👨‍🍳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.

MNDE Allocations & Treasury Status (Post-Burn, September 5, 2025)

Treasury Holdings (as of Sep 5, 2025)

Distributed / Spent Programs

Program
Allocation
Status

Retroactive Rewards

7.26M

Distributed 2021 across Waves 0–3

Project Incentives

68.54M

Distributed 2021–2022 to DeFi pools and protocols

2.57M

Distributed 2021–2022 total

Token Exchange / Treasury Grant / Swap

12.52M

Distributed 2022

Miscellaneous Distributions

16.30M

Distributed 2022 to early 2023

Liquidity Mining Gauges

27.60M

Distributed Jul 2022 – Aug 2023

46.00M

Distributed Oct 2022 – Sep 2023

6.00M

Spent 2022–2023

2.00M

Distributed Nov 2023

Initial Contributors

75.00M

Distributed 2023 - Jan 2024

12.24M

Distributed 2023–2024 and claimed (25M unlocked; clawbacks returned)

25.00M

Distributed 2024; unused rolled into S4

26.00M

Distributed Jun 2024

10.50M

Distributed Jan 2025

21.00M

Distributed Jan 2025

300.00M

Burned Sep 2025

Active Programs (still in lab treasury)

Program
Allocation
Status

~10.00M

Remaining active incentives (DAO)

25.00M

Approved and allocated Aug 2025, campaign starts Sep 15, 2025 for 3 months

25.00M

Approved and allocated Aug 2025, distribution scheduled end of 2025

100.00M

Active for Labs operations, 1-year cliff

46.00M

Not 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, Crypto.Com, and Gate.

References:

Last updated