserve APY and user experience: #### New Stake * Automatically allocated evenly or fills gaps across validators with lower relative TVL. * Ensures balanced exposure and fairness across the Select set. #### Unstaking * SOL is withdrawn from a limited number of validators to reduce operational overhead. * Remaining stake is rebalanced over time to maintain user allocation consistency. This dynamic system avoids fragmentation and improves long-term capital efficiency. *** ## Validator Expectations To remain in Marinade Select, validators must: * Maintain **high performance and uptime** * Operate in compliance with **Marinade’s security and operational standards** * Respond promptly to events such as incoming stake or low bond balance alerts Non-compliance can lead to removal from the set and loss of bond funds. ### Resources * **Monitor Stake Distribution:** [select.marinade.finance](https://select.marinade.finance/) * **Validator Bond CLI:** [npm package](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli-institutional) * **CLI Source Code:** [GitHub Repository](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli-institutional) *** ## Frequently Asked Questions **Q: Can I join Marinade Select if I’m already in the Stake Auction Marketplace?** Yes, but you’ll need to complete a separate vetting process, pass KYC, and post a validator bond specific to Marinade Select. **Q: What happens if I want to exit Marinade Select?** You’ll need to notify the Marinade team. Once your validator is removed from the Select set, you can initiate the bond withdrawal process. # Marinade Liquid ## What is Liquid Staking? The idea behind liquid staking is to enable people to stake without losing access to the liquidity of their tokens. This takes place through tokenization and issuance of on-chain representations of staked assets - liquid staking tokens - that are a claim on the underlying staking positions. When staking SOL to mSOL, you are not performing a swap between two different tokens as mSOL represents your original position. This process can be equated to wrapping a token or receiving a "proof-of-stake token" with the perk of being an SPL token, thus remaining liquid. Liquid staking your SOL to mSOL is, in essence, the same operation as staking your SOL tokens. Since mSOL price (against SOL) is only impacted by staking rewards and nothing else, mSOL is not a speculative yield (when going from SOL to mSOL) but rather a way to diversify your stake and spread it across multiple validators in the Marinade stake pool, instead of locking your tokens into a single validator. mSOL is only a token representing a staked position, which should not make it different from a staking operation regarding tax laws. Nonetheless, you should consult your local jurisdiction for tax clarity involving various cryptocurrencies. ## Why is Liquid Staking important? In our opinion, liquid staking shines in solving the protocol design problems of PoS networks: ### **Opportunity cost** With a fully liquid staking token, users can freely participate in DeFi and generate another layer of rewards on top of staking yields. Users don’t have to choose between staking or depositing their liquidity into an AMM, lending protocol, etc. They can do both! ### **Unbonding period** Since liquid staking tokens can be immediately swapped for their underlying staked assets, users don’t have to wait for the regular unbonding period to unstake their tokens. ### **Reliance on a single validator** Diversifying across multiple validators minimizes exposure and serves as slashing insurance against the malperformance of individual validator nodes. With Marinade's liquid staking solution, you can delegate your SOL to a multitude of validators rather than just one. ### Liquid Stake SOL [Liquid\_Stake\_Program](https://github.com/marinade-finance/liquid-staking-program/blob/de348a2779ef1659db7b42a190279ae8da16c125/programs/marinade-finance/src/state/deposit.rs#L27) When you choose to 'Stake', these operations happen under the hood: 1. You deposit SOL in the reserve account. 2. Marinade takes this amount and accordingly increases the amount of stake orders falling under: 1. current epoch (epoch\_stake\_orders) 2. total staked (total\_stake\_orders) 3. Marinade mints mSOL for the user according to mSOL/SOL ratio. # What is mSOL? mSOL represents your staked SOL in the Marinade stake pool. Here's what that means and how it unlocks your liquidity. ## What is mSOL? mSOL is a liquid staking token that you receive when you stake SOL on the Marinade protocol. These mSOL tokens **represent your staked SOL tokens in Marinade's stake pool.** They act as a receipt, allowing you to exchange them later on for your staked SOL and the earned rewards. Meanwhile, you can use mSOL in DeFi while the token's price accrues in value vs. the price of your SOL. mSOL is a rewards-accruing liquid staking token. This means that after each Solana epoch (2-3 days), its value is recalculated based on the staking rewards earned by the Marinade Stake Pool. The price of mSOL is calculated as follows: > Price of mSOL = total\_staked / tokens\_minted
As the protocol cannot mint new mSOL without SOL being exchanged for them, only the *total staked* amount is going up (for any new mSOL minted, the same amount of SOL, at the current price of mSOL, has to be staked and also joins the *total staked* amount). This means that the price of mSOL is going up each epoch relative to SOL as long as staking rewards are distributed for the SOL staked in the protocol. If you keep mSOL for a year, its value against SOL will have gained 7-8% (Marinade's APY at the time of writing). ## Deposit an existing stake account [**Deposit\_Stake\_Account**](https://github.com/marinade-finance/liquid-staking-program/blob/main/programs/marinade-finance/src/stake_system/deposit_stake_account.rs) When you choose 'Deposit stake account', these operations happen under the hood: 1. Marinade finds the delegated-active-credit-observed stake accounts, delegated to any validator. 2. Marinade takes control of the delegated and fully active stake account by becoming staking and withdrawing authority. 3. Marinade takes this amount and accordingly increases the amount of stake orders falling under: 1. current epoch (epoch\_stake\_orders) 2. total staked (total\_stake\_orders) 4. Marinade mints mSOL for the user according to the mSOL/SOL ratio. {% hint style="info" %} In order to be able to deposit your stake account, it needs to contain at least 1 SOL. {% endhint %} ## How do I unstake mSOL? You can exit your mSOL position in two ways: ### Instant unstake (swap via Jupiter) Instant unstake for liquid staking is effectively a swap: * In the app, choosing the **instant** option routes your mSOL → SOL through a DeFi swap (via Jupiter). * You are trading mSOL for SOL at the current market rate. * The UI shows the **estimated SOL you will receive**, including any DEX fees and price impact. This option is best when you want your SOL back immediately and are comfortable with the current market rate for mSOL↔SOL. Because it’s a swap, very large trades can move the price and result in some slippage. ### Delayed unstake [Delayed\_Unstake](https://github.com/marinade-finance/liquid-staking-program/blob/de348a2779ef1659db7b42a190279ae8da16c125/programs/marinade-finance/src/state/order_unstake.rs#L66) When you choose 'Delayed unstake', these operations happen under the hood: 1. You are given a claim ticket indicating the amount and due time of your unstake. 2. mSOL is burnt and removed from the supply. 3. The unstake operation is launched and performed by the bot. 4. In due time, you will be able to claim your SOL and destroy the claim ticket in exchange. This mechanism is required to perform larger unstake operations, when the amount is bigger than the current balance of the liquidity pool or if you do not mind waiting for the unstaking period. **Example of Delayed unstake at Epoch N:** ![There are 3 moments in an epoch for Marinade. The beginning of an epoch, the epoch itself, and the last hours before the end of an epoch. These 3 moments have an impact on the Delayed Unstake function.](/files/PmSPHIaP3MvwDQSpfsLk) Here are the **three** situations that can happen when you use ‘Delayed unstake’ during epoch N. * **You start unstaking during Z**, which is the beginning of epoch n (a few minutes into epoch n). You will receive your SOL at the beginning of epoch n+1. The amount of SOL you receive is computed as `SOL = [mSOL to burn]*[mSOL price]` when the unstaking starts, but the **mSOL price may not be updated** as the Marinade bot needs to be run to update the price at the beginning of each epoch. *We suggest waiting a few hours into the epoch before using 'Delayed unstake' and starting it before the last 4 hours of the epoch.* * **You start unstaking during A**. You will receive SOL at the beginning of epoch n+1. The amount computed is `[mSOL to burn]*[mSOL price]` when the unstaking starts. * **You start unstaking during B**, the last 4 hours of epoch n. You will receive SOL at the beginning of epoch n+2. The amount computed is `[mSOL to burn]*[mSOL price]` when the unstaking starts. {% hint style="info" %} An [epoch](/marinade-protocol/glossary#epoch) lasts approximately two days on the Solana blockchain. You can follow the progress of the current epoch directly on [Marinade](https://marinade.finance/app/staking). {% endhint %} ## Do I need to claim my rewards? No. You will realize your SOL staking rewards when you unstake mSOL for SOL, but the value of your mSOL is continually growing. If you choose delayed unstake, you must return to the Marinade DApp to claim your SOL. You can sign up for Dialect alerts by clicking on the bell icon next to your wallet in the Marinade DApp to be notified when your stake is ready to be claimed via email, telegram, SMS, or wallet. If you choose instant unstake, your SOL plus SOL staking rewards minus the unstake fee will be sent to your wallet. ## Is mSOL safe? As long as the Marinade protocol earns staking rewards and you hold mSOL, your SOL stake is growing. So how does Marinade ensure that the protocol is safe? Marinade has undergone a series of [audi](/marinade-protocol/security/audits)[ts ](https://docs.marinade.finance/marinade-protocol/security/audits)to ensure the code cannot be exploited. Many of the elements of Marinade are open source, and the mSOL smart contract is under the control of a 13-party community multisig that requires six signers to make a change. Smart contract risks always exist in DeFi, but mSOL's tokenomics and the Marinade protocol are designed with security first and foremost. You can learn more about this on this page: {% content-ref url="/pages/BqwgTNzL0kpwjyZhkcMc" %} [Security](/marinade-protocol/security) {% endcontent-ref %} ## What can I do with mSOL? mSOL tokens already have dozens of use cases in our growing ecosystem. They allow you to access DeFi protocols while enjoying your staking rewards and helping the network. To help you get started, here is a non-exhaustive list of DeFi options where you can use mSOL: * **Borrowing/Lending** - mSOL can be used as collateral or borrowed on multiple platforms. * **Liquidity provision** - You will find many liquidity pools using mSOL in DeFi. They can be divided into two categories: * mSOL/SOL pools - These pools are a way to use your mSOL in DeFi while avoiding impermanent loss. * mSOL/XXX pools - These pools will be subject to impermanent loss but will allow you to provide liquidity on a large number of pairs. * **Single-asset staking** - It is possible to stake your mSOL to earn MNDE, Marinade's governance token. This is only possible on Marinade. * **Trade on DEXs** - mSOL is available on most decentralized exchanges and can be traded for other crypto tokens. Remember, by trading your mSOL, you also trade your accumulated staking rewards. * **Trade on CEXs -** mSOL is also available to trade on centralized exchanges such as Coinbase, Kraken, or Gate. You can move the mSOL to your crypto wallet from these exchanges and fully utilize it in Solana DeFi. Liquid staking tokens like mSOL could theoretically replace SOL throughout the Solana DeFi ecosystem. Any protocol currently using SOL could integrate mSOL using Marinade's permissionless SDK. By doing so, the network would become more secure and decentralized and our users would all earn their staking rewards while enjoying DeFi as they currently do. If you still have questions or want to get involved in our community, join Discord and meet us in the kitchen! # mSOL Token mSOL is the liquid staking token representing a stake position in the Marinade stake pool. The supply of this token is controlled by Marinade using burning and minting operations in accordance with the overall state of the program. This token constantly increases in price after each epoch, as long as there are staking rewards distributed. The rewards are accumulated on `total_staked`. Price of mSOL = `total_staked / tokens_minted` mSOL token address: mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So mSOL price: mSOL stats: ## mSOL price It is important to note that mSOL has a [true price](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m), guaranteed in our protocol, but can have a different price on DEXs and exchanges when the mSOL/XXX pair becomes unbalanced. This situation is often quickly fixed by arbitrage. Nonetheless, we invite our users to compare the price of mSOL on Marinade to the one on DEXs in your trades and choose the most profitable for you. ### Oracles Our mSOL price is powered by [Pyth](https://pyth.network/) and [Switchboard](https://switchboard.xyz/). We also recently announced our partnership with [Chainlink](https://www.chainlinkecosystem.com/ecosystem/marinade/) to bring even more security and trust to our protocol. ### APY calculation Marinade is using a 30-day simple moving average of the 14-day APY to display its final APY. This means that every day, Marinade looks at the mSOL price and compares it to the price mSOL had 14 days before. A 30-day average of those measurements is then used to display a final APY, projected over a year. ## How to use Marinade state to get mSOL data ### Calculate the true mSOL/SOL price First, you need to read Marinade state, an example is available [at this link](https://github.com/marinade-finance/liquid-staking-referral-program/blob/main/programs/marinade-referral/src/instructions/liquid_unstake.rs#L42). * After reading Marinade state, you'll have `marinade_state.msol_price: u64`, and that is mSOL price in SOL multiplied by 0x1\_0000\_0000 (shifted), so to obtain mSOL/SOL as f64 you should do: `let msol_price_f64: f64 = marinade_state.msol_price as f64 / 0x1_0000_0000 as f64`, and then you get the true mSOL/SOL price. ### How much SOL an amount of mSOL represents You start with the previous example and some amount of mSOL-lamports, then: `let SOL_lamports = (mSOL_lamports as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64` {% hint style="info" %} mSOL uses 9 decimals, as SOL. {% endhint %} ### How much mSOL an amount of SOL represents `let mSOL_lamports = (mSOL_lamports as u128 * 0x1_0000_0000 as u128 / marinade_state.msol_price as u128) as u64` ### Derive mSOL/USDC price If you have access to SOL/USDC price from an oracle, the best way to avoid losses due to price inaccuracies is to derive mSOL/USDC from SOL/USDC and Marinade true price `let mSOL_usdc = (SOL_usdc as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64` ### Notes msol\_price is computed and stored at this link () after each epoch ends, when SOL staking rewards are added to the pool. You can also use the fns `marinade_state.calc_lamports_from_msol_amount()` and `marinade_state.calc_msol_from_lamports()` for better precision when computing mSOL from SOL and vice versa. # Bot operations The bot handles multiple operations, mainly updating mSOL price, delegation strategy, and matching staking with unstaking orders. These operations are permissionless, meaning anybody can run them so that the program is always operational. If you want to run the computation of our bot for yourself, you can find it on this repository:[ ](https://github.com/marinade-finance/delegation-strategy-pipeline) # Marinade Instant Unstake Learn how Instant Unstake works, when to use it, and how it differs from delayed unstaking. Instant Unstake lets you exit your staking position immediately instead of waiting for the usual one-epoch unlock on Solana.\ Instead of scheduling your stake to deactivate and coming back later to claim, Instant Unstake finds liquidity right away so you can receive SOL in a single transaction. It works for both: * Native staking (Marinade Native positions and other native stake accounts in your wallet) * Liquid staking (mSOL) If you do not want to accept the Instant Unstake quote, you can always choose [**Delayed Unstake**](/marinade-protocol/protocol-overview/marinade-liquid/what-is-msol#delayed-unstake) instead. *** ## Instant Unstake vs Delayed Unstake When you exit a Marinade position, you generally have two choices: * Instant Unstake – Get SOL back immediately in a single transaction. * For native staking (Marinade Native positions and other native stake accounts in your wallet), this uses a marketplace of liquidity providers who take over your stake and send SOL back. * For liquid staking (mSOL), this is executed as a swap from mSOL to SOL via DEX at the current market rate. * Delayed Unstake - Use the standard Solana unlock. * Your position is scheduled to deactivate at the next epoch boundary for both Native and Liquid. * After one epoch, your SOL becomes claimable in the app, and you must come back to claim it. * This avoids market price impact, but a Marinade unstake fee applies depending on the product (see the FAQ for up-to date [fee details](/marinade-protocol/faq)). If you do not like the Instant Unstake quote (the estimated SOL you’ll receive), you can simply switch to Delayed Unstake and use the one-epoch flow instead. *** ## How Instant Unstake Works
* Start an unstake from the Marinade app and choose **Instant**. * The app requests a **real-time quote** to give you SOL now: * For **native stake**, your request goes to a **marketplace of liquidity providers**. * For **mSOL**, your route is built via **Jupiter** across one or more DEXes. * Marinade shows you the **best quote received**. * You **review the estimated SOL** you will receive and approve the transaction in your wallet if you’re happy with it. * Once the transaction confirms, you **receive SOL immediately**. *** ## Upcoming: Limit Order Style Instant Unstake (Planned) Marinade is planning a “limit order style” Instant Unstake mode to give you more control over the quotes you accept. The current design idea (subject to change): * You specify a minimum acceptable rate or a target amount of SOL you want to receive. * Your Instant Unstake request is only executed if liquidity providers can meet or beat that target. * If no provider is willing to fill at your level: * The order may remain unfilled, and * You can either adjust your target or use Delayed Unstake instead. This feature is planned and details (such as UI, supported assets, and exact behavior) may change. When it launches, this article will be updated with final steps and examples. *** ## Things To Keep In Mind * You can always switch to Delayed Unstake if you do not like the Instant Unstake quote. * Instant = SOL now, based on LP / DEX quotes and market conditions, with no extra Marinade protocol fee currently added. * Delayed = SOL after one epoch, you must come back to claim, and a Marinade unstake fee applies. * Instant Unstake works for both native stake (via a liquidity provider marketplace) and mSOL (via Jupiter). # USDC Earn Vault Learn how to deposit USDC, earn yield automatically, and withdraw anytime with no lockup. This guide covers how the USDC Vault works, fees, and risks ## Earn Yield on USDC with Marinade Marinade now lets you put your USDC to work. The USDC Vault is a lending strategy built on Kamino that delivers risk-adjusted yield on your stablecoins: no lockup required and no need to leave the Marinade app. *** ### What Is USDC Earn? USDC Earn is a yield-generating vault powered by Kamino's on-chain lending markets. When you deposit USDC, your funds are supplied to liquid lending pools where borrowers pay interest. The vault manager (RockawayX) continuously reallocates capital across lending pools to optimize for steady, risk-adjusted returns. **Vault highlights:** * **Current APY**: \~5.66% (variable, updates in real time) * **Withdrawals**: Instant, no lockup period * **Vault manager**: [RockawayX](https://rockawayx.com/) * [**Audited**](https://kamino.com/docs/security/audits#kamino-earn-vaults) and **verified** *** ### How It Works 1. **Deposit USDC:** You deposit USDC into the Marinade vault. 2. **Supplied to Kamino:** Your USDC is supplied to Kamino's on-chain lending markets through smart contracts. 3. **Rewards are generated:** Borrowers post collateral and pay interest. Yield is generated from lending demand and market utilization. APY fluctuates based on market conditions. 4. **Strategy is actively managed:** RockawayX, the external vault manager, reallocates capital across lending pools in response to market conditions to maintain consistent yield. 5. **Earn automatically:** Vault interest accrues continuously in USDC with no action required. Any additional incentive rewards will appear as pending and must be claimed manually. *** ### How to Deposit USDC **Step 1: Visit the Marinade App**
* Go to [app.marinade.finance](https://app.marinade.finance/) and connect your wallet. **Step 2: Navigate to USDC Earn**
* From the main menu, select Earn, then choose USDC from the available strategies. **Step 3: Enter Your Deposit Amount**
* Enter the amount of USDC you want to deposit. * Minimum deposit: 0.01 USDC > ⚠️ Note: Make sure to keep a small amount of SOL in your wallet to cover transaction fees. **Step 4: Confirm the Transaction** * Click **Stake**, then approve the transaction in your wallet. Your USDC will begin earning yield immediately. **Step 5: Monitor Your Position**
* Once deposited, you can view your position under My Positions in the Earn section. Vault interest accrues automatically and is reflected in your growing USDC balance. * If any incentive rewards are available, they will appear as pending and can be claimed from the same page. *** ### How to Withdraw Withdrawals are instant. There is no cooldown or unbonding period.
