# The MNDE token

### MNDE Details

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

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

<figure><img src="https://2385969780-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FHvhBFBu5z7MIlkYpgMXs%2Fuploads%2FtYFruvSvZ9NzEKlEBNMt%2FMNDE.png?alt=media&#x26;token=0ae468be-f17c-4519-ad5d-7290db031c09" alt=""><figcaption></figcaption></figure>

#### 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](https://forum.marinade.finance/t/mip-14-burn-5-50-of-mnde-total-supply/1909) · [Realms vote](https://v2.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo/proposal/EyeY8hrThBWw5MMtsAmNrnc7BoJGAtHsfsxVf17cG7E1))
* **Circulating supply:** See [stats](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m\&from=now-90d\&to=now\&timezone=utc)

#### 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.&#x20;

Marinade’s core contributors do not receive time-based token unlocks, only TVL milestone unlocks. [Read more about Marinade’s MNDE and incentives](https://medium.com/marinade-finance/mnde-tokenomics-update-revisiting-incentives-at-marinade-3fc2d087d764?source=collection_home---6------14-----------------------).

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

#### Treasury Holdings (as of Sep 5, 2025)

* **Total in treasuries = 343.47M**
  * [**DAO Treasury**](https://solscan.io/account/B56RWQGf9RFw7t8gxPzrRvk5VRmB5DoF94aLoJ25YtvG)**:** 138.97M
  * [**Labs Treasury**](https://solscan.io/account/J5BEceL5z1EQ7JBqEFu4BfPN4PYCeQaW3GXrzXFfCzhs)**:** 204.50M

#### Distributed / Spent Programs

<table><thead><tr><th width="209.77777099609375">Program</th><th width="120.11114501953125">Allocation</th><th>Status</th></tr></thead><tbody><tr><td>Retroactive Rewards</td><td>7.26M</td><td>Distributed 2021 across Waves 0–3</td></tr><tr><td>Project Incentives</td><td>68.54M</td><td>Distributed 2021–2022 to DeFi pools and protocols</td></tr><tr><td><a href="https://forum.marinade.finance/t/proposal-launch-160m-mnde-open-doors-tvl-program/398/21">Open Door Program</a></td><td>2.57M</td><td>Distributed 2021–2022 total</td></tr><tr><td>Token Exchange / Treasury Grant / Swap</td><td>12.52M</td><td>Distributed 2022</td></tr><tr><td>Miscellaneous Distributions</td><td>16.30M</td><td>Distributed 2022 to early 2023</td></tr><tr><td>Liquidity Mining Gauges</td><td>27.60M</td><td>Distributed Jul 2022 – Aug 2023</td></tr><tr><td><a href="https://marinade.finance/blog/mnde-tokenomics-update-revisiting-incentives">Team / Advisors Milestone (8M SOL)</a></td><td>46.00M</td><td>Distributed Oct 2022 – Sep 2023</td></tr><tr><td><a href="https://forum.marinade.finance/t/mdao-proposal-install-a-marketing-and-promotions-budget-of-up-to-6m-mnde-for-the-next-12-months-july-22-june-23/232">Marketing Budget</a></td><td>6.00M</td><td>Spent 2022–2023</td></tr><tr><td><a href="https://forum.marinade.finance/t/proposal-unlock-mnde-from-the-treasury-to-finance-security-audits/562">Security Audits</a></td><td>2.00M</td><td>Distributed Nov 2023</td></tr><tr><td>Initial Contributors</td><td>75.00M</td><td>Distributed 2023 - Jan 2024</td></tr><tr><td><a href="https://marinade.finance/blog/let-marinade-earn-season-2-begin">Marinade Earn S1 + S2</a></td><td>12.24M</td><td>Distributed 2023–2024 and claimed (25M unlocked; clawbacks returned)</td></tr><tr><td><a href="https://forum.marinade.finance/t/dao-proposal-unlock-a-25m-mnde-budget-over-3-months-for-marinade-earn-season-3/1312">Marinade Earn S3</a></td><td>25.00M</td><td>Distributed 2024; unused rolled into S4</td></tr><tr><td><a href="https://forum.marinade.finance/t/dao-proposal-unlock-a-26m-mnde-budget-to-onboard-multiple-market-makers-for-mnde/1393">Market Makers</a></td><td>26.00M</td><td>Distributed Jun 2024</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip-4-fund-research-and-development-for-advancements-to-solana-staking-protocol-marinade/1696">MIP.4 Research &#x26; Dev</a></td><td>10.50M</td><td>Distributed Jan 2025</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip-6-boost-marinade-s-growth-awareness-with-21m-mnde-budget-for-2025-initiatives/1701">MIP.6 Growth &#x26; Awareness</a></td><td>21.00M</td><td>Distributed Jan 2025</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip-14-burning-between-5-and-50-of-the-mnde-supply">MIP.14 Supply Burn</a></td><td>300.00M</td><td>Burned Sep 2025 </td></tr></tbody></table>

#### Active Programs (still in lab treasury)

<table><thead><tr><th width="209">Program</th><th width="120.11114501953125">Allocation</th><th>Status</th></tr></thead><tbody><tr><td><a href="https://forum.marinade.finance/t/mip-7-marinade-earn-season-4/1709">MIP.7 Marinade Earn S4</a></td><td>~10.00M</td><td>Remaining active incentives (DAO)</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip-12-migrate-campaign-accelerate-marinade-native-tvl-growth-with-25m-mnde-budget/1876">MIP.12 Migrate Campaign</a></td><td>25.00M</td><td>Approved and allocated Aug 2025, campaign starts Sep 15, 2025 for 3 months</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip-13-introduction-of-active-staking-rewards-program/1895">MIP.13 Active Staking Rewards</a></td><td>25.00M</td><td>Approved and allocated Aug 2025, distribution scheduled end of 2025</td></tr><tr><td><a href="https://forum.marinade.finance/t/mip15-activate-the-protocol-fees-flow-to-the-marinade-foundation-and-grant-100m-mnde-to-marinade-labs-for-operations/1922/5">MIP.15 Marinade Operation Grant</a></td><td>100.00M</td><td>Active for Labs operations, 1-year cliff</td></tr><tr><td><a href="https://forum.marinade.finance/t/grant-request-allocate-46m-mnde-contributors-budget-for-16m-sol-tvl-milestone/560">Team / Advisors Milestone (16M SOL)</a></td><td>46.00M</td><td>Not vested; conditioned on 16M SOL TVL (Labs Treasury)</td></tr></tbody></table>

***

### Where to get the MNDE token

MNDE is available for trading on leading Solana DEXs. MNDE is also available on central exchanges like [Coinbase](https://www.coinbase.com/), [Crypto.Com, ](https://crypto.com/price/mnde)and [Gate](https://www.gate.io/).

* Trade MNDE on [Raydium](https://raydium.io/swap/)
* Trade MNDE on [Orca](https://www.orca.so/)
* Trade MNDE on [Jupiter](https://jup.ag/)
* View MNDE on [Coingecko](https://www.coingecko.com/en/coins/marinade)
* View MNDE on [CoinMarketCap](https://coinmarketcap.com/currencies/mnde/)

### References:

* [Marinade Realms Governance](https://v2.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo/proposals)
* [Marinade Forum](https://forum.marinade.finance/)
* [Marinade Stats](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1\&refresh=1m)