Marinade Finance
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Marinade Finance
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About & Links
About & Links
Marinade Finance is a DeFi protocol built on the Solana blockchain offering two main staking products:
- Marinade Liquid: Marinade Liquid enables users to stake SOL tokens and receive mSOL, a liquid staking token representing staked SOL plus accrued rewards, which can be used in DeFi applications across Solana.
- Marinade Native allows users to stake SOL directly without smart contracts, delegating to over 150 validators for security and decentralization, with rewards distributed every epoch (2-3 days). The protocol uses an automated Stake Auction Marketplace (SAM) to allocate stakes to high-performing validators. Its governance token, MNDE enables holders to vote on fees, treasury, and validator selection within the Marinade DAO.
Marinade Finance Founders
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Biggest Stories of 2025
- Marinade Recipes launched, beginning with the Global Dollar Recipe that lets users stake SOL to earn USDG rewards, including a 30-day boost with 30,000 USDG in total incentives at 2,000 USDG per epoch 2. (November 20, 2025)
- Marinade Select surpassed 3.1M SOL in TVL (~$436M), achieving threefold growth in that month, as institutional adoption of Solana staking accelerated and Native staking overtook the protocol's liquid staking segment 1. (November 15, 2025)
- Marinade announced a collaboration with Global Dollar Network (USDG) to introduce a new staking product launching November 20, 2025, allowing users to stake SOL and earn payouts in USDG every two days, funded by validator and priority fees 10. (November 11, 2025)
- Michael Repetný discussed Marinade's evolution from a Solana hackathon project to managing over $2 billion in assets, highlighting its shift toward institutional adoption, compliance (e.g., SOC 2), and integrations with ETFs and custodians . (October 14, 2025)
- Marinade joined the Global Dollar Network, committing to integrate USDG into multiple offerings beginning with Marinade Recipes 3. (September 16, 2025)
- MIP 15 passed, activating protocol fee flows to the Marinade Foundation and granting 100 million MNDE to Marinade Labs for operations, following a forum discussion that outlined the structural shift of protocol fees toward the treasury (50%) and buybacks (50%) 1213. (August 25, 2025)
- The Marinade team responded to SAM delegation to sandwiching validators, acknowledging that blocklisting malicious validators was ineffective and presenting an action plan including bond slashing and an improved reputation system to impose economic consequences for abuse 14. (June 24, 2025)
- Marinade Select launched, a staking product enabling users to stake SOL through a vetted set of KYC'd validators with signed agreements covering uptime, security, and transparency, intended for institutional parties to delegate SOL "without compromising decentralization or custody" 15. (May 21, 2025)
- Marinade shared plans for Marinade Recipes, a product giving users the choice to automatically convert staking rewards into alternative tokens including USDC, MNDE, ZBTC, and various meme coins, with a waitlist opened but no launch timeline provided 16. (June 25, 2025)
- MIP 4 passed with 99.6% of votes in favor, allocating 10.5 million MNDE to fund research and development focused on an improved unstake system, a liquidity monitoring framework, enhanced slashing resilience, and stake management optimization 1718. (January 31, 2025)
- MIP 6 passed with 99.6% of votes in favor, allocating 21 million MNDE for a 12-month marketing initiative targeting 5 million SOL added to TVL, an increase in liquid staking market share from 14% to 18%, 100,000 new app users, and 2 million website sessions by end of 2025 1920. (January 31, 2025)
- MIP 7 (Marinade Earn Season 4) went to vote, proposing 12.5 million MNDE plus 10.7 million unspent MNDE from Season 3 to enhance mSOL liquidity and adoption across Solana's DeFi ecosystem 21. (January 28, 2025)
About & Links
About & Links
Marinade Finance is a DeFi protocol built on the Solana blockchain offering two main staking products:
- Marinade Liquid: Marinade Liquid enables users to stake SOL tokens and receive mSOL, a liquid staking token representing staked SOL plus accrued rewards, which can be used in DeFi applications across Solana.
- Marinade Native allows users to stake SOL directly without smart contracts, delegating to over 150 validators for security and decentralization, with rewards distributed every epoch (2-3 days). The protocol uses an automated Stake Auction Marketplace (SAM) to allocate stakes to high-performing validators. Its governance token, MNDE enables holders to vote on fees, treasury, and validator selection within the Marinade DAO.
Marinade Finance Founders
Marinade Finance Profile
Marinade Finance Profile
In 2021, Marinade Finance originated from the Solana x Serum Hackathon (March 2021) and was launched as the first liquid staking protocol on Solana, introducing mSOL and the MNDE governance token, pioneering decentralized stake delegation and protocol-managed validator selection. In November the same year, Marinade activated full on-chain governance for the DAO, enabling MNDE holders to participate directly in major protocol decisions.
In the wake of the FTX-Alameda collapse, Marinade Finance experienced temporary mSOL/SOL price dislocation but maintained protocol stability. The project had minimal exposure to FTX/Alameda and quickly replaced their multisig signers with trusted Solana ecosystem participants, ensuring protocol security.
In November 2022, Marinade explored Solana’s evolving transaction priority / MEV landscape, including the introduction of mTransactions to better route priority transactions and optimize yield for stakers.
In July 2023, Marinade announced Marinade Native, allowing users to stake SOL directly with 100+ validators in a non-custodial, non-smart-contract setup while preserving expected yields. Within the first month, Marinade Native surpassed 1.5M SOL staked, reinforcing Marinade’s position as one of Solana’s largest staking platforms. Throughout late 2023, Marinade prepared Protected Staking Rewards (PSR), a mechanism where validators post bonds that cover underperformance/downtime, so stakers’ rewards are protected.
In April 2024, Marinade formally introduced PSR into its delegation strategy, requiring validators to post on-chain bonds that compensate stakers for performance shortfalls. PSR became a core feature of Marinade V2, highlighted at Solana Breakpoint 2024 as a way to ensure more stable, predictable yields and effectively “insure” staking rewards against validator downtime.
By 2025, Marinade achieved SOC 2 Type I and later Type II compliance, becoming one of the first major staking protocols with this level of audited security and operational control. This is central to its institutional staking offering, used by custodians (e.g., BitGo) and tied to proposed Solana staking ETF structures, where Marinade provides the underlying staking infrastructure.
By June 2025, Marinade Select, a curated validator set, reached ~840k SOL TVL and has processed ~$132M in staked assets, with ~7.0–7.7% APY and 99.93% validator uptime; PSR bonds effectively backstop this to near 100% for stakers.
Starting in September 2025, following DAO proposals MIP-11, MIP-13, and MIP-15, Marinade began using 50% of protocol fees for automated on-chain MNDE buybacks repurchasing ~1.28M MNDE with ~$181k in protocol revenue by quarter-end.