1. Go to Earn > USDC in the Marinade app. 2. Click Unstake. 3. Enter the amount you wish to withdraw. 4. Approve the transaction in your wallet. Funds are returned to your wallet immediately. *** ### How Rewards Work Yield is generated from the interest paid by borrowers in Kamino's lending markets. The APY you see reflects the current annualized rate based on real-time lending demand and market utilization. There are two types of rewards: * **Vault interest:** Accrues automatically to your USDC balance as interest compounds. No claiming required. * **Incentive rewards:** Additional rewards that may be available on top of vault interest. These appear as pending in the Earn page and must be claimed manually by the user. * **APY is variable.** The rate fluctuates based on borrowing demand and pool utilization. It is not fixed or guaranteed. *** ### Fees Marinade does not charge a deposit or withdrawal fee for USDC Earn. * **Performance fee:** A 5% fee is taken only on the net interest generated by your position. * For example, if your position generates $1,000 in interest and the performance fee is 5%, a $50 fee is taken and you keep $950. This fee is already reflected in the displayed net APY. *** ### Risks and Disclaimers USDC Earn is a non-custodial, on-chain vault. It is not a savings account and carries the following risks: * **Strategy risk:** Yield is variable and depends on lending demand, collateral conditions, and the vault manager's allocation decisions. Returns are not guaranteed. * **USDC depeg risk:** USDC is designed to track 1 USD, but the peg is not guaranteed in extreme market conditions. * **Smart contract risk:** Funds are deployed through Kamino's smart contracts, which have been audited but may contain vulnerabilities. * **Liquidity risk:** Withdrawals rely on available liquidity in underlying lending markets and may be constrained during periods of high utilization. This vault deploys capital on-chain and is not a bank deposit or savings account. Only deposit what you are comfortable with. # mTransactions mTransactions is an exploration of a bandwidth marketplace for transactions on the Solana blockchain {% hint style="warning" %} **Note:** mTransactions is currently paused and unavailable. The documentation below is kept for reference purposes only. {% endhint %} The feature was released earlier as an **open beta** to explore new transaction capabilities within the Marinade ecosystem. At this time, the service has been **temporarily paused and is not active**. ## **What are mTransactions** mTransaction is an open-source RPC-like service that connects transaction senders and validators with stake on their nodes. It takes advantage of the [QUIC and QoS updates](https://medium.com/chorus-one/how-will-solana-improve-its-stability-6d4b0ba41866) that were added to Solana in 2022 and 2023. Participating users are able to send transactions to the mTransaction service, which will redirect them to one of the participating validators. This validator will use his staked node to forward the transaction to the leader through a QUIC connection. ### Github repository {% embed url="" %} mTransactions repository {% endembed %} # Protected Staking Rewards Marinade introduces Protected Staking Rewards to provide stakers protection from any unforseen performance losses in the validator delegation set. Marinade's validator protection system has three distinct components: * **Protected Staking Rewards (PSR):** The overarching framework ensuring stakers are compensated when validators underperform. * **Bonds:** Collateral posted by validators. SOL deposited into a bond account stays delegated to that validator and covers any compensation owed to stakers. * **Stake Auction Market (SAM):** A separate system that determines how Marinade allocates stake across validators based on bids. SAM participation requires a bond, but SAM and PSR serve different purposes: SAM is about stake allocation, PSR is about protecting staker yield. *** Marinade introduced Protected Staking Rewards to its delegation strategy in April, 2024. PSR serves as performance protection for Marinade stakers by covering the balance of any unexpected underperformance of a validator in the the stake pool. This is done through an on-chain bond created by Marinade and each validator in the pool. By implementing PSR, Marinade can fulfill its mission to decentralize Solana as best as possible by staking to more validators in the cluster without affecting the performance for stakers. ### **How Protected Staking Rewards work** PSR uses an on-chain program to cover staker losses caused by two specific validator events: **LowCredits** (extended downtime causing missed rewards) and **CommissionIncrease** (a validator raising their commission mid-epoch). When either occurs, the validator's bond is used to compensate stakers for the shortfall. Note: Solana does not have a slashing mechanism yet. PSR is a bond-funded compensation system, not a penalty. Validators retain full control of their bond and it remains delegated to them at all times. **PSR Coverage Allocation:** * **Validator’s Responsibility**: Validators cover **100% of the rewards lost when their uptime falls between 50% and 99%**. * **Marinade’s Coverage**: Marinade covers the lost rewards corresponding to the **lower 50% of uptime**. * **1% Grace Period**: The first 1% of validator downtime and the first 1 percentage point commission increase are ignored. {% hint style="info" %} **Example: PSR Coverage Adjustments** * **Scenario 1**: Validator's uptime is 99.5% during an epoch. * **Validator's Responsibility**: No action is required as the downtime is within the 1% grace period. * **Marinade's Coverage**: None. * **Scenario 2**: Validator's uptime is 90% during an epoch. * **Validator's Responsibility**: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 9%. * **Marinade's Coverage**: None, as the validator's uptime is above 50%. * **Scenario 3**: Validator's uptime is 40% during an epoch. * **Validator's Responsibility**: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 49% of the total amount of expected rewards in the epoch. * **Marinade's Coverage**: Marinade covers the lost rewards corresponding to the lower 50% of uptime, which is 10% of the total amount of expected rewards in the epoch. {% endhint %} ### **Setup for Validators** Validators can set up and fund their bond by following the CLI instructions in the Github: [Funding Bond Account](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account). **Audit**: The bond program was audited by Neodyme and can be viewed here: [Audit Report](https://docs.marinade.finance/marinade-protocol/security/audits#audit-reports-1). {% hint style="info" %} ### **Track PSR events** Each epoch, Marinade posts the results of PSR in Discord. You can see which validators fell below the performance threshold and will have SOL removed from their bond. Visit Discord and view the [**#psr-feed**](https://discord.com/channels/823564092379627520/1223330302890348754) channel for details. Or view epoch-by-epoch reports in this Google Cloud link: [PSR Reports](https://console.cloud.google.com/storage/browser/marinade-validator-bonds-mainnet/). \ \ View each validator's current bond amount and validator stake here: [PSR Dashboard](https://psr.marinade.finance/). {% endhint %} ### **Validator FAQ for PSR bonds** **Q: I am a validator. Can I receive stake from Marinade?** Yes! You can refer to our [Stake Auction Market](/marinade-protocol/protocol-overview/stake-auction-market) to see how we delegate to validators. **Q: How much SOL do I have to supply for my bond?** The more SOL that is supplied, the more stake you will be eligible for from Marinade. **Q: What happens if my validator bond is not funded?** If your validator bond is not funded, your validator will lose eligibility for Marinade stake. Stake will be redistributed away from your validator over subsequent epochs. Under normal conditions, roughly **0.7% of total TVL** is redistributed per epoch, so unstaking from unfunded validators happens gradually. However, if multiple validators lose eligibility at once due to expired bonds, auction exits, or other eligibility failures, redelegation can temporarily accelerate well beyond this baseline, redistributing stake much faster than usual. To avoid losing stake, ensure your bond remains funded at all times. **Q: Are funded bonds required for enhanced stake?** Yes, validators must set up a bond to participate in the Stake Auction Marketplace (SAM) and be eligible for SAM stake allocations. **Q: Is there a deadline to create and fund a bond?** You can fund the bond anytime but as of Epoch 608 you will not be eligible for Marinade stake if you have not yet supplied a bond. Full Detailed instructions can be viewed on [GitHub](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account). **Q: Will the stake account in my bond be redelegated to other validators?** No, the stake accounts in your bond will always stay delegated to your validator and can be considered self-staked. **Q: Does the PSR bond count for the self-stake requirement of the Solana Foundation Delegation Program?** Yes, the SOL in your bond counts towards the self-stake requirement of the [Solana Foundation Delegation Program](https://solana.org/delegation-criteria#self-stake) (SFDP). # Stake Auction Market (SAM) Marinade introduces SAM, a transparent auction that delegates 100% of TVL to top-yield validators each epoch. ## Quick Overview Delegation is unified under the Stake Auction Marketplace (SAM): * **Stake Auction Marketplace (100% of TVL)**: Marinade’s entire TVL is distributed exclusively through SAM. Every epoch, Marinade evaluates the performance of validators in SAM and rebalances stake based on the results. This process operates in a publicly accessible pipeline available on [GitHub](https://github.com/marinade-finance/ds-sam-pipeline), where previous scoring runs can also be viewed. {% hint style="info" %} Marinade evaluates **all active validators that have set up a bond**. A bond is separate from SAM: it acts as collateral to protect staker yield (see [Protected Staking Rewards](/marinade-protocol/protocol-overview/protected-staking-rewards)), and is a prerequisite for SAM eligibility. The code computing stake distribution is available online, and the results are published on-chain. You can view validator details on Marinade's [Validator Dashboard](https://marinade.finance/validators/). The ethos is to be transparent and open to all validators. {% endhint %} ## Stake Auction Marketplace The Stake Auction Marketplace allows Marinade stakers to delegate SOL to validators offering the best APY. Validators are scored based on their "**`max_yield`"** (maximum yield for stakers at a specific stake level, e.g., 8% APY on 100k SOL). Every epoch, Marinade ranks validators based on "`max_yield"` (which includes their commission and bid) and distributes stake to the highest-yielding validators, ensuring adherence to eligibility criteria and decentralization constraints. ### **Benefits for Validators:** * **Customized Commission**: Validators can share rewards with Marinade stakers through two flexible bidding methods: Static bid (CPMPE) - a fixed cost per 1,000 SOL delegated per epoch, paid from the validator's bond; and Dynamic commission bid - share a percentage of rewards (inflation, MEV, or block rewards) by setting commission rates as a percentage of your on-chain commission using basis points (e.g., 500 bps = 5%). These methods can be used individually or combined, allowing validators to customize their reward sharing with stakers without affecting their public commission rate for external stakers. * **Revenue Sharing**: Validators can share revenue sources directly with Marinade stakers through their bidding strategy, whether via static bids or dynamic commission sharing. * **Last Price Auction**: Validators set the maximum bid they're willing to pay without needing to monitor bids every epoch. At the end of each epoch, static bids are charged at the realized\_yield (max\_yield of the last validator to receive stake), which may be lower than the maximum bid set. Dynamic commission bids are charged based on actual rewards earned. #### **Last Price Auction** At the end of the scoring process, Marinade has a list of validators ordered by max\_yield, as well as an amount of stake to be distributed to each validator. The "realized\_yield" for the epoch will be set to the "max\_yield" of the last validator to receive stake, which is consequently the lowest yield of the list. Validators that had a higher "max\_yield" for that epoch will not provide their full "max\_yield" but will only need to provide the "realized\_yield" for the epoch. However, the charging mechanism differs based on the bidding method used: * **For static bids (CPMPE):** The bid is charged based on the "realized\_yield" and the amount of delegated stake. This means the bid might get charged less than the maximum that was set, as a lower amount of SOL would be needed to achieve the lower "realized\_yield", unless they are the last validator from the list. * **For dynamic commission bids:** The charge is calculated separately based on the actual rewards earned by the validator during the epoch. Marinade considers the lower value between the on-chain commission and the configured commission in the validator's bond. For example, if a validator has 5% commission on-chain but configured 3% in their bond, stakers receive 97% of rewards (the additional 2% beyond the 95% already distributed on-chain by Solana). Marinade then charges this 2% difference from the validator's bond based on the actual rewards earned in that epoch. This dual mechanism prevents validators from overpaying on static bids (which get charged at the realized\_yield level) while ensuring transparent reward sharing through dynamic commissions (charged on actual performance). Both charges are cumulative and applied independently based on the validator's bidding configuration. #### **Example of max\_yield vs. realized\_yield:**
Validator IDmax_yield (APY)stake_received (SOL)realized_yield (APY)
110.6%95 0008.12%
29.58%200 000*8.12%
39.4%80 0008.12%
…………
1668.12%15 000**8.12%
1678.12%15 000**8.12%
1688.10%00%
In the example above, Marinade would distribute stake to a total of 168 validators. Let's imagine that the validator ranked 1 has a base APY of 7.6%, and has set a static bid (CPMPE) that pushes his max\_yield to 10.6%. In that epoch, Validator 1 would not spend his full "CPMPE" to achieve a 10.6% yield, but their bond would only get charged enough SOL to arrive at an 8.12% APY. This will be the case for all validators that provide a max\_yield that is higher than 8.12% APY. Alternatively, if the validator ranked 167 in that example had a base APY of 7.6%, and a static bid to push his max\_yield to 8.12% APY, this validator would be paying their full static bid (CPMPE) for that epoch. This mechanism ensures that validators can set their true max\_yield without worrying about overpaying for stake at any given point. ### How to Participate in the Stake Auction Marketplace Any validator can participate in the Stake Auction Marketplace. To participate, a validator must: * **Create a PSR bond** associated with its validator, using the [validators bond CLI](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli?activeTab=readme) (see [Readme](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli)) * **Set a bid** using one or both methods: **Static bid (CPMPE)** in lamports (Cost per mile per epoch, corresponding to the maximum bid that the validator is willing to pay to receive 1000 SOL delegated for an epoch), and/or **Dynamic commission bid** as a percentage of on-chain commission using basis points (e.g., 500 bps = 5% of inflation, MEV, or block rewards) * **Ensure sufficient bond funding** to cover the stake and bid amount. A [calculator](https://docs.google.com/spreadsheets/d/10p5vjJo6ncMns_baGpokWjfG3Bk1iduLtGn3-vjNUDw/edit?usp=sharing) is available to help estimate the SOL needed in the bond. A simulation is running on where validators can see how the bid they set would impact the stake distribution. More instructions to participate in that simulation are available [here](https://marinade.notion.site/SAM-Dry-Run-Instructions-d34eb7781cb245388a0acfae7f31b8e1). {% hint style="info" %} Reminder:\ \- SOL deposited in a validator's bond will always stay delegated to that validator and can be considered as self-stake.\ \- Always use the [Validator bonds CLI](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account**) to add or withdraw SOL from your validator's bond. {% endhint %} *** ## Bonds Settlements At the start of each epoch (Epoch N+1), Marinade settles bids from validators who received activated stake in the previous epoch. The results are publicly available in the [GitHub repository](https://github.com/marinade-finance/ds-sam-pipeline/tree/main/auctions). **Bonds Calculation Formula** (for validators receiving SAM stake): **Bid Charged** = **Static Bid** + **Dynamic Commission Bid** = `(Active stake from Marinade at end of epoch * Effective Bid) / 1000 + (Total Rewards Earned from Marinade Stakers * Commission Rate)` The `Commission Rate` is taken separately for inflation rewards, MEV rewards, and block rewards, based on the lower value between the on-chain commission and the configured commission in the validator's bond. {% hint style="info" %} The settlement created for a given epoch can contain extra SOL from the bond, allowing Marinade to enforce the minimum of 1 SOL per stake account. Any additional SOL in the settlement that is not used to pay for stake in that epoch will go back to the bond once the settlement expires after 3 epochs. {% endhint %} *** ## `maxStakeWanted` Parameter The `maxStakeWanted` parameter defines the **maximum amount of Marinade stake (in SOL)** that a validator **wants** to receive through the Stake Auction Marketplace (SAM). This is a **cap**, not a guarantee. Validators must still place competitive bids and win stake through the auction process. This setting gives validators more control over how much stake they want from Marinade. If you want to limit the amount of stake you receive through SAM, you **must explicitly set `maxStakeWanted`**. If it is left unset (`0` or undefined), Marinade treats it as **no cap**, meaning you may receive any amount of stake based on your bond size and how competitive your bid is. Even when `maxStakeWanted` is set, it only affects **new stake** considered for delegation. It does **not remove** any stake that has already been delegated to you. You will **still pay for all the stake you currently hold**, regardless of your `max_stake_wanted` setting. **If you do not want to receive any stake from Marinade at all**, simply setting `maxStakeWanted` to zero is not enough. You must **fully withdraw your validator bond**. Remaining bonded means you will continue to participate in auctions and may receive stake if your bid wins. ### **How It Works** * Marinade enforces the `maxStakeWanted` cap during each auction cycle * You must still win stake by placing a competitive bid and maintaining an active validator bond * If your existing delegated stake is already equal to or above the cap, no additional stake will be delegated to you #### **Examples** **Example 1 – Capped growth:** * If a validator sets `maxStakeWanted` to `25,000 SOL` and already has `22,000 SOL` delegated from Marinade: * Even if they have enough SOL in their validator bond, place a competitive bid, and are otherwise eligible for more stake, Marinade will only delegate **up to 3,000 SOL more** * This is because the `maxStakeWanted` parameter caps the total Marinade stake the validator wants to receive **Example 2 – Cap below current stake:** * If a validator currently has `40,000 SOL` delegated from Marinade and later sets `maxStakeWanted` to `30,000 SOL`: * Marinade **will not remove** the extra 10,000 SOL immediately * The `maxStakeWanted` cap only applies to **new stake**, so the validator will continue paying for the full 40,000 SOL unless action is taken * To reduce stake over time, the validator can: * Lower their bid so they become less competitive * Withdraw some of their bond to reduce stake capacity * Wait for other validators to outbid them, causing stake to be reallocated over several epochs ### **Disabling the Cap** To effectively disable the limit and ensure you are not capped as Marinade’s TVL grows, set `max_stake_wanted` to `0`. *** ## Stake Matching To support a broader set of validators and make participation in Marinade’s Stake Auction Marketplace (SAM) more accessible, Marinade offers **stake matching** for validators who attract external stake. ### **What is Stake Matching?