Audit log

Every state-changing event for Marinade Finance: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 17:46:14Z
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   {"actor":"system:backfill","investigation_id":"29c069b0-7532-42eb-94e8-b73d29464d5e","kind":"publish","page_slug":"marinade-finance","published_at":"2026-05-30T17:46:14.361Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Marinade Finance","sections":[{"content":"Marinade Finance is a non-custodial, open-source liquid staking protocol built on the Solana blockchain. It was developed from a project that won third place at the March 2021 Solana x Serum Hackathon, receiving approximately $80,000 in initial prize funding from the Solana Foundation and Serum. After the hackathon, the founding teams of Simon Gleiser and Michael Repetny merged with collaborators Lucio Tato and Marco Broeken to launch under the Marinade brand. Mainnet went live on August 2, 2021; the protocol staked 100,000 SOL within its first 2.5 days of operation.\n\nMarinade offers two core staking products. The first, liquid staking, issues mSOL tokens to depositors in exchange for staked SOL. mSOL accrues value relative to SOL each epoch as staking rewards accumulate, and can be used as collateral across Solana DeFi applications. The second product, Marinade Native, allows users to delegate SOL directly to a curated set of high-performing validators while retaining full custody; no derivative token is issued and Marinade's smart contracts never take custody of the underlying SOL.\n\nA third product, Marinade Select, launched in 2024 and targets institutional clients. It delegates to a vetted, KYC-verified validator set under contractual uptime and operational-security agreements, and carries SOC 2 compliance certification. Marinade Select was named the exclusive staking provider in Canary Capital's US Solana Staking ETF filing (the first US Solana ETF to include staking) and serves as the staking partner for Bitwise's Solana Staking ETP ($BSOL), launched in Europe in December 2024.\n\nAs of Q2 2025, total SOL staked across all Marinade products reached approximately 11.1 million SOL. By Q3 2025, total staked SOL stood at approximately 10.4 million SOL (a modest decline from peak), with Marinade's aggregate TVL reaching roughly $2.2 billion due to SOL price appreciation. Marinade Native surpassed mSOL as the protocol's dominant staking segment by late 2025. The MNDE governance token was issued in November 2021 as a fair launch with no ICO, with a total supply cap of 1 billion tokens.","heading":"What It Is","severity":"low","sources":[{"credibility":2,"name":"Marinade Finance launch announcement","type":"official","url":"https://medium.com/marinade-finance/what-a-launch-5f3f02bb969f"},{"credibility":2,"name":"Marinade Protocol Overview — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview"},{"credibility":2,"name":"State of Marinade Q2 2025 — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q2-2025"},{"credibility":2,"name":"State of Marinade Q3 2025 — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q3-2025"},{"credibility":2,"name":"Canary Capital Files First U.S. Solana ETF With Staking, Marinade Named Provider — The Defiant","type":"news_article","url":"https://thedefiant.io/news/tradfi-and-fintech/canary-files-first-u-s-solana-etf-staking-marinade-finance-named-provider-sec-0014d29c"},{"credibility":2,"name":"Marinade Introducing ETF-Ready Solana Staking Infrastructure with Marinade Select — Messari","type":"research","url":"https://messari.io/report/marinade-introducing-etf-ready-solana-staking-infrastructure-with-marinade-select"},{"credibility":2,"name":"Solana Staking in 2025: Institutional Momentum Grows as Marinade Select Surpasses 3.1M SOL — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/solana-staking-in-2025-institutional-momentum-grows-as-marinade-select-surpasses-3-1-m-sol-in-tvl"}]},{"content":"Marinade Finance has undergone multiple independent security audits since its mainnet launch in 2021 and has not reported any confirmed protocol exploit or theft of user funds as of May 2026.