Marinade Kitchen Stories - August 2023
Read more about what happened in the Kitchen over the month of August!
![Marinade Kitchen Stories - August 2023](https://cdn.prod.website-files.com/6650dab2b30baa59082bca35/6671797665e49184979c7533_65.png)
The Marinade kitchen was bustling in August, which included a huge amount of partnerships and integrations, as well as significant growth in the new Marinade Native product.
August was also a chance for a little travel to visit friends at the Berlin Hacker House, where Marinade co-hosted lunch and learns daily with Staking Facilities, and also presented on the main stage to the audience.
There has been momentum on Solana overall this summer as chain performance shows strength, Solana-native teams continue to learn, work together, and build new consumer-friendly updates for their dApps, while Web-2 companies take notice of the ecosystem’s strong builder community mixed with second-to-none speed and low fees.
Heading into Breakpoint this fall there is a lot to be optimistic on both as an ecosystem and within the DAO. Here are some highlights from Marinade for the month of August:
Marinade dApp Updates
Have you been to the Marinade dApp lately? If so, you’ve experienced an all-new look and feel. The new dApp has enabled both Native and liquid staking since July, as well as the chance to instantly redelegate your SOL native or LST accounts to mSOL or Marinade Native. The dApp also features a liquidity router that utilizes both the Marinade liquidity pool and Jupiter’s deep SOL liquidity. That means unstakes will always be done at the very best price on the market (often for as low as 0.1% fees!).
A few additional dApp updates shipped in August include:
How are you enjoying the all-new dApp? Be sure to let us know on Twitter or in Discord and request any features you’d like to see to help solidify Marinade as your staking homepage on Solana.
First mDAO proposal completed on Realms
Marinade’s transition from Tribeca to Realms governance was officially completed, and the first on-chain vote on Realms was held in August. Migrating to Realms enables the DAO to have control of the Marinade treasury and full transparency into what is happening and where MNDE is going. Proposals can even be self-executing on chain, removing the need for any human/permissioned element. Since the migration, 93 million MNDE have been locked in governance (which require a 30-day unlocking period), about 45% of all tokens on the market.
The first DAO vote was on the new MNDE incentives and referral program. The vote received over 30M total votes and passed with over 24M Yes votes.
Details for the new incentives and referral program are being finalized and will be shared with the mDAO very soon. Get your SOL stake ready (mSOL or Native) to get the maximum MNDE!
Solana ecosystem partnerships in August
Discussions about decentralization and liquid staking on Solana have been happening across the ecosystem and August was evidence that it is top of mind for builders as they work to integrate mSOL and MNDE into their platforms. Here’s a rundown:
Treasury Report
Marinade saw a large increase in TVL in August due to the combined growth of mSOL and Marinade Native, bringing the total stake on August 31 to 7.197M SOL. Revenue for the month in mSOL terms was 1,991 mSOL ($49,779 in USDC), down 16% MoM due to some mSOL stake moving to Native. 1,975 mSOL came from staking fees and 16 from instant unstaking operations. Expenses for the month were $101,232 (no liquidity mining expenses), creating a balance of -$51,274 on the month ($-13,866 in USDC). The MNDE to cover expenses continues to be taken from the milestone budget, whose first milestone is 8M SOL TVL. The total treasury balance value is up 13% MoM to $612,555. DeFi wallet | Treasury wallet
September has already seen new milestones and some continued momentum with both mSOL and Marinade Native. The Master Chefs are excited to share all we’ve been shipping next month, and be sure to keep an eye out for how you can participate in the all-new Native referral program to help take Marinade stake and Solana decentralization to the next level.
Thanks for reading and being a part of the kitchen!
Marinade In the News
The Coin Republic: Marinade helping fuel Solana revival
Marinade Native featured in Seb Montgomery’s Solana Daily Update
Analysis: Marinade Native is Only Possible on Solana
The Sleuth Newsletter features Marinade Native
Alpha Please newsletter: Solana DeFi, Marinade making a comeback
Listen to Cerba on the August Solana DeFi Ring Spaces
Hubble shares mSOL deposits are up on its lend-borrow platform