# Table of Contents - [Welcome to Marinade | Marinade.Finance](#welcome-to-marinade-marinade-finance) - [Contributors | Marinade.Finance](#contributors-marinade-finance) - [Marinade DAO | Marinade.Finance](#marinade-dao-marinade-finance) - [The MNDE token | Marinade.Finance](#the-mnde-token-marinade-finance) - [Official Links | Marinade.Finance](#official-links-marinade-finance) - [What is Marinade Native? | Marinade.Finance](#what-is-marinade-native-marinade-finance) - [What is mSOL? | Marinade.Finance](#what-is-msol-marinade-finance) - [MNDE Governance | Marinade.Finance](#mnde-governance-marinade-finance) - [Glossary | Marinade.Finance](#glossary-marinade-finance) - [Marinade Liquid | Marinade.Finance](#marinade-liquid-marinade-finance) - [Introduction | Marinade.Finance](#introduction-marinade-finance) - [Protocol Overview | Marinade.Finance](#protocol-overview-marinade-finance) - [Bot operations | Marinade.Finance](#bot-operations-marinade-finance) - [FAQ | Marinade.Finance](#faq-marinade-finance) - [Marinade Native | Marinade.Finance](#marinade-native-marinade-finance) - [mSOL Token | Marinade.Finance](#msol-token-marinade-finance) - [Security | Marinade.Finance](#security-marinade-finance) - [Protected Staking Rewards | Marinade.Finance](#protected-staking-rewards-marinade-finance) - [Delegation Strategy v2 | Marinade.Finance](#delegation-strategy-v2-marinade-finance) - [Audits | Marinade.Finance](#audits-marinade-finance) - [Multisig governance | Marinade.Finance](#multisig-governance-marinade-finance) - [Marinade Rust SDK | Marinade.Finance](#marinade-rust-sdk-marinade-finance) - [Anchor IDL | Marinade.Finance](#anchor-idl-marinade-finance) - [Risks | Marinade.Finance](#risks-marinade-finance) - [Contracts & Tokens Addresses | Marinade.Finance](#contracts-tokens-addresses-marinade-finance) - [Legal | Marinade.Finance](#legal-marinade-finance) - [Disclaimer | Marinade.Finance](#disclaimer-marinade-finance) - [Directed Stake | Marinade.Finance](#directed-stake-marinade-finance) --- # Welcome to Marinade | Marinade.Finance [](#what-is-marinade) **What is Marinade?** ------------------------------------------------ Marinade is a stake automation platform that monitors all Solana validators and delegates to 100+ of the best-performing ones. Optimize your SOL staking rewards by using Marinade's automated strategy designed by the core team. Users of Marinade can choose between staking natively or liquid stake SOL for mSOL, a liquid staking token. Either option stakes your SOL with the same set of high-performance validators. Liquid staking utilizes a smart contract that gives the staker mSOL ("marinated SOL"). These tokens can be used as collateral throughout Solana DeFi. When liquid staking SOL for mSOL, the price of mSOL goes up relative to SOL each epoch with Solana inflation rewards being accrued into the underlying staked SOL in the Marinade stake pool. When using Marinade Native, there is no interaction with the liquid staking smart contract and you do not receive mSOL. Your SOL staking rewards are compounded into your stake account each epoch. You can withdraw your SOL by unstaking and waiting for the unlock period (1-2 epochs) or, if liquid staking, immediately for a small fee (see our [FAQ](/getting-started/faq#what-fees-does-marinade-charge) ). You don't need to unstake your staked SOL in order to stake with Marinade. The Marinade dApp enables users to redelegate their SOL stakes instantly to the pool of validators and start receiving rewards from Marinade's native or liquid stake. You can also directly exchange between mSOL and SOL on secondary markets at the current market rate. Marinade also enables you to tokenize your existing stake. If you are already delegating to a single validator, you own one or multiple stake accounts that can also be converted to mSOL to be made liquid. [](#what-are-the-benefits-of-staking-sol) What are the benefits of staking SOL? ------------------------------------------------------------------------------------ Blockchains use consensus protocols in order to validate transactions in a secure and decentralized way. You can find a good explanation of staking in the [Solana documentation](https://solana.com/staking) . When you stake your SOL tokens to a validator, you are contributing to the decentralization and performance of Solana. In return for staking your SOL with a validator, you receive rewards in SOL each epoch (2-3 days). For the decentralization and the security of the Solana blockchain, we need as much SOL as possible staked to efficient validators. With the growing number of use cases for SOL in DeFi, a fair amount of SOL is still not staked and used daily in DeFi. Marinade lets you stake your SOL in exchange for mSOL, a liquid staking token that you can use as collateral in DeFi while still accruing the SOL staking rewards. The SOL that you are staking with Marinade is spread among more than 100 validators. Validators are chosen by our transparent, permissionless formula and automatically rebalanced every epoch. [](#whats-so-special-about-msol) **What's so special about mSOL?