\n\nKudelski Security, a firm previously selected by Solana Labs to audit the Solana protocol itself, conducted a review in 2021. Their report identified one medium-severity finding, one low-severity finding, and one informational finding. No critical fund-loss vulnerabilities were discovered. Ackee Blockchain conducted a separate audit in September 2021, using manual code review and local deployment testing. Neodyme AG, a firm specializing in Solana smart contract security, performed a code review in 2021 and a full audit in November 2023. The November 2023 Neodyme report found no vulnerabilities above low severity and described the codebase as exhibiting 'clean design and far-above-standard code quality.' Sec3 independently reviewed the same November 2023 smart contract upgrade. In March–April 2024, Neodyme audited Marinade's Validator Bond Program (the infrastructure underpinning Protected Staking Rewards), again finding above-standard code quality with no high-severity findings. All audit reports are publicly available as PDF documents through Marinade's official documentation.\n\nMarinade maintains an active bug bounty program on Immunefi with a minimum payout of $50,000 for critical smart-contract vulnerabilities. Payouts are denominated in USD but distributed in mSOL and MNDE. Proof of concept is required for all severity levels.\n\nDeFiSafety assigned Marinade a Process Quality Review score of 70 out of 100 (classified as a PASS) as of May 2022, noting the protocol had undergone two formal audits and one code review at that time, all post-deployment. The score reflects documentation and testing practices at that earlier date and predates several subsequent audits.\n\nNo successful exploits, rug-pull events, or confirmed hacks have been publicly documented against the Marinade protocol itself. Third-party phishing sites impersonating Marinade (e.g., marinade-app.org) have been flagged by domain trust scanners, but these are external fraud attempts rather than protocol vulnerabilities.","heading":"Security and Audit History","severity":"low","sources":[{"credibility":2,"name":"Marinade Security Audits — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/security/audits"},{"credibility":2,"name":"Neodyme 2023 Audit PDF","type":"other","url":"https://app.marinade.finance/docs/Neodyme_2023.pdf"},{"credibility":2,"name":"Ackee Blockchain Audit September 2021","type":"other","url":"https://app.marinade.finance/docs/AckeeBlockchain.pdf"},{"credibility":2,"name":"Ackee Blockchain audited Marinade.Finance — Ackee blog","type":"other","url":"https://ackee.xyz/blog/ackee-blockchain-audited-marinade-finance/"},{"credibility":2,"name":"Kudelski Security Assessment of Marinade Finance on Solana","type":"other","url":"https://research.kudelskisecurity.com/2021/11/18/security-assessment-of-marinade-finance-on-solana/"},{"credibility":2,"name":"Marinade Bug Bounty — Immunefi","type":"other","url":"https://immunefi.com/bug-bounty/marinade/information/"},{"credibility":2,"name":"Marinade Detailed Report — DeFiSafety","type":"research","url":"https://www.defisafety.com/app/pqrs/443"}]},{"content":"Marinade Finance's smart contract upgrade authority is governed by a multisig requiring 6 of 11 signatures to execute any protocol change. The 11 signatories at launch included major Solana ecosystem participants: Raydium, Saber, Serum, Mercurial Finance, Orca, Alameda Research, Triton.one, Miton C, and Marinade itself holding three votes. Marinade has publicly documented this structure as a deliberate safeguard against single-point-of-failure admin key compromise. The protocol published a dedicated blog post ('Why We Take it Slow — Security First') explaining the rationale for multi-party upgrade authority.\n\nNote: Following the collapse of Alameda Research in November 2022, the composition of the multisig signatory set may have been updated. Publicly available documentation through May 2026 does not confirm whether Alameda's slot was replaced or removed, representing a minor disclosure gap.\n\nFor Marinade Native and Marinade Select, Solana's base-layer design ensures that institution and retail users always retain withdrawal authority over their staked SOL independent of Marinade's smart contracts. Marinade cannot unilaterally seize or redirect these funds.\n\nThe broader governance of the protocol sits with MNDE token holders via a DAO on the Realms platform. MNDE holders lock tokens to obtain veMNDE and vote on treasury and protocol decisions. Operational execution is delegated to a Marinade Council of seven elected contributors holding a 4-of-7 multisig, which manages day-to-day protocol operations within parameters set by DAO votes. On-chain DAO governance has been active since April 2022.","heading":"Centralization and Upgrade-Authority Risk","severity":"low","sources":[{"credibility":2,"name":"Why We Take it Slow — Security First — Marinade Blog","type":"official","url":"https://marinade.finance/blog/why-we-take-it-slow-security-first"},{"credibility":2,"name":"MNDE Governance — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/governance"},{"credibility":2,"name":"Marinade