** If a validator brings in external (non-self) stake, Marinade may match **10% to 30%** of that amount with its own delegation. The matched portion **does not require a bond**, making it easier for validators to earn Marinade stake without locking up additional capital. ### **How It Works** * **Matching range:** 10% to 30% of eligible external stake * **No bond needed:** Only upcoming bid epochs need to be covered * **Auction requirement:** Validators must still **win stake through the auction** to receive both direct and matched stake * **Per-validator cap:** Up to **0.4% of Marinade’s total TVL in SOL** can be matched per validator * **Program scale:** Stake matching scales dynamically with participation and available stake. There is no fixed cap. #### **Example:** With 10 million SOL in TVL, a validator can receive up to 40,000 SOL in matched stake. ### **Why It Matters** * Reduces the capital barrier for gaining stake * Makes SAM more accessible to validators * Helps maintain a diverse and high-performing validator set * Supports Marinade’s goal of delivering **the best yield on Solana** *** ## Bid Reduction Penalty Validators receiving stake should not lower their CPMPE to retain stake for more epochs while not paying the initial bid that allowed them to acquire that stake in the first place. This behaviour creates inefficiencies and forces Marinade to rebalance stake, reducing the stakers' APY. To prevent that behaviour, Marinade installed a Bid-Reduction Penalty. If a validator reduces its bid performance abruptly after receiving stake from the auction using a higher bid initially, it will pay a penalty from its bond. The penalty is calculated according to the following formula: ``` limit = min(effBid, effBid[-1], effBid[-2], effBid[-3]) bondObligationPmpe = bidPmpe + blockPmpe + bondsInflationPmpeDiff + bondsMevPmpeDiff penaltyCoef = min(1, sqrt(1.5 * max(0, limit - bondObligationPmpe) / limit) penaltyPmpe = winningTotalPmpe + effBid penalty = penaltyCoef * penaltyPmpe * marinadeActivatedStakeSol / winningTotalPmpe ``` Where: `effBid[-i]` is the `effBid` of the auction `i` epoch in the past, `bondObligationPmpe` is the total pmpe obligation of the validator to be paid from its bond. It comprises: the static bid pmpme (cpmpe), the block rewards pmpe, the inflation/mev commission difference between the on-chain commission and the bond commission (if any), `winningTotalPmpe` is the auction winning pmpe for a 0-commission validator, including the bid, inflation, MEV and block rewards, `marinadeActivatedStakeSol` is the active delegated stake on this validator, `effBid` is the bid derived from the auction-winning APY that this validator would pay if he remains part of the winning set. If the validator neither lowered his static bid nor increased its commissions, no penalty is paid. If the validator lowers his bid or increases its commissions, he pays a full penalty according to the formula above. {% hint style="warning" %} ⚠️ **Important Clarification**: Paying the penalty does **not** entitle the validator to keep the stake.\ Validators who deliberately lower their bid performance to reduce payment obligations, even if they pay the associated penalty, **will be unstaked**. These validators should not have retained the stake in the first place under fair auction conditions. Marinade’s system will actively rebalance such stake allocations to protect the protocol and uphold fairness for both validators and stakers. {% endhint %} #### **Example A - Validator lowers its bid to 0** * Validator receives 100k SOL from Marinade, with 0% commission on MEV and inflation, 100% on block rewards and a CPMPE set at 0.15 * The validator lowers his static bid to 0 on Epoch N, leaving commissions at 0% * Effective Bid for the past 3 epochs and current epoch is 0.1 (for a 0-commission validator) * WinningTotalPmpe for the current epoch is 0.60 SOL ``` limit = min(0.1,0.1,0.1,0.1), so limit is 0.1 bondObligationPmpe = 0 + 0 + 0 + 0, so bondObligationPmpe is 0 PenaltyCoef = min( 1, sqrt(1.5 * max (0, 0.1 - 0) / 0.1), so PenaltyCoef is 1 PenaltyPmpe = 0.60 + 0.1, so PenaltyPmpe is 0.70 Penalty = 1 * 0.7 * 100000/1000, so the Penalty is 70 SOL. ``` #### **Example B - Validator lowers its bid to 0.075** * Validator receives 100k SOL from Marinade, with 0% commission on MEV and inflation, 100% on block rewards and a CPMPE set at 0.15 * The validator lowers his bid to 0.075 on Epoch N, leaving commissions at 0%. We can see here that the the bid is lowered from 0.15 to 0.075 while the effective auction bid is set at 0.1 as for last 3 epochs. * Effective Bid for the past 3 epochs and current epoch is 0.1 (for a 0-commission validator) * WinningTotalPmpe for the current epoch is 0.60 SOL ``` limit = min(0.1,0.1,0.1,0.1), so limit is 0.1 bondObligationPmpe = 0.075 + 0 + 0 + 0, so bondObligationPmpe is 0.075 based on bid reduction PenaltyCoef = min( 1, sqrt(1.5 * max (0, 0.1 - 0.075) / 0.1), so PenaltyCoef is 0.61237243569 PenaltyPmpe = 0.60 + 0.1, so PenaltyPmpe is 0.70 Penalty = 0.61237243569 * 0.7 * 100000/1000, so the Penalty is 42.8660704983 SOL. ``` #### **Example C - Validator increases its commission** * The validator receives 100k SOL from Marinade, with 0% commissions and a CPMPE set at 0.025. * The validator keeps the same bid from Epoch N-3 to Epoch N, but increases its block commission to 5% in Epoch N. This results in an obligation to pay **0.05 pmpe**, which is lower in total compared to the effective bid of the epoch that remains at 0.1. The 0.05 is calculated from the ratio of block rewards earned from the Marinade stake. The rewards are computed as an average over several past epochs. * The Effective Bid for the past 3 epochs and the current epoch is 0.1. * The WinningTotalPmpe for the current epoch is 0.60 SOL. ``` limit = min(0.1, 0.1, 0.1, 0.1), so limit is 0.1 bondObligationPmpe = 0.025 + 0.05 + 0 + 0, so bondObligationPmpe is 0.075 based on commission increase PenaltyCoef = min( 1, sqrt(1.5 * max (0, 0.1 - 0.075) / 0.1), so PenaltyCoef is 0.61237243569 PenaltyPmpe = 0.60 + 0.1, so PenaltyPmpe is 0.70 Penalty = 0.61237243569 * 0.7 * 100000/1000, so the Penalty is 42.8660704983 SOL. ``` #### **Example D - Validator does not lower its bid but request a withdraw from their bond** * Validator receives 100k SOL from Marinade, with 0% commission on MEV and inflation, 100% on block rewards and a CPMPE set at 0.15 * The validator conserves his bid from Epoch N-3 to Epoch N where bond is withdrawn * Effective Bid for the past 3 epochs and current epoch is 0.1 (for a 0-commission validator) * WinningTotalPmpe for the current epoch is 0.60 SOL * After a few epochs, the validator can withdraw its bond and exit the auction without paying any penalty. ``` limit = min(0.1,0.1,0.1,0.1), so limit is 0.1 bondObligationPmpe = 0.1 + 0 + 0 + 0, so bondObligationPmpe is 0.1 as bid is conserved PenaltyCoef = min( 1, sqrt(1.5 * max (0, 0.1 - 0.1) / 0.1), so PenaltyCoef is 0 PenaltyPmpe = 0.60 + 0.1, so PenaltyPmpe is 0.70 Penalty = 00.7100000/1000, so the Penalty is 0 SOL. ``` *** ## Stake Distribution Ordering and Decentralization Constraints ### **Unstaking Priority Rules** An unstake priority is attributed to all validators: * **Ineligible Validators:** * Validators that do not meet the eligibility criteria are assigned a priority of **0**. * **Partially Covered Stake:** * Validators with a portion of their current stake not covered by their bond are assigned a priority ranging from **1 to N**, depending on the percentage of stake that remains uncovered. * **Overstaked Validators:** * Validators that are overstaked are assigned a priority from **N+1 to M**, based on the percentage of their stake from Marinade that is overstaked. #### **Unstaking Process:** * Marinade initiates the unstaking process starting with priority **0** and progresses in ascending order (1, 2, ..., M). * The process continues until the redelegation limit for the epoch is reached. Under normal conditions, roughly **0.7% of total TVL** can be rebalanced per epoch, keeping stake redistribution gradual and predictable. However, when validators lose eligibility due to insufficient bond funding, auction exits, or other eligibility failures, redelegation can temporarily accelerate significantly beyond this baseline. These spikes often represent the largest opportunities for eligible validators to receive new stake. ### **Stake Allocation** Marinade’s stake distribution operates through a unified pipeline that integrates SAM bids and collectively allocating the entire TVL. #### **Distribution Mechanics:** * **Priority-Based Distribution:** Stake is allocated starting from the highest-ranked validator down the list. * **Constraint Checks:** For each validator, the following constraints are verified before allocating stake: * **Validator TVL Constraint:** * Validators are limited to a **default stake cap of 15%** of Marinade’s TVL. * **ASO/Country Constraints:** * Ensures that staking to a validator does not exceed Solana's **30%** concentration for ASO and **30%** for Country. * **Bond Balance:** * Verifies that the validator’s bond balance is sufficient to cover downtime (PSR) and at least one epoch's worth of effective yield, including the bid. #### **Stake Allocation Process:** * **Sequential Allocation:** Stake is allocated to validators in order of their Max\_Yield, subject to the above constraints. * **Handling Ties:** * If two or more validators have the same Max\_Yield, the remaining stake is split equally among them. * Constraint checks are performed in parallel to ensure fair distribution. * **Completion:** The process continues until all available stake is distributed or no further allocations are possible due to constraints. * **Result:** This process returns a **list of validators sorted by Max\_Yield**, along with the **amount of stake each validator is allocated**. #### **Priority Adjustment:** * **Insufficient Allocation Scenario:** * If a validator's bid is too low or their bond has insufficient funds, they will receive less stake or no stake at all. * **Resolution:** Validators should keep their bond topped up to maintain the stake they already have. Those without stake yet should increase their bid to improve priority and secure stake allocation. *** ## Eligibility Criteria to Receive Stake From Marinade #### **For the Stake Auction Marketplace:** * Validator is not blacklisted (running harmful mods, commission rugs) * Validator runs a version of the node that is in the specified semver bounds. * Validator's final inflation commission is ≤ 7 % (bids and MEV commission can be used to offset a higher public commission.) * Validator's uptime was> 80% in each of the last 3 epochs, calculated using the stake-weighted average of vote credits. * Validator has created and funded its [PSR bond](https://marinade.finance/blog/psr-and-delegation-strategy-updates/). The PSR bond must contain enough SOL for: * One epoch of downtime (1 SOL per 10k SOL) * One epoch of "Maximum\_yield" for the epoch for the amount of stake received (set by the validator) * One epoch of bids (set by the validator) This [calculator](https://docs.google.com/spreadsheets/d/10p5vjJo6ncMns_baGpokWjfG3Bk1iduLtGn3-vjNUDw/edit?usp=sharing) can be used to estimate the bond size required for a given amount of stake. ### How to Exit the Stake Auction Marketplace If you start receiving stake from SAM, please note that **the only correct way to exit the marketplace is to request a withdraw from your bond.** This allows Marinade to re-delegate stake from you, and you will not be charged for this action. If you receive stake from SAM but lower your CPMPE, **Marinade will create a bond settlement for the expected yield that will be missed** (see Bid Reduction Penalty). *** ## Blacklist Policy The **Marinade Foundation** mandates **Marinade Labs** to use a proprietary methodology to determine which validators may be blacklisted from the Marinade Stake Auction Marketplace. Blacklisting is a last resort and is enforced only in clearly defined, verifiable cases, based on objective data and reproducible metrics. ### **General Principles** * Validators that **harm the network** may be subject to blacklisting. * The blacklist is **updated continuously** by Marinade Labs, without prior notice, based on criteria set forth by the Marinade Foundation. * The Marinade Foundation may **update blacklisting criteria at any time**, but in non-trivial cases, will do so **only with broad community consensus** and in support of Solana’s long-term health. ### **Grounds for Blacklisting** A validator may be blacklisted for: * Engaging in **MEV sandwich attacks** in over 30% of blocks they produce. * Intentionally introducing **latency** or degrading **network bandwidth**. * **Slow voting** (also known as vote lagging). * **Commission rugs**. * Failing to **restart their node within 36 hours** after a cluster restart due to a halt, if it occurs at least twice. * Any other form of **malicious MEV behavior**. ### **Consequences** * Blacklisted validators will be **excluded from Marinade delegation**. * Where applicable, **validator bonds may be penalized**. ### **Removal from the Blacklist** * If blacklisting was **unjustified** (e.g., due to misinterpreted performance issues), the validator will be removed after review and approval. * If rightfully blacklisted, a validator may be removed **only after reform and a minimum 1-month observation period**. * **Repeat offenders** are **permanently blacklisted** and ineligible for Marinade stake. No appeals. * Validators blacklisted for **commission rugs** are **permanently excluded**. No appeals. *** ## Technical Details * The delegation strategy scoring runs once per epoch. * At the end of each epoch, Marinade's bot performs actions to move our stake distribution towards the desired state. * Marinade uses ipwhois for geolocation services and data center identification. The data is updated every 24 hours. * Marinade uses Solana on-chain data to collect all metrics about validators apart from geolocation * Marinade has a public API: * PSR bond also counts in the self-stake requirement of the [Solana Foundation Delegation Program ](https://solana.org/delegation-criteria#self-stake)(SFDP). Any SOL deposited in your bond will count towards your total self-stake. *** ## Useful Resources * PSR dashboard and simulation: * Directed stake dashboard: * Bonds repository: * Bonds CLI package: [https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli?activeTab=readme) * Google Bucket: * GitHub: * * * # Bond Notifications The notification system monitors the state of your validator bond and alerts you when something important changes. The notification system monitors the state of your validator bond and alerts you when something important changes. ## How Notifications Work The processing pipeline works as follows: 1. **State monitoring -** The system periodically checks the state of all bonds participating in the SAM Auction (bond balance, auction status, eligibility, etc.). 2. **Change detection -** When a relevant change is detected for your bond (e.g., your bond becomes underfunded, you exit the auction), an event is generated. 3. **Notification delivery -** The event is evaluated, prioritized, and delivered to you via your subscribed channels (Telegram, Email, or the CLI notifications view). You only receive notifications when something **changes**. The system does not repeatedly alert you about a persistent condition. For ongoing issues (e.g., underfunding), re-alerts are sent at most once per 24 hours and only if the condition changed significantly. ### Notification Types * **Bond underfunded -** Your bond's SOL balance is insufficient to cover SAM Auction costs for the delegated stake. The system tracks how many epochs your current balance can sustain. You'll receive a **critical** alert when coverage drops below 2 epochs, and a **warning** when it drops below 10 epochs. Only deficits >= 0.5 SOL trigger a notification. * **Auction exited / entered -** Your validator left or joined the SAM Auction. Exiting is **critical**. Act quickly to avoid losing delegated stake. * **Cap constraint changed -** The binding constraint limiting your delegated stake changed. Only the `BOND` cap type (your bond size is the limiting factor) triggers a notification; other cap types (e.g., country) are system-managed and suppressed. * **Bond removed -** Bond is no longer visible in on-chain data. This is a **critical** alert. This may indicate accidental bond closure. You will lose all delegated stake if not resolved. * **Bond balance changed -** SOL balance on your bond account changed. * **SAM eligibility changed -** Validator SAM eligibility toggled (e.g., due to delinquency). Ineligibility means Marinade won't delegate to you even if your bid is competitive. * **Announcements -** Broadcast messages from Marinade to all validators. {% hint style="warning" %} We are currently in beta. Thresholds, priority levels, and notification frequency may change during testing. {% endhint %} *** ## Subscribing to Notifications ### **Requirements** * The `validator-bonds` CLI - install it via [npm](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli): `npm install -g @marinade.finance/validator-bonds-cli` * Your **bond authority keypair** or **validator identity keypair** (file-based keypair or Ledger hardware wallet) #### **Subscribe via Telegram** ```bash validator-bonds subscribe \ --type telegram \ --address @YourTelegramHandle \ --authority /path/to/authority-keypair.json ``` The CLI signs an off-chain message with your authority keypair to prove bond ownership. Your browser then opens a Telegram deep link. Press **Start** in the bot to activate. Notifications are not delivered until you confirm in Telegram. If the browser does not open automatically, copy the link from the CLI output manually. {% hint style="info" %} The Telegram activation is required **every time** you subscribe or re-subscribe, even for the same bond. Always go through the CLI first. {% endhint %} #### **Subscribe via Email** ```bash validator-bonds subscribe \ --type email \ --address your@email.com \ --authority /path/to/authority-keypair.json ``` Unlike Telegram, email subscriptions are active immediately. No additional confirmation step is needed. ### **Subscription Scope** A subscription currently covers **all notification types** for the given bond. Granular subscription modes (e.g., subscribing only to critical alerts or specific event types) are not available at this time and may be added in the future. #### Viewing Your Subscriptions To see your active subscriptions for a bond: ```bash validator-bonds subscriptions \ --authority /path/to/authority-keypair.json ``` Use `-f json` or `-f yaml` for machine-readable output. ## Unsubscribing #### **Unsubscribe a specific channel address:** ```bash validator-bonds unsubscribe \ --type telegram \ --address @YourTelegramHandle \ --authority /path/to/authority-keypair.json ``` **Unsubscribe all subscriptions of a given type** (omit `--address`): ```bash validator-bonds unsubscribe \ --type telegram \ --authority /path/to/authority-keypair.json ``` {% hint style="info" %} Unsubscribing requires signing with the bond authority or validator identity keypair, the same as subscribing. {% endhint %} ## Viewing Notifications ```bash validator-bonds show-notifications ``` Notifications have a relevance window (typically 2–5 days depending on the event type). Older notifications will no longer appear in this view. To view broadcast announcements from Marinade: ```bash validator-bonds show-notifications ``` ### Quick Reference
ActionCommand
