Marinade Kitchen Stories: June, 2023
Solana Liquid Staking Summer has officially arrived. June was an incredible month at Marinade featuring a handful of major integrations via partnerships and milestones achieved. In fact, the TVL of Marinade’s stake pool went up 1 million SOL! This growth also resulted in a nice Open Doors distribution of over 333,000 MNDE for Marinade partners who have been building and growing mSOL TVL through their communities and development.
A lot of intrigue is surrounding the rebirth of Solana DeFi right now with both new and V2 protocols growing and building. Liquid staking tokens like mSOL are front and center of the action, receiving more and more users, TVL and media coverage. Marinade continues educating audiences about liquid staking and Solana DeFi through updates to the Cookbook and new visual content like this new video explainer:
Here’s a recap of what you may have missed during a huge month for mSOL and MNDE:
Solend staking widget and mDAO grant for terminal
Solend has historically been the place in DeFi where the most mSOL is supplied for lend-borrow purposes. During discussions with their team, a curious idea emerged: a widget similar to Marinade’s original “Zaps” feature that detects stake accounts and offers to deposit to mSOL and become liquid staked with just one click. Solend has already enjoyed a TVL increase over the past month and has seen additional mSOL deposits through this widget. So they came to the Marinade DAO forum with an idea to create a Marinade Terminal: inspired by the Jupiter Terminal, this will be an easy way for any protocol to drop in code to enable the ability to stake SOL for mSOL and deposit it in their protocol, enabling even more DeFi liquidity.
Solend is wrapping up the completion of this terminal and it will be made available in Github as a public good for the whole ecosystem.
mDAO Proposal: Complete Realms governance migration
A project several months in the making is nearing completion but will require a DAO vote to proceed. Proposal 36, which is live from July 10–14, requests to complete the governance migration from Tribeca to Realms. The migration was taken on by the core team to utilize the added benefits of Realms SPL governance over the original Tribeca platform. This switch does have some requirements that all MNDE holders should be aware of, most notably, it will require migrating the Chef NFTs and locked MNDE to Realms. This will detach the MNDE from the Chef NFTs, which are currently not compatible with the Realms platform, but enable governance power for the MNDE. Liquidity mining gauges have since been transferred to council control, and validator gauges will move directly to the Marinade DApp and be utilized in tandem with Directed Stake.
VOTE OR VIEW THE RESULTS FOR THE PROPOSAL HERE
Listen in to the recent Open Kitchen where the Marinade team discussed the impact of the migration in more detail:
Super Stake SOL hits 100k mSOL deposits
Another major release from a Solana DeFi partner was from the Drift team and their new Super Stake SOL. This is a new leveraged staking platform utilizing drift’s lend-borrow features that launched exclusively using mSOL. Super Stake SOL enables users to leverage stake their mSOL with just one click up to 3x. This release gained a lot of attention and within two weeks achieved over 100,000 mSOL super-staked. A huge thanks to the Drift team for building a product so many mSOL holders have been asking for over the past year. And as always, DYOR! The Drift team has done a comprehensive job of explaining and displaying the risks of Super Stake SOL.
MonkeDAO validator optimizes for Marinade stake
Marinade built its validator dashboard and tooling to provide improved and transparent insights into who is receiving Marinade algorithm stake and why. This is also proving to be a great way for validators to improve their nodes. The latest case in point was MonkeDAO, one of many NFT communities that operate a validator for their community. Validators can either join Marinade’s Discord and visit the #Validators Channel or reach out directly and the team can provide information. Remember, there are a lot of tools for validators to utilize at Marinade to grow stake and be sustainable, from MNDE gauges to Directed Stake and validator performance epoch reports.
mDAO Treasury Update
For June, the Marinade stake pool grew over 19% to 6.378 million SOL. Revenue was up MoM in mSOL terms, generating 1,927.84 mSOL ($37,190) from staking management fees and unstaking fees liquidity pool. Operating expenses for the month were $94,638 and covered jointly by $42,840 in USDC and 541,013 MNDE ($51,798). Marinade also distributed 413,174 MNDE in liquidity mining.
The total mDAO treasury value at the end of June was $421,636. View Marinade wallets: DeFi |Treasury
Coming Soon: Marinade Native and new DApp features
Devs both at Marinade and those in the ecosystem building on mSOL shipped a lot in June, but have been hard at work in the kitchen completing major updates to the Marinade App as well as preparing the launch of Marinade Native, which enables the ability for those like large project treasuries or institutions who don’t want to liquid stake to still be able to utilize the tried-and-true Marinade delegation strategy for their SOL stake. Combined with a new user dashboard for their stake accounts and a liquidity router that will find the lowest price on the market to swap out of any liquid staking tokens, staking SOL will be better and more liquid than ever, no matter how or where you choose to do it.