DAO — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-dao"},{"credibility":2,"name":"Contract Addresses — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/developers/contract-addresses"}]},{"content":"Marinade's stated mission includes actively improving Solana validator decentralization. Its delegation strategy distributes stake across a large number of validators using an algorithmic scoring system that incorporates commission-adjusted APY, block production performance, and geographic/data-center decentralization metrics. As of mid-2025, Marinade delegated stake to over 100 eligible validators under its current algorithm, with earlier iterations delegating to over 450 validators.\n\nEligibility requirements under the Algorithmic Delegation Strategy include a minimum of 10 epochs of operating history, a maximum commission of 10% over the past 10 epochs, and a minimum stake of 1,000 SOL. The system explicitly avoids concentrating stake with the largest or most dominant validators, favoring smaller participants to support network health.\n\nIn 2024, Marinade introduced the Stake Auction Marketplace (SAM), in which validators bid for Marinade-delegated stake. The SAM operates permissionlessly on-chain and ranks validators by yield (including their bid) while adhering to decentralization constraints. Beginning in February 2024, Marinade also rolled out Protected Staking Rewards (PSR), an on-chain service-level agreement backed by validator bonds: validators must post collateral (1 SOL per 10,000 SOL of Marinade delegation) to be eligible for stake, with the bond covering missed rewards if a validator underperforms or raises commission unexpectedly. Over 300 validators enrolled in PSR within the initial rollout period.\n\nMarinade's approach differs structurally from Lido on Ethereum, in that Marinade uses a permissionless, score-based delegation model rather than a whitelisted validator set — a distinction often cited in Solana ecosystem discussions when evaluating LST centralization risk. Marinade itself has noted that its market share, while large, does not represent the same form of validator-set centralization that whitelisted LST models can create.","heading":"Validator Set and Decentralization","severity":"low","sources":[{"credibility":2,"name":"Marinade Delegation Strategy: A Guide for Validators — Marinade Blog","type":"official","url":"https://marinade.finance/blog/marinade-delegation-strategy-a-guide-for-validators"},{"credibility":2,"name":"Stake Auction Market (SAM) — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview/stake-auction-market"},{"credibility":2,"name":"Protected Staking Rewards — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview/protected-staking-rewards"},{"credibility":2,"name":"Introducing PSR: Protected Staking Rewards — Marinade Blog","type":"official","url":"https://marinade.finance/blog/introducing-protected-staking-rewards"},{"credibility":2,"name":"Understanding Marinade: A Comprehensive Overview — Messari","type":"research","url":"https://messari.io/report/understanding-marinade-a-comprehensive-overview"}]},{"content":"Marinade Finance is operated by Marinade Labs. The publicly identified founders and leadership include Michael Repetny (CEO), Simon Gleiser (CTO), Lucio Tato, and Marco Broeken — all named as core contributors in the protocol's public history. The team is distributed and operates under a DAO-driven model, with protocol governance decisions submitted to MNDE token holders on the Realms platform.\n\nThe DAO governance structure consists of MNDE holders who lock tokens for veMNDE voting power, plus an elected seven-member Marinade Council with a 4-of-7 multisig for operational execution. Workgroups including 'Build' (product development) and 'Growth' (tokenomics, content, TVL) operate under DAO mandates with treasury funding allocated by governance votes.\n\nMarinade has published regular monthly and quarterly reports publicly on Medium and through Messari, providing transparent breakdowns of TVL, product mix, revenue, and protocol milestones. Messari has produced quarterly State of Marinade reports since at least Q1 2025. Financial and operating metrics are publicly accessible via Solana Compass's stake pool tracker.