Subscribe (Telegram)validator-bonds subscribe <BOND> --type telegram --address @handle --authority keypair.json
Subscribe (Email)validator-bonds subscribe <BOND> --type email --address you@email.com --authority keypair.json
List subscriptionsvalidator-bonds subscriptions <BOND> --authority keypair.json
Unsubscribe specificvalidator-bonds unsubscribe <BOND> --type telegram --address @handle --authority keypair.json
Unsubscribe all of typevalidator-bonds unsubscribe <BOND> --type telegram --authority keypair.json
View notificationsvalidator-bonds show-notifications <BOND>
View announcementsvalidator-bonds show-notifications
`` can be either a **bond account address** or a **vote account address**. ### Ledger Hardware Wallet Support All subscribe and unsubscribe commands support Ledger hardware wallets. Pass your Ledger as the `--authority` option and the CLI will prompt you to confirm the off-chain message signing on the device. *** ## Feedback This notification system is under active development. If you have feedback on notification content, frequency, missing events, or the subscription experience, please reach out to us on [Discord](https://discord.gg/DAyESeVE). # Bond Risk Reduction Mechanism Covers the Bond Risk Reduction Mechanism: what triggers it, how the fee is calculated, and what validators need to do to avoid it. When a validator's bond falls below the minimum required coverage for their Marinade stake allocation, Marinade will undelegate a portion of their stake so that the remaining stake is still covered by their bond, and charge a fee from their bond. The fee compensates stakers for the cost of that redelegation. ## Why This Exists > Under-bonded validators used to push the cost of redelegation onto stakers. This mechanism shifts that cost back to the validator responsible for it. When Marinade delegates stake to a validator, stakers are placing trust in that validator. The bond is the collateral that backs that trust. It covers obligations like PSR settlements and auction bid costs across multiple epochs. If a validator's bond is too small relative to their stake allocation, stakers are exposed to risk without adequate protection. Historically, when validators remained in the auction without maintaining adequate bond coverage, Marinade was forced to undelegate their stake. Stakers absorbed the cost of that process, including the warmup period and opportunity cost of moving stake to a properly bonded validator. This was not fair to stakers. The Bond Risk Reduction Mechanism fixes this. When underfunding occurs, a portion of the validator's stake is undelegated and a fee is charged from their bond to cover the cost of that redelegation. Stakers are compensated directly. The cost falls on the validator, not the staker. This is not a penalty for bad behavior. It is risk compensation. If a validator maintains adequate bond coverage, the mechanism never triggers. #### Not the same as the Bid Reduction Penalty The Bond Risk Reduction Mechanism and the [Bid Reduction Penalty](/marinade-protocol/protocol-overview/stake-auction-market#bid-reduction-penalty) look similar from the outside (both charge the validator's bond and may move stake away), but they address different situations: | Aspect | Bid Reduction Penalty | Bond Risk Reduction Mechanism | | -------------------------------- | ----------------------------------------------------------- | ------------------------------------------------------------------ | | **Trigger** | Validator lowers their static bid versus the previous epoch | Validator's claimable bond is too small for the stake they hold | | **What it measures** | Whether past bids are being honoured | Whether the bond can cover future obligations | | **Action on stake** | Stake may be reallocated away (separate rebalancing step) | Stake is directly undelegated in the same epoch the fee is charged | | **Can both apply in one epoch?** | Yes, they are independent checks | Yes, they are independent checks | A validator keeping their bid high but letting their bond drift down will not trigger the Bid Reduction Penalty but may well trigger the Bond Risk Reduction Mechanism. Conversely, cutting the bid with an adequate bond triggers the Bid Reduction Penalty but not the Bond Risk Reduction Mechanism. ## How It Works > Each epoch, if the bond is too small for the stake it holds, Marinade undelegates enough stake to restore coverage and charges a fee from the bond to cover the cost. Every epoch, Marinade checks whether a validator's bond balance is sufficient to cover their current stake allocation. If the bond falls below the minimum threshold, two things happen: * A portion of the validator's stake is undelegated, sized so that the remaining bond adequately covers the remaining stake. * A fee is charged from the bond and distributed to stakers to compensate for the cost of that redelegation. {% hint style="warning" %} If the remaining stake after partial undelegation would require less than 7 SOL in bond, complete undelegation will occur rather than leaving a small underfunded position. {% endhint %} ## When the Mechanism Triggers > The mechanism runs once per epoch and fires when the claimable bond covers less than 5 epochs of revenue on the current Marinade stake. The mechanism triggers when a validator's bond balance falls below the minimum required to cover their current Marinade stake allocation for at least 5 epochs of revenue. A key point for validators: `expectedMaxEffBidPmpe` can never exceed the validator's own bid. Maintaining a bond that covers your own bid for the required number of epochs is always sufficient to avoid the fee. If your bond covers less than that, you are at risk. Validators can see their `expectedMaxEffBidPmpe` and other relevant values in the SAM auction data results. ## How Much Bond Is Required > 5 epochs of coverage is the floor that avoids the fee. 13 epochs is the target that keeps you eligible for new stake. To avoid triggering the mechanism, a validator's bond must cover at least 5 epochs of revenue for their stake allocation. To receive new stake from Marinade, the bond must cover 13 epochs. Maintaining 13 epochs of coverage is the recommended target and ensures a validator is both protected from the fee and eligible for additional delegation. The practical rule: maintain a bond that covers your own bid for 13 epochs across your current stake allocation. Since `expectedMaxEffBidPmpe` can never exceed your own bid, this is always a safe and sufficient target. Validators can monitor their bond coverage on the [PSR Dashboard](https://psr.marinade.finance/). The column is color-coded for quick reference (expressed in raw epochs of coverage):
ColorCoverageMeaning
🔴 Red1 epoch or belowStake limited. At risk of Bond Risk Reduction Mechanism triggering
🟠 Orange2-5 epochsTop up immediately
🟡 Yellow6-12 epochsStake limited. Top up to increase capacity
🟢 Green13 epochs or aboveBond not limiting stake
{% hint style="info" %} [Bond Notifications](https://docs.marinade.finance/marinade-protocol/protocol-overview/stake-auction-market/bond-notifications) will alert validators when their bond coverage drops below 5 epochs, before the fee triggers. Setting up notifications is the easiest way to stay ahead of this. {% endhint %} {% hint style="info" %} **On the `bondGoodForNEpochs` field.** The SAM auction output exposes a related value named `bondGoodForNEpochs`. It is shifted so that **zero marks the fee threshold**: positive means headroom, negative means a fee is due this epoch. The dashboard's color coding above uses the raw number of epochs of coverage (where 5 marks the fee threshold). Both describe the same health state in different scales; use whichever is more natural for your tooling. {% endhint %} ## How the Fee Is Calculated The undelegation and fee are sized together so that after the fee is paid, the remaining bond covers the remaining stake for 13 epochs. In plain terms: the fee covers the cost of undelegating enough stake so that what remains is fully backed by the remaining bond. For validators who want the full detail, the calculation works as follows. **Variables:** * **bondBalance:** The validator's current bond balance in SOL. Pending withdrawals count fully against this. Only the **claimable** portion supports coverage. * **marinadeStake:** The validator's current Marinade stake allocation in SOL. * **expectedMaxEffBidPmpe:** The maximum effective bid in PMPE expected for this validator. This can never exceed the validator's own bid. Visible in SAM auction data results. * **onchainDistributedPmpe:** The on-chain distributed PMPE for the epoch. * **auctionEffectiveBidPmpe:** The validator's actual effective bid in the auction. ### **Step 1: Coverage coefficients** The minimum coverage coefficient (5 epochs): ``` minBondCoef = (onchainDistributedPmpe + 5 x expectedMaxEffBidPmpe) / 1000 ``` The ideal coverage coefficient (13 epochs): ``` idealBondCoef = (onchainDistributedPmpe + 13 x expectedMaxEffBidPmpe) / 1000 ``` The fee coefficient (actual revenue rate per 1,000 SOL per epoch): ``` feeCoef = (onchainDistributedPmpe + auctionEffectiveBidPmpe) / 1000 ``` ### **Step 2: Undelegation amount** The amount of stake undelegated is calculated so that the remaining bond covers the remaining stake for 13 epochs after the fee is paid: ``` base = max(0, marinadeStake - bondBalance / idealBondCoef) coef = 1 - feeCoef / idealBondCoef undelegation = coef > 0 ? min(marinadeStake, base / coef) : marinadeStake ``` ### **Step 3: Fee** ``` bondRiskFeeSol = bondRiskFeeMult x undelegation x feeCoef ``` **Invariant:** After the fee is paid, the remaining bond covers the remaining stake for 13 epochs: ``` (bondBalance - bondRiskFeeSol) / idealBondCoef >= marinadeStake - undelegation ``` ### **Example** Using approximate values from recent epochs (winning PMPE around 0.35–0.40, so `expectedMaxEffBidPmpe` ≈ **0.75** as a conservative upper bound), and assuming `bondRiskFeeMult = 1`. Given a validator with: * Bond balance: **180 SOL** * Marinade stake: **50,000 SOL** * `onchainDistributedPmpe` = 0.35, `expectedMaxEffBidPmpe` = 0.75, `auctionEffectiveBidPmpe` = 0.75 **Trigger check:** Does the bond cover the minimum 5 epochs? * minBondCoef = (0.35 + 5 × 0.75) / 1000 = **0.0041** * Required bond: 50,000 × 0.0041 = **205 SOL** * 180 SOL < 205 SOL → mechanism triggers. **Fee calculation:** Size the undelegation so that the remaining bond covers the remaining stake for 13 epochs after the fee is paid. * idealBondCoef = (0.35 + 13 × 0.75) / 1000 = **0.0101** * feeCoef = (0.35 + 0.75) / 1000 = **0.0011** * base = max(0, 50,000 − 180 / 0.0101) = max(0, 50,000 − 17,822) = **32,178 SOL** * coef = 1 − 0.0011 / 0.0101 = **0.8911** * undelegation = min(50,000, 32,178 / 0.8911) = **≈ 36,111 SOL** (partial) * bondRiskFeeSol = 1 × 36,111 × 0.0011 ≈ **39.7 SOL** **Result:** Approximately **36,111 SOL** is undelegated and **≈ 40 SOL** is charged from the bond and distributed to stakers. The validator keeps **≈ 13,889 SOL** of Marinade stake, and the remaining bond (≈ 140 SOL) covers that amount for the ideal 13 epochs, restoring the invariant. **When the bond is very small relative to stake**, the undelegation step saturates at the full stake (complete undelegation). For example, the same parameters with a 26 SOL bond and 45,000 SOL stake produce `undelegation = 45,000 SOL` (complete) and `bondRiskFeeSol ≈ 49.5 × bondRiskFeeMult SOL`. ### Configuration Reference
ParameterProductionDescription
minBondBalanceSol7 SOLMinimum bond balance before complete undelegation occurs
idealBondEpochs12Target bond coverage in epochs (13 epochs total)
# Activating Stake Fee A guide to the activating stake fee under SAM, including how it is calculated and how validators can manage participation. ## Activating Stake Fee The activating stake fee is a one-time charge on new stake delegated to a validator through the SAM auction. It is sized by how far the validator's bid sits above the auction clearing rate. The fee funds the re-delegation that brings that new stake in, which lets Marinade move more stake to high bidders and improves staker APY. ### Why this exists Stakers trust Marinade to allocate their stake to the validators that deliver the most value. All Marinade staking products that use SAM rely on this. SAM achieves this through an auction, where validators bid for stake. Stake then needs to be re-delegated from lower-bidding validators to higher-bidding ones as bids change. Re-delegation has a real cost: stake spends one epoch unproductive while it deactivates and reactivates, which reduces staker APY. Without a way to fund that cost, Marinade can only re-delegate when the bid revenue from the destination validator at least partially offsets the activation hit. In a slower bid environment, this means less re-delegation and longer waits for validators to receive meaningful stake from SAM. The activating stake fee unlocks this bottleneck. Validators who win new stake pay a fee that helps Marinade cover the cost of the re-delegation that brought it in. The fee revenue funds further re-delegation, which lets Marinade move more stake to high bidders. Validators get faster access to stake when they bid for it, and stakers get higher APY because their stake reaches better validators sooner. ### How payments work Validators continue to pay the existing per-epoch payment on their active SAM stake. This is the auction bid payment described in the [SAM overview](/marinade-protocol/protocol-overview/stake-auction-market). The activating stake fee is paid **on top of** this, on activating stake only. Activating stake means stake that Marinade just delegated to the validator. The full payment for an epoch is: ``` payment = auctionEffectiveBidPmpe × activeStake / 1000 + max(0, bidPmpe - auctionEffectiveBidPmpe) × activatingStake / 1000 ``` The new term is the activating fee. The size of the fee comes from the **overbid**: the gap between a validator's `bidPmpe` and the auction's `auctionEffectiveBidPmpe`. A larger overbid means a larger fee on each unit of activating stake. Each unit of new stake is charged exactly once. It appears as activating in one epoch's snapshot, then transitions to active in the next. ### Worked examples Two validators with the same auction rank pay the same activating fee, regardless of commission. A higher commission raises both `bidPmpe` and `auctionEffectiveBidPmpe` by the same amount, so the overbid that drives the fee stays constant. #### **Example 1: scaling with the overbid** Both validators have 100,000 SOL of activating stake. | | Validator A | Validator B | | ----------------------- | ----------- | ----------- | | bidPmpe | 0.420 | 0.480 | | auctionEffectiveBidPmpe | 0.387 | 0.387 | | Overbid | 0.033 | 0.093 | | Activating fee | 3.3 SOL | 9.3 SOL | The fee scales linearly with the overbid. A larger gap above the clearing rate means a larger fee on each unit of activating stake. #### **Example 2: scaling with activating stake** Both validators have the same overbid of 0.033. | | Validator C | Validator D | | ---------------- | ----------- | ----------- | | Activating stake | 100,000 SOL | 250,000 SOL | | Activating fee | 3.3 SOL | 8.25 SOL | The fee scales linearly with the amount of activating stake received in the epoch. #### **Example 3: same rank, different commissions** Two validators with the same auction rank but different commission structures. | | Validator E | Validator F | | ----------------------- | ----------- | ----------- | | bidPmpe | 0.420 | 0.450 | | auctionEffectiveBidPmpe | 0.387 | 0.417 | | Overbid | 0.033 | 0.033 | | Activating stake | 100,000 SOL | 100,000 SOL | | Activating fee | 3.3 SOL | 3.3 SOL | Both validators pay the same fee because their overbid is identical. Commission structure does not create unfairness in the activating fee. ## Managing your participation The activating fee can recur. As long as a validator is bidding above clearing and has room under their `maxStakeWanted` cap, Marinade may continue allocating new stake to them in subsequent epochs. Each new allocation triggers its own activating fee. Validators have two levers to manage how much new stake they receive, and therefore how much they pay. * **Lower `maxStakeWanted`:** Setting `maxStakeWanted` at or below current active stake means no new stake will be allocated, regardless of the bid. Existing active stake stays delegated. This is the cleanest way to stop receiving new allocations without affecting bid history. * **Lower `bidPmpe`:** Reducing the bid lowers the overbid and the fee per unit of activating stake. It also lowers the validator's auction rank, which in most cases means losing the rank required to win new stake at all. Validators typically need to be first in the rank order to win stake, so a lower bid often results in no allocation rather than a smaller fee. Lowering `bidPmpe` from one epoch to the next can also trigger the [Bid Reduction Penalty](/marinade-protocol/protocol-overview/stake-auction-market#bid-reduction-penalty) (`bidTooLowPenalty`). Adjusting `maxStakeWanted` is almost always the better lever. ### When changes take effect Changes to `maxStakeWanted` and `bidPmpe` take effect in the next auction. Validators should set new values before the end of the current epoch so they are picked up. ### Previewing activating stake The [PSR dashboard](https://psr.marinade.finance/) shows an estimation of incoming delegation for the current epoch before the snapshot locks. Validators can use it to anticipate the fee before it settles. #### Related mechanisms The activating stake fee and the [Bond Risk Reduction Mechanism](/marinade-protocol/protocol-overview/stake-auction-market/bond-risk-reduction-mechanism) both reference `auctionEffectiveBidPmpe` and can apply in the same epoch, but they cover different situations. The activating stake fee charges validators on new stake won through the auction. The Bond Risk Reduction Mechanism applies when a validator's bond is below the minimum required for their existing active stake. {% hint style="info" %} For the governance context behind this change, see [MIP-19 on the Marinade Forum](https://forum.marinade.finance/t/mip-19-improving-sam-auction-stake-priority-bond-risk-reduction-mechanism-higher-validator-caps/1969). {% endhint %} # Staking Rewards Report Learn how to use the Staking Rewards Report to view and export your Marinade native staking rewards by epoch, and understand what the data represents. ## Overview {% embed url="" %} The Staking Rewards Report is a self-service tool that provides a summary of staking rewards earned through Marinade’s **native staking**. It is designed to help users better understand rewards earned over time by presenting staking activity in a structured, historical view. The report is intended for **reference and transparency**, and reflects indexed staking reward data rather than wallet balance changes. *** ## What the Staking Rewards Report Shows The report displays staking-related rewards and activity from Marinade native staking in a filterable view. You can customize the report using the following options: #### **Type**
* Inflation Reward * MEV Reward * Marinade Settlement * Deposit * Withdrawal #### **Date Range**
* Current month, Last month * This year, Last year * All time, Custom range #### **Group By**
* Day, Week, Month * Epoch, Year All values shown represent **earned rewards**, displayed in both **SOL** and **USD** (where applicable), and are aggregated based on the selected grouping. *** ## What’s Included vs. Excluded #### Included * Rewards earned from Marinade **native staking**, including **Max Yield** and **Select** * Earned reward amounts displayed in **SOL** and **USD** * Aggregated staking reward records based on the selected grouping #### Not Included * Wallet transfers unrelated to staking * Liquid staking (mSOL) rewards * The amount of SOL staked for each reward entry * Validator-level performance or commission breakdowns * Intraday or real-time reward accrual *** ## How to Request Your Staking Rewards Report ### Step 1: Connect Your Wallet 1. Go to [**https://app.marinade.finance/**](https://app.marinade.finance/) and connect your wallet. 2. Open the **Portfolio** tab.
