Marinade Kitchen Stories - February 6, 2022

Marinade is giving away coffee in our discord all month long. Come say ‘gm’.

February may be the year’s shortest month, but in the Solana world, you can jam what feels like a month’s worth of big news into just one week.

Such was the case across the Solana ecosystem since our last Kitchen Stories a couple weeks ago. Major announcements included Phantom wallet releasing its long-awaited mobile app to the Apple app store (this is huge for onboarding more Solana users and everyday utility). Solana Pay was announced which will bring easy and cheap payments to the masses. On the NFT front, Coachella, the famous music festival in California, is partnering with FTX to offer NFT ticketing, run on the Solana blockchain. Coinbase also announced support of Solana-based (SPL) tokens and added their first two tokens (ORCA and FIDA) with plans to add many more.

The amount of energy and development across Solana is palpable right now, and if you’re on social media, you’ve surely seen that the latest Solana Hackathon, Riptide, has begun. Devs are already submitting projects that will further advance projects across Solana from payments to DeFi and NFTs. Over $5 million in prize money has been put up by companies and investors large and small. Marinade holds these hackathons in high regard considering Marinade and liquid staking on Solana was born out of last year’s Solana x Serum event, where Marinade was awarded 3rd place in the event and would launch its liquid staking app to mainnet by August.

This year, Marinade is participating in the hackathon by sponsoring and judging its very own contest with a $30,000 prize up for grabs. Read our latest post on our Riptide involvement and contest.

Marinade has been busy fine-tuning its app following the January rebrand and working on the rollout of its MNDE governance and tokenomics that will be shared shortly. Many great ideas and spirited discussion has taken place in our Discord as well as on the Marinade forum. The team is considering all these idea as we prepare to announce the exciting next phase of MNDE.

It really is all about the community with Marinade. Decentralizing Solana is a key focal point and a core belief in the kitchen is to ensure the community has a seat at the dinner table. More will be shared on what that will look like in 2022 very soon.

Here are a few highlights coming out of the kitchen in recent weeks:

Mysteria Recap and Round 2

Marinade has always known it has a community full of big brains. So when the team at Mysteria approached the chefs about collaborating on a pre-launch special event of its new Solana-based P2E puzzle game, they jumped at the chance to contribute. In collaboration with several other communities, Marinade put up mSOL for the gamers to compete for. Solve puzzles -> win NFTs and mSOL.

We had a fantastic turnout and were pleased (but not necessarily surprised) when members from the Marinade community stormed through Mysteria’s Old Castle and won 1st, 3rd and 5th places. 8 marinators in total took home some loot from the castle. Congratulations to everyone who solved puzzles. They weren’t easy!

Did you miss the Mysteria pre-launch event? Don’t fret! Mysteria kicked off its official launch to the masses on February 4th and we were provided some free clues to provide the first 100 members who registered. The clues have been given out but it’s not too late to jump in. Visit PlayMysteria.com and jump into ourGood luck making it through the Old Castle!

Due to the popularity of Mysteria within our community, the team is working to find more fun events where you can compete and win prizes. We’re also getting ready to announce another special P2E event very soon. Marinators, Start your engines…

AMAs: Solana projects stop by the kitchen

Marinade can only achieve its long-term vision by ensuring the greater Solana ecosystem continues to grow in size and health. Marinade has made a point to bring in projects large and small who have integrated mSOL in various ways into the Discord for AMAs to share their project details.

Last week, Marinade hosted Friktion, a compelling DeFi product that launched on Solana a few months ago and utilizes mSOL for its “Covered Call” algorithmic volt strategy, where over 95,000 mSOL is currently being deployed. During the conversation, Marinade was pleased to hear the Friktion team’s thoughts on mSOL:

 “mSOL is probably the most productive asset within Friktion volts right now. It doesn’t just earn rewards in other places, but it also decentralizes the network and is distributing in that sense … mSOL is well positioned as one of Friktion’s largest assets.” — Friktion

You can view the Friktion AMA in its entirety below, or visit the Marinade YouTube channel to learn about more Solana projects like Orca and Artemis Market in past AMA’s.

Be sure to join these AMA’s live to ask questions to project leaders and also have the chance to win prizes!

Our community team is lining up AMAs for the coming weeks. Keep an eye out in our Discord and Twitter for details.

NFTs utilize Marinade treasury staking

Solana has shown tremendous growth in NFT projects so far in 2022. On Solana, two NFT projects announced they will utilize Marinade for their treasuries. Marinade is inspired by all the artists creating projects on Solana and are pleased to play a part in assisting these passionate creators and their projects.

A key reason why mSOL has established itself as the most utilized and integrated collateralized version of SOL is a result of its ease of installation for projects large and small. We’ve updated our Partnerships Docs page to provide more details about how Solana projects can utilize and tailor mSOL to their specific needs.

mSOL on social media

The ability to instantly access and use staked tokens is the magic of Marinade. DeFi experts have been sharing Marinade recipes to their audiences on Twitter and YouTube. Dynamo DeFi shared its passive DeFi strategy on YouTube, which includes liquid staking and double dipping with mSOL.

One of many threads on DeFi strategies on twitter came from @inter_galacticc. Even .eth domains have seen the beauty of DeFi on Solana:

Do you have a favorite DeFi recipe for mSOL? Be sure to tag us @MarinadeFinance on Twitter and share how you’re getting the most out of the double dip!

That’s it for this kitchen update. We’ve got big updates coming this month we’re excited to share very soon! In the meantime, be sure to stop into our Discord and say ‘gm’. Marinade is buying a cup of coffee every day to one lucky marinator.

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 the underlying staked SOL.

Marinade’s delegation strategy stakes in 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).

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