\n\nThe MNDE token was launched in November 2021 as a fair launch with no ICO. Total supply is capped at 1 billion MNDE. An original 30% team allocation was voluntarily reduced to 7.5% by the founding team, who relinquished the remaining 22.5% to DAO control — a notable transparency signal. The DAO held approximately 74.22% of circulating MNDE as of June 2023. Token distribution has evolved from time-based liquidity mining emissions to TVL-milestone-linked distributions, with the DAO voting on allocation plans.","heading":"Team, DAO, and Transparency","severity":"low","sources":[{"credibility":2,"name":"Contributors — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/marinade-dao/contributors"},{"credibility":2,"name":"How Marinade's MNDE will fuel on-chain DAO governance — Marinade Blog","type":"official","url":"https://marinade.finance/blog/how-marinades-mnde-will-fuel-on-chain-dao-governance"},{"credibility":2,"name":"The MNDE Token — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/the-mnde-token"},{"credibility":2,"name":"MNDE Tokenomics Update: Revisiting Incentives — Marinade Blog","type":"official","url":"https://marinade.finance/blog/mnde-tokenomics-update-revisiting-incentives"},{"credibility":2,"name":"Marinade Q1 2024 Brief — Messari","type":"research","url":"https://messari.io/report/marinade-q1-2024-brief"},{"credibility":1,"name":"Solana's Largest Protocol, Marinade, Bets Growth on Native SOL Staking — CoinDesk","type":"news_article","url":"https://www.coindesk.com/tech/2023/07/19/solanas-largest-protocol-marinade-bets-growth-on-native-sol-staking-product"}]},{"content":"The MNDE governance token confers voting rights in Marinade's on-chain DAO. Holders lock MNDE on Realms to receive veMNDE, which determines voting weight on treasury and protocol decisions. The 4-of-7 Marinade Council multisig provides operational continuity between governance votes.\n\nRisk factors specific to the token and governance layer:\n\n1. Token concentration: As of June 2023, the DAO treasury held approximately 74% of all MNDE. While treasury MNDE is governed by token holders collectively, a coordinated voter bloc with meaningful veMNDE could influence protocol fee structures, delegation parameters, or treasury allocations. No evidence of governance manipulation has been identified.\n\n2. MNDE market liquidity: MNDE is a relatively small-cap token with limited trading volume on major centralized exchanges. Thin secondary market liquidity could amplify price volatility during governance disputes or protocol stress events.\n\n3. Alameda Research multisig exposure: Alameda Research was listed as one of the 11 original upgrade-authority multisig signatories. Following Alameda's collapse in November 2022, the status of that key is uncertain from public sources. If not formally replaced, this represents a latent risk to the integrity of the 6-of-11 multisig governance model. No public incident has been attributed to this exposure.\n\nNo red flags involving insider token sales, token lockup manipulation, or governance attacks have been publicly reported against Marinade as of May 2026.","heading":"MNDE Token and Governance Risk Factors","severity":"medium","sources":[{"credibility":2,"name":"MNDE Governance — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/governance"},{"credibility":2,"name":"Introducing MNDE — Marinade's Secret Sauce — Marinade Finance Medium","type":"official","url":"https://medium.com/marinade-finance/introducing-mnde-marinades-secret-sauce-4bf5670463fc"},{"credibility":2,"name":"Why We Take it Slow — Security First — Marinade Blog (lists multisig signatories)","type":"official","url":"https://marinade.finance/blog/why-we-take-it-slow-security-first"}]},{"content":"On December 12, 2023, mSOL experienced a significant but temporary depeg from its underlying SOL value. A single wallet executed approximately 9 transactions over roughly 20 minutes, selling approximately 68,536 mSOL (approximately $8 million) into secondary market pools. Due to relatively thin on-chain liquidity at the time, the concentrated selling pressure caused mSOL's secondary market price to fall approximately 15–20% below its intrinsic NAV relative to SOL — dropping from approximately $78 to approximately $66 per mSOL before recovering.\n\nThe depeg did not represent a protocol insolvency or exploit; the underlying staked SOL remained intact and redeemable at full value through Marinade's unstaking mechanism. However, the temporary price dislocation triggered liquidations on Solana lending platforms, including Kamino and Marginfi, for users who had borrowed against mSOL collateral at market-price oracle values. Solend announced it was unaffected because its system excluded LST price depegs from liquidation triggers; Marginfi maintained that market-price-based liquidations were appropriate even during temporary depegs.