What is Marinade Finance? Marinade is a Liquid Staking protocol built and developed on the Solana ecosystem. Help users Stake SOL to earn more profits. And is the project that has TVL TOP 1 on the Solana ecosystem. So to know details about Marinade Finance, let’s find out in this article!
This project also has many similarities with Lido Finance on Ethereum. You can read more here.
What is Marinade Finance?
Marinade Finance is the leading Liquid Staking protocol on Solana. Users can Stake SOL on the protocol to receive an APY of about 6% and receive mSOL used to interact on Solana’s DeFi ecosystem.
Users unlock SOL staked on the protocol at any time, by canceling the stake and waiting for the unlock time or unlocking instantly. SOL and mSOL can be exchanged directly with each other in the market.
Operating Mechanism of Marinade Finance
The main activities that take place on the protocol:
- Staking SOL to receive an APY of about 6% and mSOL can interact with the DeFi ecosystem on Solana such as making collateral on Lending & Borrowing platforms such as Solend, Apricot,… or providing liquidity for Trading pairs associated with mSOL on DEXs such as Orca, Raydium, Saber,…
- Participate in SOL delegation and protocol governance when having an NFT locked for 1000 MNDE Tokens or more. To unlock Tokens in NFT, users must wait at least 30 days, then burn NFT and receive MNDE Tokens. If you don’t want to waste time waiting, you can sell this NFT on the market.
Core Team
- Lucio Tato – Senior Software Engineer who worked as Founder of NarWallet and also made important contributions to Meta Pool – Liquid Staking project on Near Protocol.
- Michael Repetny – Marketing: Product manager and co-founder at Zeerat. With experience in interface design, project management and marketing consulting.
Investor
The project does not receive any investment from funds and investors
Tokenomics
Overview information about Marinade Finance token
- Token name: Marinade
- Code: MNDE
- Blockchain: Solana
- Token classification: SPL
- Contract: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey
- Total supply: 1,000,000,000
- Maximum supply: 1,000,000,000
Token Allocation and Token Release
- DAO: 35% is used to incentivize Dao participants and for the initial Liquidity Mining program. Token distribution for the Liquidity Mining program takes place weekly.
- Team & Contributor: 30% for Team and current and future contributors. This portion begins to pay in April 2022 and will be paid off in 2 years.
- Tresury: 35% is a reserve used for operations, sponsorship programs and strategic partnerships. The protocol’s fees are also sent to the reserve fund. The use and issuance of Tokens in the fund will be decided by Dao.
Token Use Case
- Liquidity Mining: Token is used to reward those who Stake SOL and join the Dao early.
- Governance: Locking 1000 MNDE tokens or more will redeem NFT to participate in protocol governance as well as authorize SOL to validators.
Exchanges
MNDE is traded on Cex exchanges such as Coinbase Exchange, Gate.io and Dex exchanges such as Raydium, Orca, Jupiter.
Marinade Finance’s Information Channel
- Website: https://marinade.finance/
- Twitter: https://twitter.com/MarinadeFinance
- Medium: https://medium.com/marinade-finance
- Discord:
summary
Marinade Finance is the top 1 tvl project on Solana and is a very important piece of the ecosystem. But recently projects on Solana and Marinade are no exception, having had a decrease in TVL due to the impact of the FTX floor collapse. And will Marinade Finance and the Solana ecosystem recover after this major event?
Hopefully this article provides a lot of useful knowledge to everyone!