Ledger / $MNDE
Marinade
$MNDEMNDE…A5ey
Governance token for Marinade, a real staking protocol; MNDE's governance powers aren't shown.
4079 karat
A little of it works.
MNDE claims to govern Marinade, a Solana staking protocol. DefiLlama confirms Marinade's products are live, with $777M locked and $4.1M in 30-day fees. Its liquid staking code has been public since 2021. Mint and freeze authority are revoked. None of MNDE's governance roles (voting, treasury, veMNDE locks) are shown in the evidence. One wallet holds 27.1% of supply and the top ten hold 63.9%. The single DEX pool had $0 in 24h volume.
7 claims tested
- 1
Vote on Marinade protocol decisions with MNDE
Core claim:
It is used to vote on protocol decisions, control the DAO treasury, and direct stake to validators.
The site and docs list governance pages (MNDE DAO, Voting, Research Forum), but nothing in the evidence shows a live vote or a Realms DAO where MNDE is used.
Unproven - 2
MNDE holders control the Marinade DAO treasury
Feature:
It is used to vote on protocol decisions, control the DAO treasury, and direct stake to validators.
No treasury account, DAO wallet or vote spending funds appears in the evidence, so MNDE control of a treasury isn't shown.
Unproven - 3
MNDE governance directs how stake is delegated to validators
Feature:
It is used to vote on protocol decisions, control the DAO treasury, and direct stake to validators.
A real delegation-strategy repo (334 commits, 13 contributors) shows how Marinade scores and distributes stake, but nothing shows MNDE votes steering that delegation.
Partly - 4
Lock MNDE in Realms to get veMNDE governance power, with an unlock period on withdrawal
Feature:
Holders lock their MNDE in Realms to obtain veMNDE governance power, with a unlock period when withdrawing.
No Realms realm, veMNDE lock program or unlock-period data appears in the evidence.
Unproven - 5
Liquid staking that turns staked SOL into mSOL, a tokenized stake usable in Solana DeFi
Core claim:
Marinade helps you to stake Solana without locking in liquidity by turning SOL into mSOL - tokenized version of staked SOL.
DefiLlama tracks Marinade Liquid Staking with $245M locked and $1.2M in fees over 30 days. The liquid staking program repo dates back to Nov 2021.
Verified - 6
Instant unstake: access staked SOL from any validator without a liquid token
Detail:
Instantly access your SOL from any validator with Marinade. No liquid token needed.
Instant unstake is only described in marketing text. No working unstake tool or tracker data for it appears in the evidence.
Unproven - 7
Liquid staking program source is public on GitHub and audited by Neodyme
Detail:
* [Neodyme](https://docs.marinade.finance/marinade-protocol/security/audits#id-2026)
The program source is public in a non-fork repo with 201 commits since 2021. The Neodyme audits are only links in the README, and the reports themselves weren't checked.
Partly
What would raise the grade
- Link the Marinade Realms DAO showing MNDE/veMNDE proposals and votes
- Show the DAO treasury address and a vote that moved its funds
- Show on-chain proof that MNDE votes change validator stake delegation
Evidence read
Everything the marks rest on, as Assay found it on 21 Oct 2026, 17:15 UTC.
pump.fun's recordpump.fun
Not launched on a launchpad; pump.fun lists it with creator MRFo…nPmt. Market cap $18M. Description: “MNDE is the governance token of Marinade Finance, a liquid staking protocol on Solana. It is used to vote on protocol decisions, control the DAO treasury, and direct stake to validators. Holders lock their MNDE in Realms to obtain veMNDE governance power, with a unlock period when withdrawing.” Links given: website, X.
pump.fun/coin/MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5eyDexScreenerDexScreener
Trades in 1 pool (orca), $261k of liquidity, $0 traded in 24 hours. First pool opened 28 Nov 2022. Listed links: https://marinade.finance, https://docs.marinade.finance, https://x.com/MarinadeFinance, https://discord.gg/yTdH8YkYKg.
dexscreener.com/solana/MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5eyThe mint on SolanaSolana
Token program: SPL Token. Mint authority: revoked (no more can ever be minted). Freeze authority: revoked. Supply 699,996,899.
