Marinade Finance
Summary
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
1 entities · 10 linked investigations- + 6 more
Timeline(16 events)
2021-03-01
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!2021-08-02
Marinade Finance launches on Solana mainnet. 100,000 SOL cap is reached within 2.5 days.
Marinade Finance Medium — What a Launch!2021-09-01
Ackee Blockchain completes first formal security audit of Marinade's smart contracts.
Ackee Blockchain Blog2021-11-01
Kudelski Security publishes security assessment of Marinade Finance, finding one medium and one low severity issue, no critical findings.
Kudelski Security Research2021-11-07
MNDE governance token launches as a fair-launch token with no ICO. Total supply capped at 1 billion MNDE.
Marinade Documentation — The MNDE Token2022-04-01
On-chain DAO governance activates on Realms, enabling MNDE holders to vote directly on treasury and protocol decisions.
Marinade Documentation — Marinade DAO2022-11-01
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)2023-07-19
CoinDesk reports that Marinade is pivoting toward native staking as its primary growth product, moving away from liquid staking as the core offering.
CoinDesk2023-11-01
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 — Documentation2023-12-12
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 Debate2024-02-01
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 Rewards2024-03-01
Neodyme completes audit of Marinade's Validator Bond Program, finding above-standard code quality with no high-severity findings.
Marinade Security Audits — Documentation2024-12-01
Bitwise launches Solana Staking ETP ($BSOL) in Europe, with Marinade as exclusive staking partner.
The Defiant — Marinade Labs Launches Institutional Staking Platform2025-01-01
Total SOL staked across all Marinade products reaches approximately 9.3 million SOL as of Q1 2025.
State of Marinade Q1 2025 — Messari2025-05-21
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 ETF2025-06-01
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
- hash: FCCg1NBr4sqy8q4dBnBnqc5pYnz9jhs13ydKGLbs8a47
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/30/2026, 5:45:28 PM
last updated: 5/30/2026, 5:46:14 PM
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