** ----------------------------------------------------------------------- Let's highlight the main benefits of staking your SOL to mSOL with Marinade: * Open-sourced, permissionless delegation formula to over 100 validators * Full control over your tokens and associated accounts * Unlock your stake, receive a tokenized version of your position, and use it in DeFi * Stake and delayed unstake with no charge * 0% performance fee on your rewards * Native Solana community and contributor-driven governance [](#whats-so-special-about-marinade-native) **What's so special about Marinade Native?** --------------------------------------------------------------------------------------------- * Fully non-custodial solution, you conserve ownership of your SOL tokens at all time * No smart contract risk: this staking solution does not use any smart contract * Automatically managed and rebalanced staking position for no fee * Open-sourced, permissionless delegation formula with more than 150 validators * Stake and delayed unstake with no fee * Native Solana community and contributor-driven governance [](#what-can-you-do-with-marinade) **What can you do with Marinade?** -------------------------------------------------------------------------- * Stake and unstake SOL anytime. * Explore additional DeFi opportunities on top of staking rewards using your tokenized stake positions. * Grow your position in the Marinade DAO and participate in governance. [NextMarinade DAO](/marinade-dao) Last updated 1 month ago Was this helpful? šŸ‘‹ --- # Contributors | Marinade.Finance [PreviousMarinade DAO](/marinade-dao) [NextThe MNDE token](/the-mnde-token) Last updated 1 year ago Was this helpful? [](#workgroups-details) Workgroups details ----------------------------------------------- 1. **Build.** The "Build" workgroup is about designing, creating, and releasing new products and features for Marinade, its governance, or public goods for the Solana ecosystem. 2. **Growth.** The "Growth" workgroup is responsible for tokenomics, governance, attracting and retaining TVL, creating content and taking care of the Chefs community. They explore the new horizons of web3 to drive Marinade towards success. [](#become-a-contributor) Become a contributor --------------------------------------------------- If you think you can contribute to Marinade, you can use [this form](https://tally.so/r/wkg9Zw) to reach out. If an open position fits with your skills, you'll be contacted for an interview. If there are no open positions matching your profile, we'll keep your application and may contact you in the future. In the meantime, we strongly recommend that you read our entire documentation, join our [Discord](https://discord.com/invite/yTdH8YkYKg) and introduce yourself to the kitchen. šŸ› ļø šŸ› ļø šŸš€ --- # Marinade DAO | Marinade.Finance [](#what-is-a-dao) What is a DAO? -------------------------------------- A Decentralized Autonomous Organization (DAO) is an on-chain system designed to give the governance of a protocol back to its users. By owning the governance token, you have the right to vote on decisions taken for the future of the protocol. These governance rules are applied on-chain, by smart contracts, where all information is freely accessible. Marinade has established governance on Realms using SPL-governance. To stay up-to-date with the latest announcements, join Marinade's Discord. [](#marinade-dao) Marinade DAO ----------------------------------- Marinade DAO (mDAO) is constituted of MNDE holders that lock their MNDE in governance. Locking MNDE in Marinade's governance gives voting power in the Marinade DAO and access to MNDE's utilities. [](#values) Values ----------------------- When doing what we're doing, we come back to the following set of values: #### [](#adaptable) **ADAPTABLE** The ecosystem of Solana is **innovative and fast.** So are we. **Curiosity** is our favorite starting point. We nurture **agility.** Solid principles and processes allow us to **react quickly**. We are **building the future**. #### [](#approachable-and-honest) **APPROACHABLE & HONEST** We are **approachable**. We value team **collaboration over competition. Supportive** and **friendly** is our default mindset. **Honesty** guides our communication. We always **listen to ideas.