Under **Positions**, you should see any staking positions associated with the connected wallet. This may include stake accounts not created directly through Marinade. If no positions are found, you may see:
> *“It looks like you don’t have any positions yet. You can start staking with Marinade and earn rewards!”* **Notes:** * Only positions associated with the **connected wallet** can be displayed * Assets deposited into DeFi protocols or not held directly in the wallet may not appear * This applies to other liquid staking tokens (LSTs) as well ### Step 2: Request Your Rewards Data 1. Open the **Rewards** tab. 2. If this is your first time using the tool, you’ll see an option to **Request data**. 3. Click **Request data**.
You’ll be prompted to optionally enter an email address with the message:
> *“Data are usually generated within 24 hours. Enter your email, and we'll notify you as soon as it's ready.”* Providing an email is optional but recommended. {% hint style="warning" %} **Security note:** We only send notifications from **@marinade.finance**. {% endhint %} 4. Click **Confirm**.\ Your request will typically complete within **24 hours**.
### Step 3: View Your Report Once ready: * You’ll receive an email notification if you provided an address, or * You can reconnect your wallet and return to the **Rewards** tab
From there, you can: * View and sort rewards * Group data by your preferred timeframe * Export the report if needed If you see **“No rewards found”**, it means no eligible records were found for the connected wallet.
**Currently supported:** Marinade native staking (**Max Yield** and **Select** only). *** ## Data Refresh & Updates The Staking Rewards Report does not automatically refresh every epoch. The report shows the most recently indexed data, along with a timestamp indicating when it was last updated. To fetch the latest data, click **“Request latest data”** in the report.
After requesting a refresh: * Staking activity is re-indexed * The process typically takes **up to 24 hours** * Updated data will appear once indexing completes Providing an email allows us to notify you when the report is ready. *** ### Understanding Small or Zero Rewards Seeing very small, infrequent, or zero rewards for a given period is usually expected. Common reasons include: * Your stake was activated partway through an epoch * Rewards are still pending finalization or indexing * Rewards are aggregated by epoch rather than continuously * Solana staking rewards accrue per epoch (typically **\~2 days**), so when grouping by **Day**, rewards may appear only every couple of days * Small reward amounts may round down when displayed * Displayed USD values are estimates based on historical pricing and may differ slightly due to rounding *** ## Exporting Your Report The Staking Rewards Report can be exported for offline review.
#### Export Format * CSV * PDF * XLSX #### Export Scope * **Selected data** – reflects current filters and grouping * **Raw data** – exports the underlying ungrouped dataset Exports are provided for convenience and reference. *** ## Getting Help If something looks incorrect or unclear, please contact [Marinade Support](https://help.marinade.finance/en/). To help us assist you faster, include: * Your wallet address * Approximate staking timeframe and amount * Your email address * Any relevant transaction links (if available) *** *This report is provided for informational purposes only. Users are responsible for determining how staking rewards should be reported for tax purposes under their local laws. Marinade is not responsible for tax outcomes resulting from the use of this report.* # FAQ 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 is a stake automation platform built on Solana. It continuously monitors the validator landscape and delegates your stake using a transparent, on-chain strategy called the [Stake Auction Market](/marinade-protocol/protocol-overview/stake-auction-market), designed to maximize staking rewards while supporting network decentralization. Marinade offers two ways to stake: * **Marinade Liquid.** Stake SOL and receive mSOL, a liquid token you can use across Solana DeFi while continuing to earn staking rewards. * **Marinade Native.** Benefit from Marinade's delegation strategy with no smart contract interaction. You retain full custody of your SOL at all times. *** ## Is Marinade custodial? No, Marinade is a non-custodial protocol. When staking to Marinade and receiving mSOL, you trade the custody of your SOL to receive custody over your received mSOL. With Marinade Native, you retain custody over your SOL at all times. Marinade is also permissionless, meaning that our bot or our smart contracts can be interacted with by anyone, even in the absence of the team. *** ## **What is liquid staking?** Liquid staking is an alternative to traditional staking (or native staking). It allows users to benefit from a protocol's staking rewards while receiving a receipt token (mSOL) for their staked SOL that can be used in DeFi, making their staked assets liquid. Liquid staking also allows an instant unstake of your staked assets. *** ## What is Marinade Native? Marinade Native is a product released in July 2023 that allows users to benefit from Marinade's delegation strategy and have their stake automatically monitored and rebalanced, all while avoiding smart contract risk. In exchange, the user does not receive mSOL and cannot use DeFi to look for additional yield. *** ## **How long does it take to stake and unstake?** With Marinade, you can start staking SOL at any time from the UI. Your stake will begin earning yield from the first full epoch after it is activated. You can also unstake from the UI at any time, using one of two options: * [**Instant Unstake**](https://marinade.finance/features/instant-unstake) * For liquid staking (mSOL), the instant option is a swap via DEX from mSOL to SOL at the current market rate. * For native staking (including Marinade Native), the app shows a quote from a market maker for converting your staked SOL back to liquid SOL in one transaction. * In both cases you see an estimated receive amount before confirming, so you can decide whether you’re happy with the quote. * **Delayed Unstake** * If you don’t want to take a market quote, you can use delayed unstake. * Your position is scheduled to unlock and your SOL becomes claimable after **1 epoch**. * This option avoids price impact and simply follows Solana’s native unstaking flow. For an overview of any fees that apply to each path, see [**FAQ**](#what-fees-does-marinade-charge)**.** *** ## **Are staking rewards staked automatically?** Staking rewards are compounded automatically into the staked SOL. *** ## Do I get MEV rewards by staking with Marinade? Yes, you do. Marinade stakes to validator nodes running the MEV-optimized Jito validator client. Marinade collects and restakes these MEV rewards on the user's behalf. For mSOL holders, MEV is added to the price each epoch once rewards are claimed and added to the stake pool. For Marinade Native users, the MEV rewards are added to the user's stake. *** ## Has Marinade Been Audited? Please refer to our [Audits](/marinade-protocol/security/audits) *** ## **Where Are my SOL Tokens?** When you deposit your tokens, Marinade automatically spreads their delegation among the top-performing validators that actively participate to Solana decentralization (See [Stake Auction Market](/marinade-protocol/protocol-overview/stake-auction-market)). 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. If you use Marinade Native, your SOL tokens are in your wallet, in stake accounts, accumulating rewards. *** ## Where Can I See the Validators Marinade Delegates to? You can find the full list of our current validators on [our website](https://marinade.finance/app/validators/?sorting=score\&direction=descending) or find Marinade's on-chain account [here](https://solscan.io/account/4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk). *** ## How Long Does It Take for A Stake Account to Be Redelegated? Marinade allows you to directly deposit your stake account and receive mSOL in exchange. This means that if you are already staking with a single validator, you can easily jump on board. But what happens if you are delegating to one of the top validators, excluded from our delegation strategy? Marinade will accept it and redelegate it shortly after (if your stake account is [eligible](/marinade-protocol/faq#can-i-deposit-my-stake-account-directly)). Stake accounts are redelegated at the end of epochs and it can take 1 to 2 epochs to redelegate those stake accounts to validators chosen by our Stake Auction Market. *** ## How Can I Get mSOL? There are different ways of obtaining mSOL: * **Stake SOL to Marinade's staking pool and get mSOL**. This is the simplest way and has no fees. * **Trade for mSOL on secondary markets** (centralized or decentralized exchanges like Coinbase, Raydium, Orca, etc.). Please keep in mind that in this case, you might be paying trading fees. *** ## Where Can I Use mSOL? mSOL can be used in many DeFi protocols, all without losing your staking rewards. For example, you can: * Add mSOL to a liquidity pool on a decentralized exchange * Lend your mSOL or use it as collateral on borrowing/lending protocols * Supply mSOL to yield farming protocols * Trade with your mSOL on CEXs and DEXs * Etc. We are always on the lookout for new protocols where mSOL could be integrated. *** ## How is mSOL's APY Calculated? There are multiple ways to calculate the APY of a liquid staked token and they all have to rely on the projection of previous rewards over the next year. Nonetheless, Marinade tried its best to calculate and display the APY in the most honest and accurate way possible. Marinade calculates its displayed APY using a 30-day SMA of the 14-day APY. This means that in order to calculate the APY, Marinade uses the smart contract price of mSOL and compares it to the price mSOL had 14 days before. It does so every day and displays a final APY based on the average of those measurements over 30 days, projected over a year. You can see this data in our [stats page](https://stats.marinade.finance/). *** ## **Can I Deposit My Stake Account Directly?** Yes, you can deposit any stake account directly to Marinade. If you can't deposit your stake account, it can be for the following reasons: * Your stake account is not activated yet. This takes up to two epochs and you will have to try at a later time. * Your stake account contains less than 1 SOL. We have a limit to avoid bots and overload. *** ## **Any Public Sale or IDO?** Marinade is 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 sales. We plan to build our DAO around Marinade users and protocols. *** ## Does Marinade 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 on the [MNDE page](/the-mnde-token). *** ## How Can I Use My MNDE? MNDE can be used to participate in Marinade governance by locking your MNDE on Realms. Once your MNDE is locked, you can vote on proposals. The MNDE can be withdrawn by committing to a 30-day unlock period to get back the underlying MNDE. *** ## 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 your investment projects. If you have any doubts or questions, we will gladly discuss them with you on our Discord. *** ## Can I Use Marinade With A Hardware Wallet? 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. To interact with DeFi protocols, you will need to connect your hardware wallet to a compatible browser-extension wallet such as Phantom, Solflare, Backpack or Jupiter. Refer to your hardware wallet's official documentation for setup instructions. *** ## How To Check My Marinade Native Stake Accounts? Solana explorers sometimes have trouble displaying stake accounts handled by Marinade Native. If you would want to check that your stake accounts exist on-chain and still are under your custody, you can directly run the Solana CLI on your machine and use the command: ``` solana stakes --withdraw-authority ``` Replace `pubkey` by your pubkey and you will get a list of all the stake accounts that belong to your wallet, including the ones created by Marinade Native. *** ## What Fees Does Marinade Charge? ### Deposit Fee There is no deposit fee for any of the Marinade staking options. ### Unstake Fee #### Instant Unstake **For Marinade Native positions (and other regular native staking positions):** * **Fee:** Dynamic, typically between 10 and 40 basis points (0.10–0.40%). * **Applies to:** Marinade Native positions and other native staking positions exited via Instant Unstake. * **Notes:** Pricing is determined by an open market and depends on how market makers quote liquidity. The quote shown in the UI reflects the full execution price, including any fee or spread. **For Marinade Liquid (mSOL):** * **Fee:** No protocol fee. * **Notes:** This is effectively a swap, not a traditional unstake. Price impact may apply depending on swap size and available liquidity. #### Delayed Unstake (1-epoch delay) **For Marinade Native, Marinade Select, Marinade USDG and Marinade Liquid (mSOL):** * **Fee:** 0.2% (20 basis points). * **Notes:** Provides predictable exit pricing and shifts protocol revenue toward exit-based fees instead of continuously charging staking rewards. ### Performance Fee **Marinade Select:** * **Fee:** Dynamic protocol commission designed to align APY with other Marinade products. * **Validator commission:** 10 basis points (0.10%) * **Notes:** Helps unify product yields while maintaining consistent validator economics **Stake Auction Market (SAM):** * **75% fee on bid flow** (validators pay to receive stake) * **0% fee on staking rewards** *** ### Revenue Sharing & Transparency #### Revenue Allocation Protocol revenue is allocated by the Marinade DAO in accordance with approved governance proposals. Following [**MIP-17**](https://forum.marinade.finance/t/mip-17-refocusing-from-buybacks-to-building-liquidity/1960), the DAO shifted focus away from automatic MNDE buybacks and toward supporting protocol liquidity, stability, and long-term growth. Revenue may be used for: * Liquidity provisioning * Ecosystem development and operations * MNDE-related initiatives, including buybacks when approved by the DAO #### Transparency * [**Hextech Dashboard**](https://app.hex.tech/0195d1d1-bfc7-7001-8243-11ff2c293f01/app/Marinade-DAO-Revenue-030vg9JLITAA3GSoN8ee4y/latest) – DAO revenue, allocations, and historical activity * [**Marinade Realms Treasury**](https://v2.realms.today/dao/marinade/treasury) – On-chain governance and treasury management # Glossary ### APY Also known as Annual Percentage Yield, APY refers to the compounded returns you get on your assets over one year. In DeFi, the value of APY changes widely based on different factors and can change quickly. It is different than APR, which means "Annual Percentage Rate" and represents the returns of an investment over one year without compounding. ### Custodial / Non-custodial protocol In a custodial protocol, the protocol controls the keys of the assets you own and stores these assets on your behalf (think Binance or FTX). In a non-custodial protocol, the protocol does not have access to the private keys of the assets its users deposit. Moreover, the protocol cannot block any users from withdrawing their funds at any point, i.e., the smart contract that runs the protocol is permissionless and cannot be changed to stop the users from withdrawing their funds. For example, when you interact with Marinade, your SOL tokens are exchanged for mSOL, giving you ownership over a part of the staking pool. The mSOL tokens are equivalent in value to the SOL deposited. You can also get back your staked SOL tokens anytime by using the immediate unstake option without any hold-ups. This makes Marinade a non-custodial protocol. ### Delegators Delegators are those who let their SOL tokens count towards the stake of a selected validator through a smart contract. As a result, a part of the rewards distributed is automatically shared with the delegator based on the smart contract. ### Epoch In the Solana network, an epoch has a variable time corresponding to the time a [leader schedule ](https://docs.solana.com/terminology#leader-schedule)is valid. An epoch lasts an average of 2 days and you can follow the evolution of the current and previous epochs on [Solana Beach](https://solanabeach.io/) or directly on [Marinade](https://marinade.finance/app/staking). ### Liquidity Liquidity refers to the total available circulating supply of a given asset in a protocol. ### Liquidity Mining Liquidity mining is a distribution method where the tokens of a newly created platform are distributed between users who provide liquidities to the protocol. It aims at distributing those tokens over time instead of going with sales round. ### Liquidity Pool A liquidity pool is a smart contract where a pair of tokens is locked and made available for swaps. Any pair of tokens can have liquidity pools created for them (mSOL/SOL, SOL/USDC, MNDE/SOL, etc.). This smart contract allows anyone to exchange one of the tokens of the pair for the other, in exchange for a small fee distributed to the liquidity providers, people who made their liquidity available in this smart contract. Liquidity pools are one of the pillars of DeFi since they allow one to swap a token for another without the need for an order book and in a trustless manner. ### Multisig Wallet A multisig wallet is a crypto wallet with multiple layers of control to make transactions with the wallet. Such a wallet is defined by a set of smart contract rules that mandate numerous approvals from different users to transact from the wallet. ### Stablecoin A stablecoin is a cryptocurrency designed always to match the price of a fiat currency as closely as possible. Each stablecoin (USDT, USDC, DAI, BUSD, etc.) has its backing mechanisms and needs to be considered individually. Stablecoins are primarily used to quickly swap between crypto and dollars without involving fiat transactions. ### Stake account In the Solana network, a stake account is created when a wallet stakes to a validator. This stake account is the "stake receipt" proving that their funds are staked to a specific validator. Marinade offers the opportunity to easily [transfer an existing stake account](/marinade-protocol/protocol-overview#deposit-an-existing-stake-account) to Marinade. You will immediately receive mSOL without having to worry about unstaking your SOL. ### Total Value Locked (TVL) TVL is a metric representing the total amount of money in a protocol. ### Validators Validators are nodes that validate transactions by staking (locking) their SOL tokens to keep the Solana network secure. They receive compensation in terms of staking rewards to the proportion of the total tokens staked by them. To stake more SOL, they can be delegated SOL by users who wish to contribute to their node in exchange for a share of their rewards. # Security Security has always been a primary concern for Marinade. We are doing everything we can to set a high standard for security in our protocol and in the Solana ecosystem. Marinade's security and availability commitment: ## On-chain contracts A list of Marinade's on-chain smart contracts is available here: {% content-ref url="/pages/-MgSaldkFEKrc9TetKtH" %} [Contracts & Tokens Addresses](/developers/contract-addresses) {% endcontent-ref %} {% hint style="info" %} If you interact with Marinade using the referral program, the contract you will be interacting with will not be Marinade's main smart contract, but the referral program. You can verify that you're interacting with the correct smart contract by consulting the list above. {% endhint %} ## Risks When you participate in DeFi, you always expose yourself to risks. An investor's job is to mitigate these risks and stay informed on them to make the best possible decisions. Let's see what different types of risk exist when you use Marinade and how we worked to mitigate them. ## Technical risks ### Blockchain risks When you use Marinade.Finance, you use a protocol that relies on the Solana blockchain. If the Solana blockchain were to be attacked successfully, the funds on Marinade could be at risk. **Marinade's recipe**: Solana was chosen for many reasons, one of which was that it has high security. Solana has been audited by [Kudelski Security](https://solana.com/solana-security-audit-2019.pdf) and is a blockchain that operates with a hybrid consensus mechanism (integrating [Tower BFT](https://medium.com/solana-labs/tower-bft-solanas-high-performance-implementation-of-pbft-464725911e79) and [Proof-of-History](https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274)). You can learn more about Solana through their [whitepaper](https://solana.com/solana-whitepaper.pdf). ### **Contract risks** In DeFi, any protocol can potentially be attacked by hackers. They will look for loopholes and bugs that allow them to abuse the protocol for their gain. **Marinade's recipe**: We emphasize security and have been conducting formal audits all along the way. We have **completed 2 audits and 1 code review** **successfully.