\n\nThis incident highlighted a structural risk common to liquid staking tokens: secondary-market prices for LSTs can diverge from NAV during periods of low liquidity or concentrated selling, exposing leveraged DeFi users to liquidation risk independent of any protocol failure. Marinade did not dispute the event or the liquidations; no funds were lost from the Marinade protocol itself.\n\nA separate forum post titled 'Incident Report: 37,000 SOL in Losses — A Call for Investigation and Action' appeared on the Marinade governance forum. Marinade's team responded clarifying that the 37,000 SOL figure referenced estimated missed staking rewards rather than a direct loss of principal, and that no user funds were at risk in that incident.","heading":"mSOL Depeg Incident (December 2023)","severity":"medium","sources":[{"credibility":2,"name":"Marinade Finance's mSOL Token Depeg Triggers Major Debate and Liquidations — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/marinade-finances-m-sol-token-depeg-triggers-major-debate-and-liquidations-in-de-fi-world"},{"credibility":2,"name":"MarginFi and Solend Debate Risk Management After mSOL Depeg on Solana — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/Lightspeed/the-marginfi-vs-solend-debate-lessons-from-msols-depeg"},{"credibility":3,"name":"Incident Report: 37,000 SOL in Losses — A Call for Investigation and Action — Marinade Forum","type":"community_report","url":"https://forum.marinade.finance/t/incident-report-37-000-sol-in-losses-a-call-for-investigation-and-action/1853/24"}]},{"content":"In 2024, Marinade Finance published a governance proposal addressing the growing concentration of MEV (maximal extractable value) on the Solana network. Research confirmed that the value of negative MEV externalities, particularly sandwich attacks, had been growing and concentrating among a smaller set of network actors. Marinade's governance proposal outlined three remediation principles: formation of a public committee to oversee delegation decisions, restoration of a public mempool, and funding of MEV research.\n\nThe MEV governance proposal reflected Marinade's position as a major stake delegator and its leverage to influence validator behavior. No evidence of Marinade itself directly benefiting from or enabling sandwich attacks has been documented. The proposal was noted in industry coverage as a constructive governance intervention rather than a reactive response to a loss event.\n\nMarinade's permissionless validator eligibility model — in which any validator meeting technical thresholds can bid for delegation rather than being hand-selected — is cited in ecosystem analysis as a mitigant against the validator-set centralization concerns associated with whitelisted LST models such as Lido on Ethereum.","heading":"MEV and Validator Conduct Concerns","severity":"low","sources":[{"credibility":2,"name":"Marinade Finance Unveils Governance Proposal to Combat Malicious MEV — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/marinade-finance-unveils-governance-proposal-combat-malicious-mev"},{"credibility":2,"name":"Marinade Finance Offers New Governance Proposal to Tackle Oversized Role of MEV — Crypto.news","type":"news_article","url":"https://crypto.news/marinade-finance-offers-new-governance-proposal-to-tackle-oversized-role-of-mev/"}]},{"content":"Marinade Finance has emerged as a focal point for institutional Solana staking infrastructure. In December 2024, Bitwise launched its Solana Staking ETP ($BSOL) in Europe with Marinade as the official staking partner. In 2025, Canary Capital named Marinade as the exclusive staking provider in its proposed 'Canary Marinade Solana ETF' — the first US-registered ETF filing to include Solana staking and the first instance of a staking provider appearing in a US ETF's registered name. Marinade Select, which underpins these institutional offerings, carries SOC 2 compliance certification and requires validators to operate under KYC and contractual performance agreements.\n\nThe SEC has not taken any known enforcement action against Marinade Finance as of May 2026. Marinade's non-custodial, permissionless architecture — in which users never cede control of underlying assets to Marinade — is commonly cited as a factor that differentiates it from custodial staking arrangements that have drawn regulatory scrutiny elsewhere. No regulatory warnings, sanctions, or OFAC designations are known to apply to Marinade Finance or its principals.","heading":"Institutional Adoption and Regulatory Posture","severity":"low","sources":[{"credibility":2,"name":"Canary Capital Files First U.S. Solana ETF to Include Staking, Names Marinade as Exclusive Staking Provider — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/canary-capital-files-first-u-s-solana-etf-to-include-staking-names-marinade-as-exclusive-staking-provider"},{"credibility":2,"name":"Marinade Makes History as First and Exclusive Staking Provider in U.S. Solana ETF Filing — Marinade Blog","type":"official","url":"https://marinade.finance/blog/marinade-named-exclusive-staking-provider-for-us-solana-etf"},{"credibility":2,"name":"Canary Renames Solana ETF, Adds SOL Staking in Amended S-1 — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/05/21/canary-renames-solana-etf-adds-sol-staking-in-amended-s-1-filing/"},{"credibility":2,"name":"Marinade Labs Launches Institutional Staking Platform for Solana — The Defiant","type":"news_article","url":"https://thedefiant.io/news/defi/marinade-labs-launches-institutional-staking-platform-for-solana"}]},{"content":"Marinade Finance is one of Solana's most established and thoroughly audited DeFi protocols. Its security posture is supported by at least six independent audit and code-review engagements since 2021, an active Immunefi bug bounty program with meaningful minimum payouts, and a multisig upgrade authority that distributes control across multiple ecosystem participants. No protocol exploit or confirmed theft of user funds has been reported in nearly four years of mainnet operation.\n\nGovernance is conducted on-chain through the Realms platform, with tokenomics that favor DAO treasury control over team concentration. The founding team voluntarily reduced its token allocation from 30% to 7.5%, an above-average transparency signal in the DeFi sector.\n\nThe primary risk factors identified are: (1) the mSOL secondary-market depeg in December 2023, which was a liquidity event rather than a protocol failure but caused real harm to leveraged DeFi users; (2) residual uncertainty about the upgrade-authority multisig composition following the Alameda Research collapse; and (3) standard LST systemic risks — mSOL holders using the token as DeFi collateral remain exposed to market-price-driven liquidations during stress events. Marinade Native and Marinade Select users are materially less exposed to the mSOL-specific DeFi liquidity risk.\n\nFor users seeking a Solana staking provider with a strong security track record, transparent governance, and institutional validation (ETF filings, SOC 2 compliance), Marinade Finance presents a well-documented risk profile with no fraud or misconduct findings. Ordinary caution around DeFi composability and LST liquidity risk applies.","heading":"Neutral Verdict","severity":"low","sources":[{"credibility":2,"name":"Marinade Finance — Official Site","type":"official","url":"https://marinade.finance/"},{"credibility":2,"name":"State of Marinade Q4 2025: Institutions Select Marinade — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q4-2025-institutions-select-marinade"}]}],"sources_used":[{"credibility":2,"name":"Marinade Finance — Official Website","type":"official","url":"https://marinade.finance/"},{"credibility":2,"name":"Marinade Protocol Overview — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview"},{"credibility":2,"name":"Marinade Security Audits — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/security/audits"},{"credibility":2,"name":"Marinade Bug Bounty — Official Documentation","type":"official","url":"https://docs.marinade.finance/developers/bug-bounty"},{"credibility":2,"name":"Marinade DAO — Official Documentation","type":"official","url":"https://docs.marinade.finance/marinade-dao"},{"credibility":2,"name":"MNDE Governance — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/governance"},{"credibility":2,"name":"The MNDE Token — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/the-mnde-token"},{"credibility":2,"name":"Why We Take it Slow — Security First — Marinade Blog","type":"official","url":"https://marinade.finance/blog/why-we-take-it-slow-security-first"},{"credibility":2,"name":"Introducing Protected Staking Rewards — Marinade Blog","type":"official","url":"https://marinade.finance/blog/introducing-protected-staking-rewards"},{"credibility":2,"name":"Marinade Named Exclusive Staking Provider for US Solana ETF — Marinade Blog","type":"official","url":"https://marinade.finance/blog/marinade-named-exclusive-staking-provider-for-us-solana-etf"},{"credibility":2,"name":"Neodyme 2023 Audit PDF","type":"other","url":"https://app.marinade.finance/docs/Neodyme_2023.pdf"},{"credibility":2,"name":"Ackee Blockchain Audit September 2021 PDF","type":"other","url":"https://app.marinade.finance/docs/AckeeBlockchain.pdf"},{"credibility":2,"name":"Ackee Blockchain audited Marinade.Finance — Ackee Blog","type":"other","url":"https://ackee.xyz/blog/ackee-blockchain-audited-marinade-finance/"},{"credibility":2,"name":"Kudelski Security Assessment of Marinade Finance on Solana","type":"other","url":"https://research.kudelskisecurity.com/2021/11/18/security-assessment-of-marinade-finance-on-solana/"},{"credibility":2,"name":"Marinade Bug Bounty — Immunefi","type":"other","url":"https://immunefi.com/bug-bounty/marinade/information/"},{"credibility":2,"name":"Marinade Detailed Report — DeFiSafety","type":"research","url":"https://www.defisafety.com/app/pqrs/443"},{"credibility":2,"name":"Understanding Marinade: A Comprehensive Overview — Messari","type":"research","url":"https://messari.io/report/understanding-marinade-a-comprehensive-overview"},{"credibility":2,"name":"State of Marinade Q1 2025 — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q1-2025"},{"credibility":2,"name":"State of Marinade Q2 2025 — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q2-2025"},{"credibility":2,"name":"State of Marinade Q3 2025 — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q3-2025"},{"credibility":2,"name":"State of Marinade Q4 2025: Institutions Select Marinade — Messari","type":"research","url":"https://messari.io/report/state-of-marinade-q4-2025-institutions-select-marinade"},{"credibility":2,"name":"Marinade Q1 2024 Brief — Messari","type":"research","url":"https://messari.io/report/marinade-q1-2024-brief"},{"credibility":2,"name":"Marinade Introducing ETF-Ready Solana Staking Infrastructure with Marinade Select — Messari","type":"research","url":"https://messari.io/report/marinade-introducing-etf-ready-solana-staking-infrastructure-with-marinade-select"},{"credibility":2,"name":"mSOL Token Depeg Triggers Major Debate and Liquidations — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/marinade-finances-m-sol-token-depeg-triggers-major-debate-and-liquidations-in-de-fi-world"},{"credibility":2,"name":"MarginFi and Solend Debate Risk Management After mSOL Depeg — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/Lightspeed/the-marginfi-vs-solend-debate-lessons-from-msols-depeg"},{"credibility":1,"name":"Solana's Largest Protocol, Marinade, Bets Growth on Native SOL Staking — CoinDesk","type":"news_article","url":"https://www.coindesk.com/tech/2023/07/19/solanas-largest-protocol-marinade-bets-growth-on-native-sol-staking-product"},{"credibility":2,"name":"Canary Capital Files First U.S. Solana ETF With Staking, Marinade Named Provider — The Defiant","type":"news_article","url":"https://thedefiant.io/news/tradfi-and-fintech/canary-files-first-u-s-solana-etf-staking-marinade-finance-named-provider-sec-0014d29c"},{"credibility":2,"name":"Canary Capital Files First U.S. Solana ETF to Include Staking — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/canary-capital-files-first-u-s-solana-etf-to-include-staking-names-marinade-as-exclusive-staking-provider"},{"credibility":2,"name":"Canary Renames Solana ETF, Adds SOL Staking in Amended S-1 — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/05/21/canary-renames-solana-etf-adds-sol-staking-in-amended-s-1-filing/"},{"credibility":2,"name":"Marinade Labs Launches Institutional Staking Platform for Solana — The Defiant","type":"news_article","url":"https://thedefiant.io/news/defi/marinade-labs-launches-institutional-staking-platform-for-solana"},{"credibility":2,"name":"Marinade Finance Unveils Governance Proposal to Combat Malicious MEV — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/marinade-finance-unveils-governance-proposal-combat-malicious-mev"},{"credibility":2,"name":"Marinade Finance Offers New Governance Proposal to Tackle Oversized Role of MEV — Crypto.news","type":"news_article","url":"https://crypto.news/marinade-finance-offers-new-governance-proposal-to-tackle-oversized-role-of-mev/"},{"credibility":3,"name":"Incident Report: 37,000 SOL in Losses — Marinade Governance Forum","type":"community_report","url":"https://forum.marinade.finance/t/incident-report-37-000-sol-in-losses-a-call-for-investigation-and-action/1853/24"},{"credibility":2,"name":"Marinade on Solana: Project Review, Programs, Token, Metrics — Solana Compass","type":"research","url":"https://solanacompass.com/projects/marinade"},{"credibility":2,"name":"Stake Auction Market (SAM) — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview/stake-auction-market"},{"credibility":2,"name":"Protected Staking Rewards — Marinade Documentation","type":"official","url":"https://docs.marinade.finance/marinade-protocol/protocol-overview/protected-staking-rewards"},{"credibility":2,"name":"Solana Staking in 2025: Institutional Momentum Grows — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/solana-staking-in-2025-institutional-momentum-grows-as-marinade-select-surpasses-3-1-m-sol-in-tvl"}],"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.","timeline":[{"date":"2021-03-01","event":"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.","source":"Marinade Finance Medium — What a Launch!","source_url":"https://medium.com/marinade-finance/what-a-launch-5f3f02bb969f"},{"date":"2021-08-02","event":"Marinade Finance launches on Solana mainnet. 