Marinade Kitchen Stories

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:

A faster, more intuitive wallet connection

Delayed unstake tickets are easier to find

View of how much SOL you are delegating to validators using MNDE and mSOL directed stake

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:

Solscan improved their UI for stake accounts which makes Marinade Native positions easier to read with more information (LINK)

Marinade added three more protocols to its Snapshots so mSOL can be tracked for directed stake and upcoming MNDE incentives: Superstake SOL, Drift and MarginFi (LINK)

Solend built a new one-click solution for leveraged staking mSOL on their collateral platform (LINK)

UXD passed a vote on Realms to send $5 million of their treasury to liquid staking tokens, including half of this to mSOL (LINK)

Elusiv introduced private swaps of mSOL on their new platform (LINK)

Teams can stake their SOL with Marinade using Squads (LINK)

Choizy introduced a new Marinade quest on their Solana Saga dApp where users can learn-to-earn. (LINK)

Lucky Stake validator adds MNDE-directed stake voting power to boost chances of winning the epoch’s rewards. (LINK)

Ottr wallet introduced its first round of verified dApps and Marinade is in the initial group (LINK)

Phoenix launched its fully on-chain limit order book and mSOL is one of the initial tokens available for trading. (LINK)

You can now get mSOL for your ROTH IRA using centralized platform Alto IRA via their Coinbase partnership (LINK)

Marinade teamed up with Superteam DAO to offer a long-form bounty. (LINK to winners)

Pyth introduced a new MNDE/USDC price feed, available on 30 blockchains (LINK)

Linifity is bringing more MNDE liquidity on chain with its new MNDE-USDC market making (LINK)

Raydium began offering incentives in MNDE for supplying liquidity to their mSOL concentrated liquidity pools (LINK)

Ultimate Wallet featured Marinade in its dApp Spotlight and hosted Marinade’s btuck on a Spaces. (LINK)

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!