** We also opened a **bug bounty** with ImmuneFi**.** Click on the pages below to access them. {% content-ref url="/pages/eRcscM4eAiImXPmN351v" %} [Bug Bounty](/developers/bug-bounty) {% endcontent-ref %} {% content-ref url="/pages/2CZjncZ5uKIxadVCPGoY" %} [Audits](/marinade-protocol/security/audits) {% endcontent-ref %} ## Financial risks ### Trust risks As you may know, DeFi can be a brutal environment, and some actors have already abused the trust of people using their services. We did not want this to be a possibility with our protocol. **Marinade's recipe:** Marinade is **governed by multisig**. This means that any major change to the protocol cannot be applied without a majority (between 11 actors) agreeing to it simultaneously, in the case of our [main multisig](/marinade-protocol/security/multisig-governance#main-multisig). Click on the page below to learn more about our multisig governance. {% content-ref url="/pages/exT8z4HG74Dll3vHgbwK" %} [Multisig governance](/marinade-protocol/security/multisig-governance) {% endcontent-ref %} ### Legal risks When you use Marinade, you take full responsibility for your actions. It is your duty as an investor to check the current regulations in your country of residence and to act accordingly. **Marinade's recipe**: All our legal content can be found on the page below. If you have any doubts, please get in touch with your financial authorities for confirmation. {% content-ref url="/pages/JMLAmI4ZHC5RuIdvmZ7B" %} [Legal](/marinade-protocol/legal) {% endcontent-ref %} # Audits You'll find here the list of our audits and code review reports. ## 2024 **Neodyme: Marinade Validator Bonds** Neodyme audited Marinade's on-chain Validator Bond program during March and April of 2024. The scope of this audit was focused on technical security, with further considerations about operational security. The auditors found that Marinade’s Validator Bond program comprised a clean design and above-standard code quality, relying on the industry-standard Anchor framework. {% file src="/files/PkTwuRDK02agZbDh3WZ0" %} ## 2023 ### Audit reports In November 2023, Marinade upgraded its smart contract to include several improvements (see [this article](https://marinade.finance/blog/marinade-is-preparing-smart-contract-upgrade/)). To ensure that the code remains as solid as it has always been, two audits were conducted on the upgraded version of the smart contract. They are available below: * Neodyme: * Sec3: ## 2021 ### Audit reports * [**Kudelski Security**](https://kudelskisecurity.com/) **-** To become the next unit of account on the Solana network, Marinade had to ensure the protocol was as safe as Solana itself. Therefore, we were audited by Kudelski Security, a reputable audit firm that Solana Labs chose to audit Solana.\ Read the audit: * [**Ackee Blockchain**](https://ackeeblockchain.com/) **-** Ackee Blockchain specializes in audits and security assessments and has worked on the security of major blockchains such as Ethereum, Tezos, and Celo. Their audit has allowed us to improve our protocol's security standard further.\ Read the audit: ### Code review reports * [**Neodyme**](https://neodyme.io/) **-** Neodyme is an audit firm specializing in security that recently published a full article on Solana smart contract security. Their blockchain expertise and familiarity with Solana made them a perfect fit to audit our protocol. \ Read the code review: # Principal Service Commitments and System Requirements An overview of Marinade Finance’s key commitments and technical controls to ensure security, availability, and compliance with SOC 2 standards. ## **Introduction** This document outlines Marinade Finance’s principal service commitments and system requirements in accordance with SOC 2 standards from the AICPA. It covers the **Security** and **Availability** trust service principles, including both high-level commitments and specific technical controls. *** ## **Security Principle** ### **Service Commitments** * **Data Protection:** User data is encrypted both in transit and at rest. * **Access Control:** Strict access controls ensure only authorized personnel access sensitive data and systems. * **Incident Response:** A robust plan is in place to respond promptly to security breaches or vulnerabilities. * **User Authentication:** Multi-factor authentication (MFA) is used to protect user accounts. * **Regular Audits:** Routine security audits and vulnerability assessments are conducted to identify and mitigate risks. * **Smart Contract Security:** All smart contracts undergo formal audits and are supported by a bug bounty program. ### **System Requirements** * **Encryption:** AES-256 for data at rest and TLS for data in transit. * **Access Management:** Role-based access control (RBAC), with periodic reviews of access rights. * **Monitoring & Logging:** Comprehensive systems to detect and respond to suspicious activity. * **Network Security:** Firewalls and IDS/IPS deployed to secure the network perimeter. * **Patch Management:** Security patches and updates are applied promptly across systems. * **Smart Contract Audits:** Regular audits by reputable firms and incentivized vulnerability discovery via bug bounties. *** ## **Availability Principle** ### **Service Commitments** * **Uptime Guarantee:** 99.9% uptime target (excluding the Solana network’s availability, which is outside Marinade’s control). * **Disaster Recovery:** A tested recovery plan ensures business continuity during system failures or disasters. * **Scalability:** The platform is built to scale with user demand without degrading performance. * **Maintenance Windows:** Planned and communicated maintenance windows minimize user disruption. * **Redundancy:** Redundant systems and data backups safeguard against data loss and ensure continuity. ### **System Requirements** * **Load Balancing:** Distributes traffic evenly to prevent server overload. * **Backup & Recovery:** Regular backups with tested recovery processes to ensure data integrity and availability. * **Failover Mechanisms:** Automatic switching to backup systems in case of failure. * **Performance Monitoring:** Continuous system monitoring for resource usage and performance bottlenecks. * **Cloud Infrastructure:** Deployed on redundant, high-availability cloud infrastructure. *** ## **Conclusion** Marinade Finance is dedicated to delivering a secure and reliable staking automation platform on the Solana network. Through rigorous controls, security-first engineering, and resilient infrastructure, Marinade ensures alignment with SOC 2 standards and reinforces user trust across all levels of the platform. # Multisig governance In order to modify our code or the parameters of our smart contracts, a multisig needs to be used. Let's see what this means. ## What is a multisig? Multisig is a tool composed of multiple wallets that share the power on the decisions taken. With a multisig tool, one signature from one wallet is not enough; you need multiple signatures from different private keys, distributed across multiple parties and often on multiple continents. In order to validate any decision, a majority of the members will have to sign with their private key. Thanks to this, it is possible to **distribute the governance power among multiple wallet holders**. Marinade decided that while waiting for DAO tooling, which will enable MNDE holders to directly vote on decisions, the best and most transparent way to ensure that our protocol is maximally decentralized was to use Anchor's Framework Multisig tools. With our multisigs (introduced below), a decision can only be implemented if it is validated by a majority of our multisig owners. This empowers our DAO and is a first step toward fully decentralized governance. ## Marinade multisigs ### Main multisig Our first multisig is composed of 13 wallets, distributed among some of the most reputable parties in the Solana ecosystem: * [Jupiter](https://jup.ag/) * [Mango](https://mango.markets/) * [Marinade team ](https://marinade.finance/)(3 votes) * [Miton C](https://mitonc.com/) * [Orca](https://orca.so/) * [Phantom](https://phantom.app/) * [Raydium](https://raydium.io/) * [Solend](https://solend.fi/) * [Solflare](https://solflare.com/) * [Staking Facilities](https://stakingfacilities.com/) * [Triton.one](https://www.triton.one/) **This multisig controls contract-code upgrades**. To modify our smart contract, this multisig has to confirm it. For a decision governed by this multisig to go through, **6 out of 13 wallets must sign the upgrade.** This system includes multiple trusted parties to ensure that only agreed-upon decisions are integrated into the protocol. This multisig ensures that no one is the sole owner of the code and can act maliciously without being stopped by other parties. ### Treasury multisig - Now under Marinade Council Multisig has many advantages but a big multisig like our main one can be unnecessary for other needs. Marinade's second multisig controls all the treasury-related decisions. This multisig is owned by the Marinade team and composed of 7 different wallets shared among the Marinade team. This multisig controls the protocol treasury and the community MNDE account used to feed liquidity mining incentives to all our ecosystem partners. **A majority of 4 out of 7 needs to be reached in order to execute related decisions.** ### Operational multisig - Now under Marinade Council Finally, Marinade has a third multisig used to modify operational parameters. This wallet is also controlled by the Marinade team and comprises 5 different wallets, spread among Marinade stakeholders. This multisig can modify the following operational parameters of the [mSOL-SOL liquidity pool](broken://pages/ovqkY1q0nnnBDUnd39aU): * `liquidity-target: 106,000 SOL` * `max-fee: 9%` * `min-fee: 0.1%` This multisig can also change the following operational parameters of the protocol: * `liquidity-sol-cap` (maximum SOL amount in the mSOL-SOL liquidity pool) * `min-deposit: 0.000000001 SOL` (minimum SOL amount that can be staked) * `min-stake: 1 SOL` (minimum SOL amount for stake/unstake actions executed by our bot and for depositing a stake account) * `min-withdraw` (minimum SOL amount that can be withdrawn) * `slots-for-stake-delta: 3 hours` (number of hours before the end of the epoch at which the bot starts to stake/unstake) * `staking-sol-cap: 11M` (maximum SOL amount that can be staked in the protocol) * `rewards-fee: 6%` (fees of the protocol) For example, the multisig was used to remove the cap of staked SOL on Marinade (`staking-sol-cap`). {% hint style="info" %} The `rewards-fee` parameter is 6%. If changed, it could never go above 10% (that limit is set in the code). {% endhint %} {% hint style="info" %} Marinade aims to become a fully decentralized protocol, governed by MNDE holders. When DAO tooling is available and MNDE token is properly distributed*,* most of these powers will be delegated and managed by the DAO. {% endhint %} # Legal {% content-ref url="/pages/-MfhTWNoNbMthvWY-Rjb" %} [Risks](/marinade-protocol/legal/risks) {% endcontent-ref %} {% content-ref url="/pages/-MfiZPnQQKMaFexTT4JN" %} [Disclaimer](/marinade-protocol/legal/disclaimer) {% endcontent-ref %} # Risks **YOU ACKNOWLEDGE AND AGREE THAT THERE ARE NUMEROUS RISKS ASSOCIATED WITH ACQUIRING MNDE, HOLDING MNDE, AND USING MNDE FOR PARTICIPATION IN MARINADE FINANCE. IN THE WORST SCENARIO, THIS COULD LEAD TO THE LOSS OF ALL OR PART OF MNDE HELD. IF YOU DECIDE TO ACQUIRE MNDE OR PARTICIPATE IN MARINADE FINANCE, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS:**\ 1. **Uncertain Regulations and Enforcement Actions:** The regulatory status of Marinade Finance, MNDE and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of digital assets has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including MNDE and/or Marinade Finance. Regulatory actions could negatively impact MNDE and/or Marinade Finance in various ways. The Company, the Distributor (or their respective affiliates) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. After consulting with a wide range of legal advisors to mitigate the legal risks as much as possible, the Company and Distributor have obtained a legal opinion on the token distribution, and will be conducting business in accordance with the prevailing market practice. 2. **Inadequate disclosure of information:** As at the date hereof, Marinade Finance is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this Litepaper contains the most current information relating to Marinade Finance, it is not absolutely complete and may still be adjusted and updated by the Marinade Finance team from time to time. The Marinade Finance team has no ability and obligation to keep holders of MNDE informed of every detail (including development progress and expected milestones) regarding the project to develop Marinade Finance, hence insufficient information disclosure is inevitable and reasonable. 3. **Competitors:** Various types of decentralised applications and networks are emerging at a rapid rate, and the industry is increasingly competitive. It is possible that alternative networks could be established that utilise the same or similar code and protocol underlying MNDE and/or Marinade Finance and attempt to re-create similar facilities. Marinade Finance may be required to compete with these alternative networks, which could negatively impact MNDE and/or Marinade Finance. 4. **Loss of Talent:** The development of Marinade Finance greatly depends on the continued co-operation of the existing technical team and expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect Marinade Finance or its future development. Further, stability and cohesion within the team is critical to the overall development of Marinade Finance. There is the possibility that conflict within the team and/or departure of core personnel may occur, resulting in negative influence on the project in the future. 5. **Failure to develop:** There is the risk that the development of Marinade Finance will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or MNDE, unforeseen technical difficulties, and shortage of development funds for activities. 6. **Security weaknesses:** Hackers or other malicious groups or organisations may attempt to interfere with MNDE and/or Marinade Finance in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of the Company, the Distributor or their respective affiliates may intentionally or unintentionally introduce weaknesses into the core infrastructure of MNDE and/or Marinade Finance, which could negatively affect MNDE and/or Marinade Finance. Further, the future of cryptography and security innovations are highly unpredictable and advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to MNDE and/or Marinade Finance by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol. 7. **Other risks:** In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more particularly set out in the Terms and Conditions) associated with your participation in Marinade Finance, as well as acquisition of, holding and use of MNDE, including those that the Company or the Distributor cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the aforementioned risks. You should conduct full due diligence on the Company, the Distributor, their respective affiliates, and the Marinade Finance team, as well as understand the overall framework, mission and vision for Marinade Finance prior to participating in the same and/or acquiring MNDE. �� # Disclaimer **PLEASE READ THE ENTIRETY OF THIS "NOTICE AND DISCLAIMER" SECTION CAREFULLY. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER GRILLMASTERS LIMITED (THE COMPANY), ANY OF THE PROJECT TEAM MEMBERS (THE MARINADE FINANCE TEAM) WHO HAVE WORKED ON THE MARINADE FINANCE PLATFORM (AS DEFINED HEREIN) OR PROJECT TO DEVELOP THE MARINADE FINANCE PLATFORM IN ANY WAY WHATSOEVER, ANY DISTRIBUTOR/VENDOR OF MNDE TOKENS (THE DISTRIBUTOR), NOR ANY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THIS LITEPAPER OR ANY DOCUMENTATION RELATING TO MARINADE FINANCE OR MNDE TOKENS (THE TOKEN DOCUMENTATION), THE WEBSITE AT ** **(THE WEBSITE) OR ANY OTHER WEBSITES OR MATERIALS PUBLISHED BY THE COMPANY.