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Whitepaper read

Marinade

MNDE · Marinade

UtilityGovernance token for Marinade — holders vote on protocol decisions.

What it is

MNDE is the governance token of Marinade, a non-custodial Solana stake-automation and liquid-staking protocol (mSOL). Marinade delegates staked SOL across a curated set of validators to maximize rewards while supporting Solana decentralization. (No standalone whitepaper exists; the official docs are canonical.)

Technology & consensus

Built on Solana proof-of-stake: Marinade's delegation strategy (now the Stake Auction Marketplace, where validators bid for stake) routes SOL to high-performing validators, and stakers receive mSOL, a liquid token representing staked SOL that can be used in DeFi. Staking rewards accrue every epoch (~2 days).

Token utility

Locked MNDE (via Realms governance) votes on DAO proposals controlling protocol fees and treasury. Minting is permanently disabled; original 1B supply was cut to 700M by a DAO-approved 300M burn (MIP-14, Sep 2025). Fees from the Stake Auction Marketplace fund MNDE buybacks into the treasury.

Key risks & notes

Governance token with no direct fee claim; value hinges on DAO treasury management and protocol growth. Concentrated treasury holdings (~343M MNDE) and heavy competition from Jito and native staking are risks; smart-contract and validator slashing risks apply.

Primary source

Read the official whitepaper →

Research status

Classification: Whitepaper read · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass AFORA-01 scale — verification, not a quality ranking
Claim type · Governance token
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

MNDE is Marinade's governance token: holders lock MNDE to vote on the Marinade DAO (treasury, fees, validator delegation strategy) via the Realms platform; also used for directing stake under MNDE-enhanced staking. Minted Nov 7, 2021, fair launch, no ICO.

high confidence

Evidence: [1] · [2]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

No underlying exists by design. MNDE is a bearer governance token with no claim on staked SOL. The redeemable LST is mSOL (separate token, unstakable for SOL); MNDE itself has no backing and no custodian. Verified from protocol docs.

high confidence

Evidence: [1]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

No reserves exist by design. MNDE supply is fixed at 1 billion with minting permanently disabled; supply auditable on-chain. No proof-of-reserves is applicable; evidence is the MiCA whitepaper rather than an independent audit.

medium confidence

Evidence: [1]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No redemption mechanism exists for MNDE; it is not redeemable for SOL or mSOL. The related LST mSOL can be unstaked for SOL (2-4 day unlocking), but that is a different token. MNDE lock-ups for voting have a 30-day unlock, which is not redemption.

high confidence

Evidence: [1]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

The marinade.finance interface terms identify the Medium Rare Foundation, a foundation established in Panama, as operator of the website/interface; Marinade Labs is a Boston-based blockchain tech company behind the protocol. No redemption liability exists since MNDE is non-redeemable by design. Entity attribution from official terms plus legal press; no regulator filing corroborated.

medium confidence

Evidence: [1] · [2]

Verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is Marinade (MNDE)?

MNDE is the governance token of Marinade, a non-custodial Solana stake-automation and liquid-staking protocol (mSOL). Marinade delegates staked SOL across a curated set of validators to maximize rewards while supporting Solana decentralization. (No standalone whitepaper exists; the official docs are canonical.)

What does the holder own?

MNDE is Marinade's governance token: holders lock MNDE to vote on the Marinade DAO (treasury, fees, validator delegation strategy) via the Realms platform; also used for directing stake under MNDE-enhanced staking. Minted Nov 7, 2021, fair launch, no ICO.

What is Marinade's verification status?

Marinade (MNDE) carries verification class A (Class A): every applicable FORA-01 question is VERIFIED — a full verification chain. What would change it: A status change would require new evidence — a status never changes from reinterpreting old evidence.

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