Please find official Marinade information, imagery, infographics and contacts below for your use. For additional info or media inquiries, contact [email protected]
Marinade is the first non-custodial liquid staking protocol built on the Solana blockchain, whose mission is to empower users with the best tools to stake, secure, and participate in the Solana ecosystem. Marinade is the creator of the mSOL token, a collateralized and fully liquid version of SOL a user receives when they stake their SOL in the Marinade stake pool.
Holders of mSOL tokens not only earn yield on their staked SOL, but can also utilize mSOL to earn additional yield using a growing selection of DeFi strategies.
Marinade supports the decentralization of Solana by using a validator delegation algorithm that stakes SOL to over 400 independent validators. This delegation strategy also bypasses the top validators in the max security group in order to further promote censorship resistance (often measured as the Nakamoto Coefficient). mSOL is the most integrated liquid staking token of SOL and was designed to be installed effortlessly by any size project. Projects across the Solana ecosystem can easily utilize mSOL for their own needs and also enable the Marinade Referral program for additional value.
DAO governance through MNDE Chef NFTs
Marinade is a DAO with a governance token, MNDE, which can be locked to mint a Chef NFT that enables governance access to the holder. The NFT contains the locked tokens inside and are transferrable with the NFT on secondary marketplaces. In order to unlock the tokens, a 30-day unlocking process must be initiated. At the end of the 30-days, the NFT holder can burn the NFT to get their tokens back. In addition to on-chain proposals and voting power, Chef NFT holders can also utilize gauges for two purposes:
Validator gauges: Chef NFT holders can assign weights to their tokens to multiple validators eligible for Marinade stake, which will then award SOL stake from within the stake pool (currently 10% of the total Marinade stake).
Liquidity Mining gauges: 1 million MNDE tokens per week are emitted thru liquidity mining. Chef NFT holders can vote on their favorite pools or protocols in the gauges to assign MNDE rewards to them.
How Marinade began
Marinade was founded in March, 2021 during the Solana x Serum Hackathon when a working prototype for a liquid staking solution of SOL tokens was successfully developed. Marinade is a bootstrapped project with no initial venture capital or an ICO investment thanks to grants from the Solana Foundation and Serum. Following three successful security audits, Marinade deployed its mainnet at Marinade.Finance in August 2021. By January 2022 it had achieved the number one position for TVL (Total Value Locked) on Solana with over $1 billion.