solscan.io/token/MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5eyLargest holdersSolana
11,969 holders. Largest single wallet holds 27.1% of supply; the ten largest wallets hold 63.9%. Pools, curves and other program accounts among the top 20 hold 13.1%. The coin's creator holds 0.00%.
solscan.io/token/MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey#holdersCoinGeckoTracker
Listed as “marinade”. Categories: Decentralized Finance (DeFi), Solana Ecosystem, Liquid Staking Governance Tokens, Liquid Staking. Homepage: https://marinade.finance/. Code: https://github.com/marinade-finance/.
www.coingecko.com/en/coins/marinadeDefiLlamaTracker
DefiLlama tracks 3 products for this token, with $777M locked in all and $4.1M in fees paid over 30 days: Marinade Native (Staking Pool, $390M locked, $2.0M fees in 30 days, tracked since 21 Oct 2023); Marinade Liquid Staking (Liquid Staking, $245M locked, $1.2M fees in 30 days); Marinade Select (Staking Pool, $142M locked, $932k fees in 30 days, tracked since 5 Jun 2025).
defillama.com/protocol/marinade-nativeWebsite: marinade.financeWebsite
Title: “Marinade: Native & Liquid Solana Staking for Leading Rewards”. Description: “Solana staking for institutions & individuals. Stake to top validators via an automated marketplace for top rewards—no smart contract risk, 100% uptime protection.” 1,271 words of text (cut for length). App words on the page: stake, unstake, swap, deposit, withdraw, search. Not-yet words: roadmap. 1 form, 3 inputs. Built with Webflow.
marinade.financePage: docs.marinade.finance/Website
Title: “Welcome to Marinade | Marinade Documentation”. Description: “The best place to stake your SOL.” 576 words of text. App words on the page: stake, unstake. 0 forms, 1 input. Built with GitBook.
docs.marinade.finance/Page: app.marinade.finance/learn/marinade-native-staking/Website
Title: “Marinade Native: Solana staking without giving up custody · Marinade Learn”. Description: “Keep full custody and withdrawal authority of your SOL while Marinade delegates it to 100+ validators through the Stake Auction Marketplace, with Protected Staking Rewards covering downtime.” 1,298 words of text (cut for length). App words on the page: stake, unstake, claim, withdraw, search. Built with Next.js.
app.marinade.finance/learn/marinade-native-staking/Page: app.marinade.finance/learn/marinade-liquid-staking-msol/Website
Title: “Marinade Liquid: mSOL, the original Solana LST · Marinade Learn”. Description: “mSOL was the first liquid staking token on Solana. It accrues staking rewards in its price while staying usable across Solana DeFi for lending, liquidity, collateral, and leverage.” 529 words of text. App words on the page: stake, swap, search. Built with Next.js.
app.marinade.finance/learn/marinade-liquid-staking-msol/Page: marinade.finance/Website
Title: “Marinade: Native & Liquid Solana Staking for Leading Rewards”. Description: “Solana staking for institutions & individuals. Stake to top validators via an automated marketplace for top rewards—no smart contract risk, 100% uptime protection.” 1,271 words of text (cut for length). App words on the page: stake, unstake, swap, deposit, withdraw, search. Not-yet words: roadmap. 1 form, 3 inputs. Built with Webflow.
marinade.finance/X: @MarinadeFinanceX
Marinade 🛡️. Bio: “Optimize your Solana staking. Marinade is a stake automation platform that automatically delegates to 100+ best-performing nodes 🌎 https://marinade.finance”. 75,238 followers, 17,313 posts, joined 25 Mar 2021 (20 months before the coin). Link: https://linktr.ee/marinadefinance.
x.com/MarinadeFinanceGitHub: marinade-finance/liquid-staking-programGitHub
Created 15 Nov 2021 (12 months before the coin), last push 14 Oct 2026. Not a fork. 201 commits 6 contributors. Mostly Rust. 866 KB.
github.com/marinade-finance/liquid-staking-programGitHub: marinade-finance/delegation-strategy-2GitHub
Created 15 Sept 2022 (2 months before the coin), last push 21 Oct 2026. Not a fork. 334 commits 13 contributors. Mostly Rust. 2,492 KB.
github.com/marinade-finance/delegation-strategy-2