Marinade Finance
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anchored·jcbxRK…jhEdSummary
Marinade Finance is a non-custodial liquid staking protocol on Solana, launched on mainnet August 2, 2021. It operates two primary products — mSOL (liquid staking) and Marinade Native (non-liquid delegation) — and as of mid-2025 held approximately 10–11 million SOL in total staked value, making it one of Solana's largest staking providers. The protocol is governed by MNDE token holders via an on-chain DAO and has compiled a clean auditing track record with no confirmed exploits as of the investigation date.
Connected Entities
7 entities · 60 linked investigations- Marinade Finance→mentioned with→Alameda(65%)
- Marinade Finance→mentioned with→Ethereum(65%)
- Marinade Finance→mentioned with→Orca(60%)
- Marinade Finance→mentioned with→Solana(80%)
- Alameda Research→mentioned with→Alameda(70%)
- Marinade Finance→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(75%)
- Alameda→mentioned with→Alameda Research(80%)
- Marinade Finance→mentioned with→Alameda Research(80%)
- Solana→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(80%)
- Solana→mentioned with→Alameda Research(80%)
- + 6 more
Timeline(16 events)
March 2021
Marinade Finance concept wins third place at the Solana x Serum Hackathon, receiving approximately $80,000 in prize funding from the Solana Foundation and Serum.
Marinade Finance Medium — What a Launch!2 August 2021
Marinade Finance launches on Solana mainnet. 100,000 SOL cap is reached within 2.5 days.
Marinade Finance Medium — What a Launch!September 2021
Ackee Blockchain completes first formal security audit of Marinade's smart contracts.
Ackee Blockchain BlogNovember 2021
Kudelski Security publishes security assessment of Marinade Finance, finding one medium and one low severity issue, no critical findings.
Kudelski Security Research7 November 2021
MNDE governance token launches as a fair-launch token with no ICO. Total supply capped at 1 billion MNDE.
Marinade Documentation — The MNDE TokenApril 2022
On-chain DAO governance activates on Realms, enabling MNDE holders to vote directly on treasury and protocol decisions.
Marinade Documentation — Marinade DAONovember 2022
Alameda Research collapses. Alameda held one of the 11 slots in Marinade's program upgrade multisig. The current status of that key slot has not been publicly confirmed.
Marinade Blog — Why We Take it Slow (lists original signatories)19 July 2023
CoinDesk reports that Marinade is pivoting toward native staking as its primary growth product, moving away from liquid staking as the core offering.
CoinDeskNovember 2023
Neodyme AG and Sec3 complete independent audits of Marinade's November 2023 smart contract upgrade. Neodyme finds no vulnerabilities above low severity.
Marinade Security Audits — Documentation12 December 2023
mSOL depeg incident: a single wallet sells approximately 68,536 mSOL in 9 transactions over 20 minutes, causing a temporary 15–20% secondary-market price dislocation. Leveraged DeFi positions on Kamino and Marginfi are liquidated. Protocol funds are unaffected.
Solana Floor — mSOL Token Depeg Triggers Major DebateFebruary 2024
Marinade begins rolling out Protected Staking Rewards (PSR), an on-chain SLA requiring validators to post bonds to receive delegation. Over 300 validators enroll within the initial rollout.
Marinade Blog — Introducing Protected Staking RewardsMarch 2024
Neodyme completes audit of Marinade's Validator Bond Program, finding above-standard code quality with no high-severity findings.
Marinade Security Audits — DocumentationDecember 2024
Bitwise launches Solana Staking ETP ($BSOL) in Europe, with Marinade as exclusive staking partner.
The Defiant — Marinade Labs Launches Institutional Staking Platform2025
Total SOL staked across all Marinade products reaches approximately 9.3 million SOL as of Q1 2025.
State of Marinade Q1 2025 — Messari21 May 2025
Canary Capital files amended S-1 renaming its trust the 'Canary Marinade Solana ETF' and naming Marinade as exclusive staking provider — the first US Solana ETF filing to include staking.
CryptoTimes — Canary Renames Solana ETFJune 2025
Total SOL staked through Marinade peaks at approximately 11.1 million SOL across all products in Q2 2025.
State of Marinade Q2 2025 — MessariDecision Log
- slot 423915098 · hash 2roCKkfgABpcsUyawfKDkG43xXTD8y9dGatLPMPu27T5
- slot 423915095 · hash 4eqNKgx8jbu7KT1fe8BsDTy8EweR6cv56zHZziwQj5pD
- slot 423204523 · hash FCCg1NBr4sqy8q4dBnBnqc5pYnz9jhs13ydKGLbs8a47
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 31 of 37 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/30/2026, 5:45:28 PM
last updated: 5/30/2026, 5:45:28 PM
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