100,000 SOL cap is reached within 2.5 days.","source":"Marinade Finance Medium — What a Launch!","source_url":"https://medium.com/marinade-finance/what-a-launch-5f3f02bb969f"},{"date":"2021-09-01","event":"Ackee Blockchain completes first formal security audit of Marinade's smart contracts.","source":"Ackee Blockchain Blog","source_url":"https://ackee.xyz/blog/ackee-blockchain-audited-marinade-finance/"},{"date":"2021-11-01","event":"Kudelski Security publishes security assessment of Marinade Finance, finding one medium and one low severity issue, no critical findings.","source":"Kudelski Security Research","source_url":"https://research.kudelskisecurity.com/2021/11/18/security-assessment-of-marinade-finance-on-solana/"},{"date":"2021-11-07","event":"MNDE governance token launches as a fair-launch token with no ICO. Total supply capped at 1 billion MNDE.","source":"Marinade Documentation — The MNDE Token","source_url":"https://docs.marinade.finance/the-mnde-token"},{"date":"2022-04-01","event":"On-chain DAO governance activates on Realms, enabling MNDE holders to vote directly on treasury and protocol decisions.","source":"Marinade Documentation — Marinade DAO","source_url":"https://docs.marinade.finance/marinade-dao"},{"date":"2022-11-01","event":"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.","source":"Marinade Blog — Why We Take it Slow (lists original signatories)","source_url":"https://marinade.finance/blog/why-we-take-it-slow-security-first"},{"date":"2023-07-19","event":"CoinDesk reports that Marinade is pivoting toward native staking as its primary growth product, moving away from liquid staking as the core offering.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2023/07/19/solanas-largest-protocol-marinade-bets-growth-on-native-sol-staking-product"},{"date":"2023-11-01","event":"Neodyme AG and Sec3 complete independent audits of Marinade's November 2023 smart contract upgrade. Neodyme finds no vulnerabilities above low severity.","source":"Marinade Security Audits — Documentation","source_url":"https://docs.marinade.finance/marinade-protocol/security/audits"},{"date":"2023-12-12","event":"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.","source":"Solana Floor — mSOL Token Depeg Triggers Major Debate","source_url":"https://solanafloor.com/news/marinade-finances-m-sol-token-depeg-triggers-major-debate-and-liquidations-in-de-fi-world"},{"date":"2024-02-01","event":"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.","source":"Marinade Blog — Introducing Protected Staking Rewards","source_url":"https://marinade.finance/blog/introducing-protected-staking-rewards"},{"date":"2024-03-01","event":"Neodyme completes audit of Marinade's Validator Bond Program, finding above-standard code quality with no high-severity findings.","source":"Marinade Security Audits — Documentation","source_url":"https://docs.marinade.finance/marinade-protocol/security/audits"},{"date":"2024-12-01","event":"Bitwise launches Solana Staking ETP ($BSOL) in Europe, with Marinade as exclusive staking partner.","source":"The Defiant — Marinade Labs Launches Institutional Staking Platform","source_url":"https://thedefiant.io/news/defi/marinade-labs-launches-institutional-staking-platform-for-solana"},{"date":"2025-01-01","event":"Total SOL staked across all Marinade products reaches approximately 9.3 million SOL as of Q1 2025.","source":"State of Marinade Q1 2025 — Messari","source_url":"https://messari.io/report/state-of-marinade-q1-2025"},{"date":"2025-05-21","event":"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.","source":"CryptoTimes — Canary Renames Solana ETF","source_url":"https://www.cryptotimes.io/2025/05/21/canary-renames-solana-etf-adds-sol-staking-in-amended-s-1-filing/"},{"date":"2025-06-01","event":"Total SOL staked through Marinade peaks at approximately 11.1 million SOL across all products in Q2 2025.","source":"State of Marinade Q2 2025 — Messari","source_url":"https://messari.io/report/state-of-marinade-q2-2025"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision fdcefa50-a0ef-4e78-8a88-a2a9bc77bb0acopy