👨‍🍳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

Last updated: September 5, 2025 (post-burn)

This page reflects the DAO-approved burn of 300M MNDE (MIP-14) and the updated treasury allocations.

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 · Realms vote)
Circulating supply: See stats

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.