Kitchen Stories: Monthly update for April 2024
Read more about what happened in April in the kitchen.
It’s an exciting spring around Solana with lots of IRL events around the world from London to Austin to Crete, not to mention a soggy Dubai for Token 2049. At the time of this writing, the team is in Istanbul, attending Solana Crossroads, and is excited to present some alpha on the new staking meta, Marinade v2 (be sure to follow the blog for all the details of v2 here).
Following Solana Crossroads, Marinade will be attending and sponsoring the Snapshot event held during Consensus in Austin and IslandDAO in Crete. If you’re planning to be at any of these places, be sure to reach out and say hello (and grab some Marinade swag).
April was a productive month that saw the launch of Protected Staking Rewards and featured many exciting partnership announcements and some thoughtful proposals for the community and protocol on the forum.
Let’s get to the latest kitchen stories:
🛡️ Protected Staking Rewards goes live
Protected Staking Rewards officially went live in April and are already helping recover SOL rewards that would have been lost because of suboptimal validator performance.
PSR brings SLA’s common in institutional staking on chain for SOL stakers of any size. Marinade can report over 400 validators have set up their bond to be eligible for Marinade stake!
Validators, if you haven’t set up your bond yet, you can do so by following the instructions in this github link: https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account**
Follow along: Want to see which validators have set up their bond and when protected events occur? You can see all the details here: https://psr.marinade.finance/
April Treasury Report
Marinade TVL ended the month at 10.2M SOL (-0.15% MoM) with revenues to the protocol at 1,982 mSOL ($372,669 in USD). Operational expenses for the month were $171,220 ($5,000 of which was paid in 20,080 MNDE). This generated a monthly profit of $201,449 with $2,317,409 in the operational treasury.
DAO and proposals
Two notable proposals have hit the DAO forum for discussion and potential vote.
Validators and stakers are encouraged to examine the proposal and see how it would affect their overall allocation with Marinade. Share your feedback on the forum or in the validators channel in Discord. https://forum.marinade.finance/
Community & Partnerships
Good news for institutions: mSOL is now available for custody on Coinbase Prime. Coinbase announced support for mSOL. mSOL is the only Solana liquid staking token available to Coinbase exchange users, and now it’s also available to Prime customers.
Lastly, Marinade conducted a treasure hunt on social media and congrats to the follower who guessed the phrase correctly! Keep an eye out on X in May for another chance to win!
Marinade 101 video campaign
Do you have friends who still aren’t sure what Solana staking is, and specifically how Marinade does it best? Marinade rolled out three short explainers on its social media in April in a Marinade 101 series. You can see them all on this Youtube playlist.
Save the Date: StakePoint
Heading to Singapore for Breakpoint this September? Be sure to save the date for StakePoint, a pre-breakpoint conference event held on September 19th.
About StakePoint: Pioneering institutional grade staking through performance, compliance, and risk management. Immerse yourself in a day of educational panels and demos led by the most knowledgeable contributors to the Solana network and the staking ecosystem. See how traditional finance services can acquire key details and gain industry insights into how they can benefit from Solana’s decentralization, sustainability, and performance.
If you’re interested in attending, visit this luma link to request a spot (registrations must be approved): https://lu.ma/durn97l8
