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The MNDE token
MNDE was launched on October 7, 2021 and allows you to take part in the governance of the Marinade protocol and treasury.
MNDE is the governance token of Marinade, a DAO operating on the Solana blockchain. Marinade is the creator of mSOL, a derivative token of SOL representing staked SOL in the Marinade stake pool.
- 35% - DAO Distribution. Used as token holders see fit via proposals, initially used for Liquidity Mining programs and Retroactive Rewards.
- 35% - DAO Treasury. This is a treasury reserve to be used for operations, grant programs, and strategic partnerships. This treasury is controlled by Marinade's multisig and is and governed by MNDE holders.
- Token holders are voting on specific budgets like grants and marketing.
- Besides this reserve, the treasury also receives mSOL protocol fees:
- 6% of staking reward fees generated by Marinade protocol
- Team compensation (in $, outside allocation) is being paid from the these fees.
- 30% - Contributors. This is an allocation for current and future contributors. The distribution has started in April and those funds are currently controlled by the multisig operated by the Marinade team.
- Team tokens are a subject to 2 year vesting.
The MNDE token was launched on October 7, 2021. The token had a fair launch with no ICO (Initial Coin Offering) or Venture Capital allocation.
Token holders who lock their MNDE to mint a Marinade Chef NFT are eligible to take part in on-chain governance of the Marinade DAO. This includes oversight of the treasury, the delegation strategy of the stake pool and liquidity mining incentives from token emissions.
Total supply: 1,000,000,000 MNDE
Issuance date: 7 October 2021
Minting disabled
Token allocations can be modified by Chef NFT holders through on-chain votes. Currently, MNDE is allocated into three groups:
35% - DAO Distribution. Primarily distributed through weekly Liquidity Mining programs. Chef NFT holders may also write and vote on proposals on how to distribute this allocation.
35% - DAO Treasury. This is a treasury reserve to be used for operations, grant programs, and strategic partnerships. This treasury is controlled by Marinade's multisig and governed by MNDE holders. Besides this reserve, the treasury also receives mSOL protocol fees, including staking reward fees generated by Marinade protocol, and from liquid unstake fees generated by the Unstake liquidity pool. Future revenue streams from the DAO will also be sent to this treasury.
30% - Team. This is an allocation for current and future contributors. The distribution has started in April those funds are currently controlled by Marinade's multisig. Team tokens are subject to 2 year vesting.
Download the PDF version of Marinade tokenomics below:
The founding Marinade team is committed to the long-term decentralization of the DAO and distribute ownership of Marinade to the community through the MNDE token. This has been primarily done through weekly liquidity mining allocations. These are MNDE rewards distributed weekly to protocols as determined by the DAO through gauges.
Token Exchange Program: Executed in June, 2022, the Token Exchange Program brought key Solana builders, from Validators to Protocols, officially into the DAO through asset swaps. Participants exchanged stablecoins, SOL or their own governance tokens in exchange for MNDE. View the full list of participants in this news release.
Future of the Marinade protocol: Marinade was founded in the spring of 2021 as the first liquid staking protocol on Solana. Today it is the largest protocol on Solana by TVL and the largest liquid staking token with over 7.5M mSOL minted. However, the DAO can look to expand on this through new technologies and drive new revenue streams to the treasury, such as through MEV or other products the team believes will deliver long-term value.
While MNDE can be traded on open markets, holders cannot official participating in the Marinade DAO until they lock a minimum of 1,000 MNDE tokens to mint a Chef NFT. When a new NFT is minted, the MNDE tokens are locked within it.
In order to unlock the MNDE tokens and give up governance rights, a user must visit the Marinade dApp and initiate the unlocking process. After 30 days, the user can then burn the NFT, which then sends the MNDE tokens back to the user’s wallet.
A user can sell their NFTs anytime on marketplaces like Magic Eden and SolSea. Keep in mind whenever a Chef NFT is traded, all locked MNDE is also sent.
Marinade activated on-chain DAO governance in April, 2022. This includes not only voting on proposals submitted by DAO members, but also utilizing MNDE in Validator Gauges and Liquidity Mining Gauges.
Validator gauges determine the allocation of 10% of the total SOL in the Marinade Stake Pool. Any validator who is eligible for Marinade stake can receive SOL stake thru the gauges. Chef NFT holders can use gauges to vote for their favorite validators, or validators who hold Chef NFTs can direct more SOL to their own validator. Gauges feature weights that allow the Chef NFT holder to assign different amounts of MNDE to multiple validators.
How voting weights in gauges work: A user has 50,000 locked MNDE tokens and applies a weight of 4 to Validator A, 2 to validator B, and 1 to Validator C and D. Validator A receives 25,000 votes, B receives 12,500 votes, and C and D receive 6,250 apiece. If a total of 20M MNDE has been used among all Chef NFT holders to vote in validator gauges, each validator will receive their percentage of votes as SOL stake. You can view each validator’s stake anytime on the Validator Gauges governance page.
The MNDE holder always keeps their tokens when voting in DAO governance or gauges.
Validator Gauges Profit Calculator: Solana Validator Cogent Crypto created a MNDE gauges calculator. Use it to see the expected ROI of MNDE used to bring SOL stake for validators based on the market prices of MNDE and SOL, and the amount of SOL delegated to validators through gauges.
Liquidity Mining Gauges were built to allow the DAO to fairly and transparently determine where to send MNDE token emission rewards to ecosystem protocols. From October, 2021 thru July, 2022, the founding Marinade team determined liquidity mining cycles.
Today through the gauges, liquidity mining is voted on by Chef NFT holders using gauge weights. These allocations are updated on a weekly basis.
In addition to token liquidity mining, MNDE is available to be traded on leading Solana DEX’s
Last modified 3mo ago