Marinade announces the launch of on-chain DAO governance thru NFTs

TL;DR: Mint on Monday here: https://marinade.finance/app/mnde

With tremendous joy, the Marinade Chefs are pleased to officially announce the next chapter: the beginning of on-chain governance for Marinade DAO. It is officially time to take your MNDE tokens and mint your very own Marinade Chef NFTs. Marinators holding at least 1,000 MNDE tokens will be able to mint a governance NFT.

The mint will take place on the evening of Monday, April 4th.

Stay tuned to the Marinade Discord server for the latest updates on the exact timing of the NFT drop on the 4th. Once it’s live, visit Marinade’s MNDE page and mint a chef in just a few clicks.

*Be advised there is no Whitelist to mint a chef. Marinade has no Telegram channel. The only place to mint a chef will be from the link above**

How to lock MNDE for your NFT: Visit MNDE page -> Connect Wallet → Select NFT Level -> Approve transaction -> And you’re NFT will be in your wallet!

Let’s recap the basics regarding Marinade’s NFT governance:

MNDE is the Marinade governance token. It was originally minted in October with no sale & fair distribution only, mostly through liquidity mining.

Mint: Marinade NFT Chefs are not sold, instead they are minted when MNDE tokens are deposited and locked in Marinade governance. Tokens can be unlocked by waiting 30 days and burning the NFT. NFTs represent ownership in those locked tokens.

Secondary market: Magic Eden will support the Marinade Chefs as soon as possible after the mint begins. Remember, selling the NFT means selling the locked tokens as well.

Limited and regular edition Chefs: The first 3,333 NFTs minted feature a limited edition Octopus Chef, never to be minted again. Any NFT minted after that will feature a regular edition shark chef. The amount of shark chefs available for mint is in the tens of thousands. In the future, more editions, featuring new animals, will become available with the intent of having an unlimited Chefs supply.

Levels: different amount of tokens will mint a different size chef on the image. The bigger the animal, the more tokens were deposited into the governance: Level 1 starts at 1000 MNDE, Level 5 is above 250k MNDE.In the future, NFT owners will be able to deposit more tokens and grow their favorite Chef. Before growth becomes available, it might be strategic to lock more into a single NFT and rise above others.

Level 1 NFT: 1,000–4,999 MNDE

Level 2 NFT: 5,000–24,999 MNDE

Level 3 NFT: 25,000–99,999 MNDE

Level 4 NFT: 100,000–249,999 MNDE

Level 5 NFT: 250,000 MNDE and up

Rarities: Each chef comes with different attributes, some more rare than others. Do note that your token amount will affect the level of chef, but the rarity traits are totally random and have no bearing on how much MNDE you own. Rarity list will be available in Marinade Docs shortly.

Whitelist: everyone holding at least 1000 MNDE is whitelisted — which is a playful way of reiterating that a minimum of 1000 MNDE is needed to mint a chef and that there is in fact no whitelist.What to do with your new Marinade Chef NFT?

Start by showing it off! Sharing your NFT chef as your profile picture signals your support for not just Marinade, but for decentralization and prosperity of Solana throughout the metaverse and beyond! Also, the Marinator role in Marinade’s Discord server will be switched from token verification to NFT verification. Verified Marinators are eligible for exclusive community events and channels.

But Marinade also wants its NFT holders to be active participants in the DAO thru on-chain governance. NFTs in your wallet will enable you to create proposal drafts, publish them in the forum for discussion and ultimately vote on them.

There are four details to note before jumping into on-chain DAO governance:

Currently up to 15 NFTs can vote from a single wallet due to technical limitations. If you mint or acquire more NFTs, move them to a different wallet.

All NFTs in the same wallet must vote the same way (all For or all Against). If you want to split the vote for both sides, which might be a strategy to achieve quorum of 7M MNDE for example, multiple wallets must be used.

Proposals and voting are the final step in governance. It starts by creating a forum post, which opens up discussion with the DAO, and can then be withdrawn or submitted to an on-chain proposal and vote.

To enable some soft learning and discovery of the new on-chain system, proposals in the beginning will start as memos — meaning proposals will not contain executable program instructions. This restriction will be removed as the Marinade governance process matures.

The first on-chain proposal is already live in the Marinade Forum and you are invited to participate and reply to those who have already provided their feedback. This proposal regarding the installation of validator gauges thru MNDE tokens to delegate stake aims to add additional utility to the token, jumpstart further decentralization of Solana and create a better onramp for new Solana validators.

Need more MNDE?

Providing a governance lock for the floating MNDE on the market should cause a decrease in the available MNDE liquidity on the open market.

MNDE liquidity mining is still ongoing, so the easiest way to get tokens is by staking SOL for mSOL and then use it in the growing DeFi ecosystem where various liquidity pools have additional MNDE rewards.

The incentives will be further supported by the first of a series of Governance Festivals. This event will add 5M more MNDE into circulation. The mining will begin in the next round of liquidity mining updates several days after the launch. (Read more about Governance Festivals in the previous article: How MNDE will fuel on-chain DAO governance).

Marinade DAO looks forward to begin on-chain governance with its fellow Marinators and hopes to see you rocking your NFT Chef with pride.

About Marinade

Marinade.Finance is the first non-custodial liquid staking protocol built on Solana. Stake your SOL tokens with Marinade and receive mSOL (“marinated SOL”) tokens in return that can be used in decentralized finance (DeFi). mSOL is the most widely integrated collateralized version of SOL. The price of mSOL goes up relative to SOL each epoch, with rewards being accrued into your stake account.

Marinade’s delegation strategy stakes to 400+ validators that are selected automatically by an open-source, fair formula based on performance, commission, and decentralization.

Marinade includes mSOL->SOL swap, so you can “Unstake Now” and receive your SOL immediately for a small fee. You can also directly exchange between mSOL and SOL on secondary markets at the current rate. Finally, you can unstake your SOL with zero fee by waiting 2–3 days for the Solana cool-down period (Delayed Unstake).

Marinade announces the launch of on-chain DAO governance thru NFTs

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