** **Project purpose:** You agree that you are acquiring MNDE to participate in the Marinade Finance platform and to obtain services on the ecosystem thereon. The Company, the Distributor and their respective affiliates would develop and contribute to the underlying source code for the Marinade Finance platform. The Company is acting solely as an arms’ length third party in relation to the MNDE distribution, and not in the capacity as a financial advisor or fiduciary of any person with regard to the distribution of MNDE. **Nature of the Token Documentation:** The Token Documentation and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, or any offer to sell any product, item, or asset (whether digital or otherwise). The information herein may not be exhaustive and does not imply any element of a contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where the Token Documentation or the Website includes information that has been obtained from third party sources, the Company, the Distributor, their respective affiliates and/or the Marinade Finance team have not independently verified the accuracy or completeness of such information. Further, you acknowledge that circumstances may change and that the Token Documentation or the Website may become outdated as a result; and neither the Company nor the Distributor is under any obligation to update or correct this document in connection therewith. **Token Documentation:** Nothing in the Token Documentation or the Website constitutes any offer by the Company, the Distributor, or the Marinade Finance team to sell any MNDE (as defined herein) nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Nothing contained in the Token Documentation or the Website is or may be relied upon as a promise, representation or undertaking as to the future performance of the Marinade Finance platform. The agreement between the Distributor (or any third party) and you, in relation to any distribution or transfer of MNDE, is to be governed only by the separate terms and conditions of such agreement. The information set out in the Token Documentation and the Website is for community discussion only and is not legally binding. No person is bound to enter into any contract or binding legal commitment in relation to the acquisition of MNDE, and no digital asset or other form of payment is to be accepted on the basis of the Token Documentation or the Website. The agreement for distribution of MNDE and/or continued holding of MNDE shall be governed by a separate set of Terms and Conditions or Token Distribution Agreement (as the case may be) setting out the terms of such distribution and/or continued holding of MNDE (the Terms and Conditions), which shall be separately provided to you or made available on the Website. The Terms and Conditions must be read together with the Token Documentation. In the event of any inconsistencies between the Terms and Conditions and the Token Documentation or the Website, the Terms and Conditions shall prevail. **Deemed Representations and Warranties:** By accessing the Token Documentation or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, the Distributor, their respective affiliates, and the Marinade Finance team as follows: 1. in any decision to acquire any MNDE, you have shall not rely on any statement set out in the Token Documentation or the Website; 2. you will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be); 3. you acknowledge, understand and agree that MNDE may have no value, there is no guarantee or representation of value or liquidity for MNDE, and MNDE is not an investment product nor is it intended for any speculative investment whatsoever; 4. none of the Company, the Distributor, their respective affiliates, and/or the Marinade Finance team members shall be responsible for or liable for the value of MNDE, the transferability and/or liquidity of MNDE and/or the availability of any market for MNDE through third parties or otherwise; and 5. you acknowledge, understand and agree that you are not eligible to participate in the distribution of MNDE if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card holder of a geographic area or country (i) where it is likely that the distribution of MNDE would be construed as the sale of a security (howsoever named), financial service or investment product and/or (ii) where participation in token distributions is prohibited by applicable law, decree, regulation, treaty, or administrative act (including without limitation the United States of America and the People's Republic of China); and to this effect you agree to provide all such identity verification document when requested in order for the relevant checks to be carried out. The Company, the Distributor and the Marinade Finance team do not and do not purport to make, and hereby disclaims, all representations, warranties or undertaking to any entity or person (including without limitation warranties as to the accuracy, completeness, timeliness, or reliability of the contents of the Token Documentation or the Website, or any other materials published by the Company or the Distributor). To the maximum extent permitted by law, the Company, the Distributor, their respective affiliates and service providers shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including, without limitation, any liability arising from default or negligence on the part of any of them, or any loss of revenue, income or profits, and loss of use or data) arising from the use of the Token Documentation or the Website, or any other materials published, or its contents (including without limitation any errors or omissions) or otherwise arising in connection with the same. Prospective acquirors of MNDE should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the distribution of MNDE, the Company, the Distributor and the Marinade Finance team. **Informational purposes only:** The information set out herein is only conceptual, and describes the future development goals for the Marinade Finance platform to be developed. In particular, the project roadmap in the Token Documentation is being shared in order to outline some of the plans of the Marinade Finance team, and is provided solely for **INFORMATIONAL PURPOSES** and does not constitute any binding commitment. Please do not rely on this information in deciding whether to participate in the token distribution because ultimately, the development, release, and timing of any products, features or functionality remains at the sole discretion of the Company, the Distributor or their respective affiliates, and is subject to change. Further, the Token Documentation or the Website may be amended or replaced from time to time. There are no obligations to update the Token Documentation or the Website, or to provide recipients with access to any information beyond what is provided herein. **Regulatory approval:** No regulatory authority has examined or approved, whether formally or informally, any of the information set out in the Token Documentation or the Website. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of the Token Documentation or the Website does not imply that the applicable laws, regulatory requirements or rules have been complied with. **Cautionary Note on forward-looking statements:** All statements contained herein, statements made in press releases or in any place accessible by the public and oral statements that may be made by the Company, the Distributor and/or the Marinade Finance team, may constitute forward-looking statements (including statements regarding the intent, belief or current expectations with respect to market conditions, business strategy and plans, financial condition, specific provisions and risk management practices). You are cautioned not to place undue reliance on these forward-looking statements given that these statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results to be materially different from that described by such forward-looking statements, and no independent third party has reviewed the reasonableness of any such statements or assumptions. These forward-looking statements are applicable only as of the date indicated in the Token Documentation, and the Company, the Distributor as well as the Marinade Finance team expressly disclaim any responsibility (whether express or implied) to release any revisions to these forward-looking statements to reflect events after such date. **References to companies and platforms:** The use of any company and/or platform names or trademarks herein (save for those which relate to the Company, the Distributor or their respective affiliates) does not imply any affiliation with, or endorsement by, any third party. References in the Token Documentation or the Website to specific companies and platforms are for illustrative purposes only. **English language:** The Token Documentation and the Website may be translated into a language other than English for reference purpose only and in the event of conflict or ambiguity between the English language version and translated versions of the Token Documentation or the Website, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Token Documentation and the Website. **No Distribution:** No part of the Token Documentation or the Website is to be copied, reproduced, distributed or disseminated in any way without the prior written consent of the Company or the Distributor. By attending any presentation on this Token Documentation or by accepting any hard or soft copy of the Token Documentation, you agree to be bound by the foregoing limitations.� # Marinade Ts/Js SDK This is a marinade typescript and anchor based SDK to interact with Marinade from any Front-End App {% embed url="" %} Marinade SDK {% endembed %} An integration example is also available: {% embed url="" %} Integration example {% endembed %} {% hint style="info" %} If you have questions or troubles, please join our [Discord](https://discord.com/invite/6EtUf4Euu6). Marinade contributors will be there to help you. {% endhint %} # Marinade Rust SDK This SDK is not finalized and is a work in progress. {% embed url="" %} # Anchor IDL You can get Marinade's anchor IDL by running: ```bash anchor init idl cd idl anchor --provider.cluster mainnet \ idl fetch MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD -o marinade-idl.json ``` # Bug Bounty Marinade is dedicated to improve the security of its users. For this reason, we are holding a bug bounty program to help strengthen our protocol even more. ## Why a bug bounty? Bug bounties are a common way of guaranteeing and improving the security of a protocol. If anyone discovers a bug or a loophole in our protocol, he can report it to our team and claim the associated bounty instead of abusing it. By offering this option, we allow developers and hackers who find an exploit to be rewarded for it without causing any damage to the protocol or to the funds of our users. Even with our protocol being audited by three different audit firms, we believe that we need to set an example in the Solana ecosystem and **always aim for more security**. This bug bounty is another way of raising our security level and a step towards this commitment. ## Rewards by threat level Bounties will be distributed according to the impact of the vulnerability. In order to assess the vulnerabilities, we will use the [Immunefi Vulnerability Severity Classification System](https://immunefi.com/severity-updated/). This is a simplified 5-level scale, with separate scales for websites/apps and smart contracts/blockchains, encompassing everything from consequence of exploitation to privilege required to likelihood of a successful exploit. ### Smart Contracts and Blockchain bounties **Critical****:** Up to USD 250,000 **High****:** USD 15,000 Critical vulnerabilities are further capped at **10% of economic damage,** with the main consideration being the funds affected in addition to PR and brand considerations, at the discretion of the team. However, there is a **minimum payout of USD 50,000** for Critical bug reports. {% hint style="info" %} Payouts are handled by the **Marinade Finance** team directly and are denominated in USD. However, payouts are done in **mSOL** and **MNDE**. {% endhint %} ## Scope of the bounty program ### Assets in Scope The smart contracts of Marinade Finance in scope for this bounty can be found [in our github](https://github.com/marinade-finance/liquid-staking-program). ### Impacts in Scope Only the following impacts are accepted within this bug bounty program. All other impacts are not considered as in-scope, even if they affect something in the assets in scope table. * Loss of user funds staked (principal) by freezing or theft * Loss of governance funds * Theft of unclaimed yield * Freezing of unclaimed yield * Temporary freezing of funds for at least 6 days (2 epochs) * Unable to call smart contract ### Prioritized vulnerabilities We are especially interested in receiving and rewarding vulnerabilities of the following types. * Re-entrancy * Logic errors (including authentification errors) * Trusting trust/dependency vulnerabilities (including composability vulnerabilities) * Oracle failure/manipulation * Novel governance attacks * Economic/financial attacks (including flash loan attacks) * Congestion and scalability (including running out of gas, block stuffing and susceptibility to frontrunning) * Consensus failures * Cryptography problems (including signature malleability, susceptibility to replay attacks, weak randomness, weak encryption) * Susceptibility to block timestamp manipulation * Missing access controls / unprotected internal or debugging interfaces ### Out of Scope & Rules The following vulnerabilities are **excluded** from the rewards for this bug bounty program: * Attacks that the reporter has already exploited themselves, leading to damage * Attacks requiring access to leaked keys/credentials * Attacks requiring access to privileged addresses (governance, strategist) * Incorrect data supplied by third party oracles (not to exclude oracle manipulation/flash loan attacks) * Basic economic governance attacks (e.g. 51% attack) * Lack of liquidity * Best practice critiques * Sybil attacks The following activities are **prohibited** by this bug bounty program: * Any testing with mainnet or public testnet contracts; all testing should be done on private testnets * Any testing with pricing oracles or third party smart contracts * Attempting phishing or other social engineering attacks against our employees and/or customers * Any testing with third party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks) * Any denial of service attacks * Automated testing of services that generates significant amounts of traffic * Public disclosure of an unpatched vulnerability in an embargoed bounty ## How to claim a bounty? If you want to report a bug and claim a bounty, go to our Marinade bug bounty program: # Contracts & Tokens Addresses Here is a list of the smart contracts and tokens created by Marinade as well as details on their authorities ## Contracts ### Liquid-staking-program Source code: \ Address: `MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD`\ Main state account: `8szGkuLTAux9XMgZ2vtY39jVSowEcpBfFfD8hXSEqdGC`\ Stake withdraw authority (PDA): `9eG63CdHjsfhHmobHgLtESGC8GabbmRcaSpHAZrtmhco`\ Upgrade authority: [Ecosystem multisig](/marinade-protocol/security/multisig-governance#main-multisig) (6/13) \ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### SPL Governance Realms program (Marinade council) Source code: \ Address: `GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Marinade's [DAO/Realm on-chain](https://app.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo) is: `899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo` ### Tokadapt Source code: \ Address: `tokdh9ZbWPxkFzqsKqeAwLDk6J6a8NBZtQanVuuENxa`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### Escrow-relocker (Tribeca plug-in) Source code: Closed source\ Address: `tovt1VkTE2T4caWoeFP6a2xSFoew5mNpd7FWidyyMuk`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### Validator gauges Source code: Closed source\ Address: `va12L6Z9fa5aGJ7gxtJuQZ928nySAk5UetjcGPve3Nu`\ Upgrade authority: [Marinade council ](https://app.realms.today/dao/MNDE/params)(4/7)\ Admin authority: None ### Liquidity gauges Source code: Closed source\ Address: `LigadctxNRkZied3WuhX525vUhDkuhXNK5DyeijeDnh`\ Upgrade authority: [Marinade council ](https://app.realms.today/dao/MNDE/params)(4/7)\ Admin authority: None ### Liquid staking referral program Source code: \ Address: `MR2LqxoSbw831bNy68utpu5n4YqBH3AzDmddkgk9LQv`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) \ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### Directed Stake Source code: Closed sourced\ Address: `dstK1PDHNoKN9MdmftRzsEbXP5T1FTBiQBm1Ee3meVd`\ Main state account: `DrooToPS3MLqgZwBiK2fkAPUTUgKNV3CGb2NqFRAL4Zf`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: None ### SPL Gov plugin: Voter Stake Registry Source code: \ Address: `VoteMBhDCqGLRgYpp9o7DGyq81KNmwjXQRAHStjtJsS`\ Main account state: `5zgEgPbWKsAAnLPjSM56ZsbLPfVM6nUzh3u45tCnm97D`\ Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) {% hint style="info" %} Marinade also has access to Goki, Quarry and Tribeca's smart contract multisigs as their original authors left Solana. If you're using one of those products, please reach out to us so we can transfer some of the keys to you. {% endhint %} ### Marinade Native Staking proxy Address: `mnspJQyF1KdDEs5c6YJPocYdY1esBgVQFufM2dY9oDk`\ Staker root account: `4TNsDg9aHCyDt5axK8aDuhgrengnDBGzyHHzKGnTiGtW`\ Marinade Max Yield - Staker authority (marks stake account is under bot control): `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq`\ Marinade Select - Staker authority: `STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`\ Exit authority (marks requested exit for the stake with this auth): `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`\ Operator: `opNS8ENpEMWdXcJUgJCsJTDp7arTXayoBEeBUg6UezP`\ Upgrade authority: [Marinade Council](https://app.realms.today/dao/MNDE/params) (4/7)\ Admin authority: [Marinade Council](https://app.realms.today/dao/MNDE/params) (4/7) ## Tokens ### mSOL - mainnet-beta **mSOL token**\ mSOL mint: `mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So`\ mSOL Auth( PDA): `3JLPCS1qM2zRw3Dp6V4hZnYHd4toMNPkNesXdX9tg6KM` **Treasury**\ Reserve SOL account (PDA): `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN`\ Treasury mSOL account: `B1aLzaNMeFVAyQ6f3XbbUyKcH2YPHu2fqiEagmiF23VR` **Liquidity-Pool** \ mSOL-SOL-LP mint: `LPmSozJJ8Jh69ut2WP3XmVohTjL4ipR18yiCzxrUmVj`\ Auth(PDA): `HZsepB79dnpvH6qfVgvMpS738EndHw3qSHo4Gv5WX1KA`\ mSOL leg account `7GgPYjS5Dza89wV6FpZ23kUJRG5vbQ1GM25ezspYFSoE`\ mSOL leg