Coinbase Prime announces integration of Marinade’s mSOL liquid staking token for trading and custody
Clients of the leading qualified custodian can now trade and hold mSOL, a Solana liquid staking token, from their Coinbase Prime accounts.
Coinbase, a leading centralized crypto exchange and custodian, has announced that Marinade’s mSOL liquid staking token is now available for trading and custody to Coinbase Prime clients.
With Coinbase Prime and mSOL, investors in Solana can now receive competitive, on-chain SOL staking rewards while keeping their assets in the custody of Coinbase Prime’s industry-leading cold storage. Prime clients can access a wide variety of leading digital assets and custody it securely with the world’s largest qualified custodian.
Coinbase Prime is a full-service prime brokerage platform with everything institutions need to execute trades and custody assets at scale. Prime is an integrated solution designed for institutional clients that provides secure offline storage of assets, an advanced trading platform and prime services so you can manage your crypto assets in one place. Prime clients can access Coinbase Vault storage, combining physical security, consensus computation, and strict process controls. Their key generation and cold-storage technology are derived from 12+ years of in-house development.
Marinade is an optimized Solana staking platform with native and liquid SOL staking products. Marinade’s mSOL is the first liquid staking token on Solana, launched in August, 2021. The protocol currently directs over 10 million SOL stake through mSOL and its Marinade Native staking product, which utilizes the same delegation strategy to 100+ validators but without smart contract exposure. It is the leading platform by TVL on Solana with an all-time high of $2.1 billion achieved in March, 2024.
About staking SOL on Solana
Solana is a proof-of-stake network that distributes SOL tokens each epoch (2–3 days) as block rewards to network validators, who share these rewards with their stakers. SOL holders can stake their tokens to a validator or choose a service like Marinade that stakes to a pool of validators. This helps network decentralization and lowers the performance risk by spreading out the stake.
By not staking SOL, holders do not receive any blockchain staking rewards distributed each epoch (2–3 days). The current APY of mSOL is 7.52%, all coming from on-chain staking rewards distributed from the network of validators Marinade delegates to.
How Marinade’s mSOL liquid staking token works
mSOL is a liquid staking token whose smart contract delegates SOL stake to a large, dynamically managed stake pool of validators. mSOL tracks the price of SOL plus staking rewards that are earned by the Marinade protocol each epoch.
mSOL is a fully liquid digital asset and can be instantly unstaked through Marinade’s dApp, or swapped for SOL or other assets on any centralized or decentralized exchange. The mSOL smart contract is open source and audited multiple times in 2023 by industry-leading auditing firms Neodyme and Sec3. The mSOL smart contract upgrade authority is controlled by a 6/13 Solana ecosystem multisig.
mSOL may also have tax advantages to holders in certain jurisdictions because the staking rewards are realized only once after mSOL is unstaked for SOL or swapped on the market for another digital asset.
mSOL and Marinade’s governance token MNDE have both been available to Coinbase retail users since October, 2022.
Learn more about Marinade or stake directly at marinade.finance
Learn more about Coinbase Prime https://www.coinbase.com/prime
