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Marinade Native leverages Solana's stake account structure. As explained in Solana's documentation, stake accounts have two different authorities than can belong to different 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 authorityThe 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 access of the bot and create a new one if needed.
Staking on Solana is subject to a cooldown period. When a stake account is delegated, the stake account has to be de-activated first. Then, at the beginning of the next epoch (epochs take slightly over 2 days), 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 to support well performing validators. It would be therefore inconvenient for our users to revoke the stake authority, de-activate and withdraw for 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 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
- User can withdraw funds in a single trancation
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.
This can be integrated easily through the SDK.
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 shortest lockup periods.
Marinade Native uses two on-chain addresses:
This authority is used to manage the stake of all Marinade Native users.
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 are controlled and can be changed by Marinade's Council.