.MarinadeFinance said it will hand out 160 million MNDE tokens to protocols and validators in exchange for them depositing up to 40 million SOL tokens into Marinade’s liquid staking solution. By realDannyNelson
“Basically, we think that mSOL must be pushed by more ecosystem actors to succeed as the most-used LSD on Solana,” he said.
“Marinade can push it to a point, but in the end, we both want other ecosystem actors to have MNDE and sit at the governance table, and we want them to integrate tightly with mSOL and have as many use cases as possible, to be a credible alternative to SOL.” MNDE fell 4% in the hours following the announcement as traders digested Marinade’s plan to earmark 16% of the token’s total supply for an incentives program.Solana’s liquid staking protocols are nowhere near as popular as Ethereum’s, where 33% of all staked ETH is wrapped up in LSD tokens from Lido and other staking-as-a-service providers. That’s compared to the 3% share on Solana, per Marinade.
Network mechanics account for part of the disparity, Cerba said. As staked SOL is frozen for only 3 or so days at a time, its stakers don’t have quite the same need for liquidity as ETH stakers, who can’t access their capital until the
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