authority: `EyaSjUtSgo9aRD1f8LWXwdvkpDTmXAW54yoSHZRF14WL`\ SOL leg account `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q` ### MNDE - mainnet-beta MNDE Token: `MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey` **Chef NFT collection**\ Mint authority: `5T4reQScZBDXbGRuf3WGWUVmPTCxsYCnG7HH1wUmYEhV`\ Update authority: `6vS14tTjSKdTKNgQtueTPKghT3XVxKBL55YzC5M5CPAp` **Chef NFTs**\ Update authority: `6jG2QcwaJPFS8Y9SzgH2kfKPj6ERhLi9RVtH8kRahj4j`\ Owner program: `TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA` ### mSOL - devnet Program ID: `MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD` **mSOL token**\ mSOL mint: `mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So`\ mSOL auth(PDA): `3JLPCS1qM2zRw3Dp6V4hZnYHd4toMNPkNesXdX9tg6KM` **Treasury**\ Reserve SOL account (PDA): `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN`\ Treasury mSOL account: `8ZUcztoAEhpAeC2ixWewJKQJsSUGYSGPVAjkhDJYf5Gd` **Liquidity-Pool** \ mSOL-SOL-LP mint: `LPmSozJJ8Jh69ut2WP3XmVohTjL4ipR18yiCzxrUmVj`\ Auth (PDA): `HZsepB79dnpvH6qfVgvMpS738EndHw3qSHo4Gv5WX1KA`\ mSOL leg account: `7GgPYjS5Dza89wV6FpZ23kUJRG5vbQ1GM25ezspYFSoE`\ SOL leg account: `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q` ### MNDE - devnet MNDE address: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey # Mint your NFT project in mSOL We know how cool NFTs are, so we made it possible to mint NFTs using mSOL! ## Set up Metaplex Candy Machine with mSOL ### Setup * Download [Metaplex ](https://github.com/metaplex-foundation/metaplex)or clone it using Git on terminal. `git clone https://github.com/metaplex-foundation/metaplex.git` * Open your terminal and go to the downloaded Metaplex folder. * Build CLI tools. `cd js` `yarn install` `cd packages/cli` `yarn build` {% hint style="info" %} Before you upload the metadata and create your candy\_machine, you need to make sure that you have the right wallet configuration by using Solana CLI. {% endhint %} * Once the wallet configuration is done, prepare the metadata and upload them to Arweave (IFPS). * Prepare your metadata and create an assets folder with them. `ts-node ./src/candy-machine-cli.ts upload ./assets --env devnet --keypair ~/.config/solana/wallet.json` * Verify if the metadata were uploaded correctly. `ts-node ./src/candy-machine-cli.ts verify --env devnet --keypair ~/.config/solana/wallet.json` ### Candy\_Machine creation * To create a candy\_machine with mSOL, you need a treasury account to receive mSOL from the mint. To create the mSOL account for your wallet, use the command below. `spl-token create-account mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So` * Create your candy\_machine with price, token address and treasury account address. `ts-node ./src/candy-machine-cli.ts create_candy_machine --env devnet --keypair ~/.config/solana/wallet.json --``price 1`` ``--``spl-token mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So`` ``--``spl-token-account HeiKAj3ENkAam3rR6q9EtEiSuk2ZEXp87ypQUMBuxpV` * Finally, you can set the launch time of the mint using the `update_candy_machine` command. `ts-node ./src/candy-machine-cli.ts update_candy_machine --env devnet --keypair ~/.config/solana/wallet.json --``date 1638023250` {% hint style="info" %} The `update_candy_machine` command can also be used to modify the mint price. {% endhint %} Congratulations, your candy machine is now set up in mSOL! # Stake to Marinade via SPL governance SPL-governance is an open-sourced Solana-based program that provides core building blocks for DAOs to use [on-chain governance](https://github.com/solana-labs/solana-program-library/tree/master/governance). In extension to the backend program Solana is also engaging contributors to build on the affiliated frontend, named [Realms](https://realms.today). ### How to set up a Realm If a DAO wants to go on-chain with their governance, they can easily do this by creating their own realm directly in the governance-ui on[ Realms Today](https://realms.today/). Once this is done, the realm can be set up to fit the DAOs needs by holding appropriate treasuries or the authority over the DAOs programs. As soon as it is created, the community can vote on each an every action regarding the treasuries or programs linked to the DAO by using proposals. ### How to stake to mSOL via a Realm If the DAO has a SOL treasury a “Stake with Marinade” proposal can be created. To access this option, click on 'View' in the Treasury tab. ![Access the 'Treasury' view from this page](/files/WOzV43rwqbSKGk0cW2Z6) !['Stake with Marinade' option when clicking on SOL treasury](/files/s8LnFOJB93AJcDXZ0lAs) If your DAO does not yet have an existing mSOL account, one will automatically be created for you and attached to your DAO wallet, prior to the proposal creation. In other case, you can select the according account from the dropdown menu. {% hint style="info" %} If you don't see a mSOL account on your treasury, a workaround to create it is to send a very small amount of mSOL to the treasury wallet. This will automatically create a mSOL account. {% endhint %} You can now fill the “Stake with Marinade” form with all the required info: !['Stake with Marinade' form](/files/RdfWhoDzespzEr8hQRCr) A proposal will be created to be voted on, with the following instructions: ![Instructions for the proposal](/files/7ujhB8Mdxn4cKJMBnk3R) As soon as the vote passes and the instructions are executed, SOL is converted to mSOL, which is transferred to the specified treasury account: ![Converted mSOL is sent to the mSOL treasury](/files/w2NiSB5ZXlG2mpsHDtKY) {% hint style="info" %} If you encounter any blocker, please visit Marinade's [Discord](https://discord.com/invite/6EtUf4Euu6) and ask for assistance. {% endhint %} # Stake to Marinade via Fireblocks In order to stake with Marinade native or mSOL via Fireblocks, you will need: * A Fireblocks Vault account that supports the Solana asset. See [Creating a Solana Vault](https://docs.marinade.finance/developers/stake-to-marinade-via-fireblocks#creating-a-solana-vault) * A Transaction Authorization Policy (TAP) on Fireblocks that authorizes the "Raw" transaction type. See [Setting up the Transaction Authorization Policy](https://docs.marinade.finance/developers/stake-to-marinade-via-fireblocks#setting-up-the-transaction-authorization-policy) ### Stake SOL on Marinade with WalletConnect 1. Go to 2. Click on the "Connect wallet" button on the top-right 3. Select "WalletConnect" 4. Scan the QR code using your Fireblocks Mobile App 5. Select the vault that you want to stake from. The vault has to support the Solana asset. 6. Choose a Default fee between "Medium" and "Fast" 7. The connection to Marinade's dApp is now initiated and the SOL balance in your Fireblocks vault should reflect on Marinade's dApp 8. Select "Marinade Native" or "mSOL", depending on the product you want to use. 9. Input the amount of SOL that you want to stake with Marinade and click on "Stake" 10. Confirm the transaction using your Fireblocks Mobile App. 11. Wait for the transaction to go through the blockchain and get confirmed. 12. Your SOL should now be successfully staked on Marinade. {% embed url="" %} Stake SOL with Marinade using Fireblocks {% endembed %} If you want to unstake, follow the same process as above and just select "Unstake" on one of your active positions on Marinade. ### Setting up the Transaction Authorization Policy * Go to Fireblocks settings
* Go to "Transaction Policy"
* Click on "Edit policy"
* Click on the "+" icon to add a new transaction policy
* Create a transaction policy for the "Raw" transaction type. Input the desired authorized sources, initiators and signers and select "Allow" (if the transaction does not need to be approved by a designated signer) or "Approved by" (if you want to set a designated signer that will approve the transactions). Click on "Add rule" once you are satisfied with the set up.
* Click on "Publish changes", and then "Publish policy" on the modal that follows
* Open your Fireblocks Mobile App and click on "View" to see the Policy Change Request
* You will be prompted to approve the the Policy Change Request on your Fireblocks console.
* Go to your Fireblocks console, open the Transaction policy page and click on "Review policy changes"
* Click on "Approve changes"
* Open your Fireblocks Mobile App and click on "View"
* Click on "Approve" and confirm the action with your PIN and fingerprint.
* Your Transaction Authorization Policy is now updated. You can now stake your SOL with Marinade using WalletConnect. ### Creating a Solana vault * Go to the Fireblocks console and in the left menu, click on "Accounts" * Click on "Create Vault Account"
* Name your Vault and proceed with the creation
* Click on "Create wallet"
* Input "SOL" and select the SOL token. Click on "Create Wallet"
* Your vault now has a Solana address that can be used to deposit funds. Find it by clicking on the "Show deposit addresses" button.
* Fund the newly created wallet by sending SOL to that deposit address. Once the SOL is received, you can stake with Marinade using WalletConnect. Make sure your Transaction Authorization Policy is set up. # Become our Partner Marinade's mission is to empower users with the best tools to stake, secure and participate in the Solana ecosystem. We invite DeFi protocols, NFT projects and marketplaces who share a similar vision to join us. Marinade's mSOL collateral token is **permissionless**, which means any project can integrate and utilize it for their own benefit. Projects may also collaborate with Marinade on the installation and promotion of the shared value of mSOL and greater benefit to Solana. ## How to team up with Marinade? Marinade created the [mSOL token](https://docs.marinade.finance/getting-started/what-is-msol) in a way to be easy to integrate no matter the type of project throughout the Solana ecosystem. It can be added to their project and provide the safest liquid staking solution on Solana with incentives aligned for all participants. Projects can simply integrate mSOL, a permissionless token, without assistance from Marinade. Or, they can join the Marinade referral program, use mSOL as a minting or payment option or stake their treasury to Marinade. Creative, long-lasting partnerships benefiting both parties and Solana can also be explored. To get started, please fill out[ this form](https://tally.so/r/wzLj1m) and our team will be in contact soon. * [**Integrate mSOL in your protocol**](/developers/marinade-ts-js-sdk). Marinade ranks among the highest TVLs on Solana that can engage with DeFi protocols. By integrating mSOL, your project offers holders an easy on-ramp to your service.
* **Stake your treasury to Marinade**. If your project generates revenues in SOL, you have the possibility to hold a part of your treasury in mSOL instead of SOL, allowing the treasury to passively earn staking rewards and engage in yield farming activities in DeFi. \ ([Learn about NFT projects that have staked their treasury to Marinade](https://medium.com/marinade-finance/meet-the-first-nft-projects-staking-their-treasury-with-marinade-a4b79c99565a)). * [**Integrate mSOL as a mint/payment option**](/developers/mint-your-nft-project-in-msol). Most of our users still hold SOL for a few reasons and some of those are related to NFTs. We have made it possible to mint your project with a candy machine using mSOL, enabling the ability to mint with mSOL on different NFT marketplaces. If you have a project that could benefit from this feature, please reach out to us. [Read more about minting NFTs with mSOL](https://docs.marinade.finance/developers/mint-your-nft-project-in-msol).
* [**Invite your users to stake with us through our referral program**](/partnerships/marinade-referral-program). This program has been built to reward actors of the ecosystem who help us in our mission to decentralize Solana. By sharing a part of our revenues with partners bringing TVL into mSOL, our incentives are aligned so everyone may benefit from a safer and more decentralized Solana network.\ [Read more about the Marinade referral program](https://docs.marinade.finance/partnerships/referral-program). {% hint style="info" %} Please know that Marinade is willing to help and bring support to projects that express the desire to integrate into our ecosystem. If you require assistance in order to make this idea a reality, please contact us and we will do our best to help. \ Nonetheless, mSOL is **permissionless** and can be integrated without contacting us or formalizing any agreement. **Simply integrating mSOL in a project is by no means an endorsement of its security or credibility by Marinade**. {% endhint %} ## The mSOL Advantage By choosing to integrate and utilize mSOL, a project gains significant advantages. Collaborating with Marinade opens the opportunity for additional benefits. In order to be eligible for these added value enhancements, Marinade reserves the right to request additional information and perform due diligence about your project in order to confirm both parties share similar values. * Exposure from shared marketing. * Make your project accessible to Marinade community (and its TVL). * Differentiate from other projects by actively supporting decentralization. * Integrate mSOL easily with the tools we provide without adding more work. There are also specific advantages related to the nature of your project or of the mSOL integration. \ \ **If you integrate mSOL**: * Help secure and decentralize Solana. The more SOL staked using Marinade's [algorithm that follows the Solana Foundation strategy](https://docs.marinade.finance/marinade-protocol/validators), the more secure the network is for all the participants. * Gain access to liquid capital designed to explore DeFi protocols across Solana. * Receive the best collateral available, increasing in price against SOL each epoch. * Join the conversation in Marinade DAO: where the ecosystem and Solana users meet the security layer. **If you integrate mSOL staking/unstaking**: * Give your users a chance to jump in and out of mSOL and earn APY on their SOL holdings. * Help secure and decentralize Solana. * Earn referral fees based on your users staking and unstaking activity. **If you stake your treasury in mSOL:** * Earn staking rewards passively and make your treasury grow each epoch. * Get mSOL in return that you can use in DeFi, unlocking investment strategies for your treasury. * Split your stake to more than 400 validators, reducing the risk of a single-validator failure making you miss out on significant rewards. * Actively participate to the decentralization of Solana. ## Best practices If you are a project ambassador contacting us, you can use [this form](https://tally.so/r/wzLj1m) to introduce your project. Once contact is established, we may need information such as: * A brief introduction to your project and the team behind it. If your team is not doxxed, please let us know in this introduction. * An overview of the relevant stats that we may need. * A link to your audits if there are some. * A link to your GitHub repo. * A list of contacts (Telegram, Discord, etc.) to join you. ## Marinade partnership process Marinade is always eager to partner with projects that share their vision of a secure and decentralized Solana that empowers users to unlock the potential of DeFi. Depending on your project, integration of mSOL may be very simple or require more collaboration with the Marinade team. Here is an example of what our typical setup process looks like. This is not set in stone and will be adapted to the nature of the partnership and the different needs, but it allows a first overview of the process. 1. **First contact** - We usually regroup all information needed and set up a meeting between our two teams. 2. **Discovery call** - First call to get to know each other, introduce the respective projects, and have a sense of what the partnership might look like. 3. **Mutual proposal validation** - Both teams agree on the terms of the partnership. 4. **Integration/Implementation** - Marinade offers the assistance needed in order to smoothly integrate with your project. 5. **Marketing call** - Both teams agree on how and when to announce the partnership and the different news. 6. **Public launch** - Launch is coordinated and announced to respective channels. 7. **Follow-up and monitoring of the partnership** - Parties share and analyze community sentiment and metrics and refine if needed. {% hint style="info" %} Reminder: use [this form](https://tally.so/r/wzLj1m) to get in contact with our Partnerships team. {% endhint %} # Marinade Press Kit Please find official Marinade imagery below for your use. For additional info or media inquiries, contact press\@marinade.finance ## Marinade Logos
{% file src="/files/K96gXnGyWJwSTZzQxVwh" %} ## Token Logos
{% file src="/files/v6IKZElulSs5grJzWTzM" %} ## Fonts Here are the main fonts used on Marinade: {% file src="/files/ZyqprxEWRRUL2TzlLe4d" %} ## Illustrations {% file src="/files/MxUS7HfU5q3ElfTSY754" %} ## View real-time statistics about Marinade View Marinade's DAO treasury and votes on [Realms](https://app.realms.today/dao/MNDE). You can use this [dashboard ](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m)to get real-time data on Marinade. ![](/files/ipUmkTHZB19VEuctRFvN) ## Download Our Brand Book {% file src="/files/QYeRtMyHdg8URnVZwZ28" %} # Marinade Referral Program Earn rewards by supporting Marinade’s mission to decentralize Solana. Marinade shares fees with both the referring partner and the staker, creating a win-win incentive. ## **How It Works** ### **1. Get a Referral Code** Request approval from the Marinade team to receive a **unique referral link**. ### **2. Share Your Link** Share your link with your audience. When users stake SOL through it, they join the program automatically. ### **3. Activate the Referral** Users must **connect their wallet** and **stake SOL with Marinade Native**. Wallets are **permanently tied** to one referral only. ### **4. Earn Rewards** Both partners and stakers receive **0.125% extra APY** (12.5 bps) on staked SOL. No cap on how much SOL can be staked. ### **5. Rewards Distribution** Rewards are **automatically paid out** every epoch and can be **tracked in Marinade’s UI**. *** ## **Rewards Source** The extra APY comes from **Marinade’s existing fees**, ensuring sustainable incentives for partners and users while maintaining decentralization. *** ## **Become a Partner** To get a referral link, **reach out on** [**X**](https://x.com/marinadefinance). Developers can integrate Marinade’s referral system using our **SDK** - visit our [**GitHub documentation**](https://github.com/marinade-finance/marinade-ts-sdk) for details.