👨🍳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
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)
Total in treasuries = 343.47M
DAO Treasury: 138.97M
Labs Treasury: 204.50M
Distributed / Spent Programs
Retroactive Rewards
7.26M
Distributed 2021 across Waves 0–3
Project Incentives
68.54M
Distributed 2021–2022 to DeFi pools and protocols
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
Initial Contributors
75.00M
Distributed 2023 - Jan 2024
Active Programs (still in lab treasury)
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
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.
Trade MNDE on Raydium
Trade MNDE on Orca
Trade MNDE on Jupiter
View MNDE on Coingecko
View MNDE on CoinMarketCap
References:
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