👨‍🍳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

This page reflects the DAO-approved burn of 300M MNDE (MIP-14) and the treasury allocations that followed it. Supply and treasury balances change as the DAO acts, so this page links to live sources rather than restating figures that will drift.

Supply Overview

Original supply at issuance: 1,000,000,000 MNDE
Current supply (post-burn): approximately 699.99M MNDE. For the exact figure, read the mint account on chain, which is authoritative. Small subsequent burns continue to reduce it.
Burned: 300,000,000 MNDE (DAO vote MIP-14 · Realms vote)
Circulating supply: See stats

Issuance Details

Issuance date: 2021
Fully issued date: None (distribution based on DAO votes)
Mint address: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey
Minting: Disabled. The mint authority and the freeze authority are both set to null on chain, so no further MNDE can ever be minted and no account can be frozen.

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 later the same year 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. Lock it on Marinade's governance page, which is the recommended route; locking directly in Realms performs the same on-chain action. Locked MNDE is subject to a 30-day unlocking period which begins once the unlock is initiated.

Your voting power is calculated from your remaining lock time, up to a 30-day maximum. This has two consequences worth knowing:

MNDE that is deposited but not locked carries no voting power at all. In Realms, use "Lock tokens", not "Deposit".
Once you start unlocking, your voting power decays gradually across the 30 days rather than disappearing. You can still vote while unlocking, with steadily less weight as the period runs down.

See MNDE Governance for the full locking walkthrough and the Realms parameters.

Protocol Revenue and MNDE Buybacks

Under MIP-22, which passed and is recorded as Completed on chain, 10% of protocol revenue funds open-market MNDE buybacks. The bought-back MNDE is distributed each quarter to eligible MNDE stakers, who claim it on the MNDE claim page. You can follow the buybacks on chain: the MNDE bought so far accumulates in BBaQsiRo744NAYaqL3nKRfgeJayoqVicEQsEnLpfsJ6x, viewable on Solscan.

Rewards are distributed each quarter. Q3 2026 rewards can be claimed on the MNDE claim page until 1 April 2027. Only claim through app.marinade.finance, and treat any message asking you to connect a wallet or approve a transaction as a scam.

Buybacks are running. They are not paused. What MIP-17 paused was the earlier MIP-11 buyback program. MIP-13 Active Staking Rewards is closed. Both are separate from the MIP-22 revenue buyback and should not be confused with it. Rewards from closed programs can no longer be claimed.

To be eligible for a quarterly distribution, a wallet must meet both conditions: it has MNDE staked (locked) on the Marinade governance page, and it has cast at least one governance vote in the trailing 12 months. MNDE that is only deposited, or held in a wallet or on an exchange, earns nothing. Eligibility is all or nothing, and each eligible wallet shares the distribution pro rata to its average staked balance over the quarter. See MNDE Governance.

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.

MNDE Allocations & Treasury Status

Treasury Holdings

Treasury balances move as the DAO votes and as programs pay out, so read them from chain rather than from this page.

Treasury

Address

DAO Treasury

B56RWQGf9RFw7t8gxPzrRvk5VRmB5DoF94aLoJ25YtvG

Labs Treasury

J5BEceL5z1EQ7JBqEFu4BfPN4PYCeQaW3GXrzXFfCzhs

Note that the DAO Treasury holds MNDE across more than one token account, so a single account view will understate it. The Marinade KPI dashboard and the DAO's Realms treasury view both give the consolidated picture.

Distributed / Spent Programs

Program

Allocation

Status

Retroactive Rewards

7.26M

Distributed 2021 across Waves 0 to 3

Project Incentives

68.54M

Distributed 2021 to 2022 to DeFi pools and protocols

Open Door Program

2.57M