** #### [](#responsible) **RESPONSIBLE** Every one of us is **accountable for our individual contribution**, no matter the scope. We **own our commitments** as if no one is watching. We are all **value creators**. We **stand up for the outcomes** of our work. We **learn from failures**, and we **analyze and celebrate success**. We only accept short-term wins **compatible with our long-term vision**. [PreviousWelcome to Marinade](/) [NextContributors](/marinade-dao/contributors) Last updated 1 month ago Was this helpful? šŸ› ļø [Contributors](/marinade-dao/contributors) --- # The MNDE token | Marinade.Finance ### [](#mnde-details) MNDE Details **Total supply**: 1,000,000,000 MNDE **Circulating supply**: [See stats](https://stats.marinade.finance/) **Issuance date**: 7 October 2021 **Fully issued date**: None (distribution based on DAO votes) **Mint address**: [MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey](https://explorer.solana.com/address/MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey) **Minting:** Disabled Marinade was founded through Solana ecosystem grants at the Solana Hackathon in 2021 and launched its liquid staking protocol and mSOL liquid staking token on mainnet that August. The MNDE governance token was minted on November 7, 2021, as a fair-launch token with no ICO (Initial Coin Offering). Marinade launched on-chain DAO governance in April 2022. Since then, all decisions related to the treasury have been voted on chain. In July 2023, The DAO migrated its governance platform to Realms. This enables direct control of the treasury and protocol decisions by MNDE holders. There is also a Marinade Council that has the power to control liquidity mining and operational multisigs. ### [](#how-to-participate-in-dao-governance-with-mnde) How to participate in DAO governance with MNDE To participate in DAO governance, holders must lock their MNDE on Marinadeā€™s Realms governance platform. Locked MNDE is subject to a 30-day unlocking period which begins once the unlock is initiated. MNDE holders cannot vote during this period. Anyone with locked MNDE can send proposals on chain and execute them when passed. [View MNDE stats on Realms Governance](https://app.realms.today/dao/MNDE/token-stats) ### [](#mnde-incentives) MNDE Incentives Founded as a public good for Solana whose core mission is to contribute to a decentralized and performant Solana blockchain, Marinadeā€™s main goal is to distribute MNDE to similar-minded ecosystem builders and enable them to control the parameters of protocol and treasury through governance. While liquidity mining was prevalent in the early days of the token to grow distribution and liquidity, the DAO has since transitioned to a model where MNDE is distributed primarily via contributions to the protocol benefitting the TVL growth of the protocol. Marinadeā€™s core contributors do not receive time-based token unlocks, only TVL milestone unlocks. [Read more about Marinadeā€™s MNDE and incentives](https://medium.com/marinade-finance/mnde-tokenomics-update-revisiting-incentives-at-marinade-3fc2d087d764?source=collection_home---6------14-----------------------) . ### [](#mnde-token-allocations) MNDE token allocations 7.5% of MNDE (75M) is allocated to initial contributors. This distribution **was completed in January 2024**. The remainder of the MNDE treasury is under the control of the DAO, which can submit proposals and vote to determine how and when to distribute the tokens. #### [](#current-mnde-allocations-passed-and-earmarked) Current MNDE allocations passed and earmarked * A budget of up to [6M MNDE budget for Marketing expenses](https://forum.marinade.finance/t/mdao-proposal-install-a-marketing-and-promotions-budget-of-up-to-6m-mnde-for-the-next-12-months-july-22-june-23/232) between September 2022 and September 2023. * A budget of [up to 160M MNDE for the Open Door program](https://forum.marinade.finance/t/proposal-launch-160m-mnde-open-doors-tvl-program/398/21) , capped by Marinade's TVL growth. * A [46M milestone budget](https://marinade.finance/blog/mnde-tokenomics-update-revisiting-incentives/) was distributed to the team and advisors for TVL objectives. When operating expenses are greater than protocol revenue, MNDE is taken out of this budget to support contributor compensation. [_View real-time MNDE info on Marinadeā€™s stats page_](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1&refresh=1m&viewPanel=34) ### [](#mnde-liquidity-mining) MNDE Liquidity Mining MNDE was originally airdropped to mSOL holders and then offered as incentives in liquidity mining to boost token distribution. Liquidity mining of MNDE is now under the Marinade Council's control, which can determine the DeFi protocols and pools to support, if any. At this time, there is no liquidity mining available for the MNDE token. Visit the [Marinade forum](https://forum.marinade.finance/) to view proposals for MNDE incentives. ### [](#where-to-get-the-mnde-token) Where to get the MNDE token MNDE is available for trading on leading Solana DEXs. MNDE is also available on central exchanges like [Coinbase](https://www.coinbase.com/) , [Crypto.Com,](https://crypto.com/price/mnde) and [Gate](https://www.gate.io/) . Trade MNDE on [Raydium](https://raydium.io/swap/) Trade MNDE on [Orca](https://www.orca.so/) Trade MNDE on [Jupiter](https://jup.ag/) View MNDE on [Coingecko](https://www.coingecko.com/en/coins/marinade) View MNDE on [CoinMarketCap](https://coinmarketcap.com/currencies/mnde/) [https://app.realms.today/dao/MNDE/token-stats](https://app.realms.today/dao/MNDE/token-stats) ### [](#references) References: [Marinade Realms Governance](https://app.realms.today/dao/MNDE) [Marinade Forum](https://forum.marinade.finance/) [Marinade stats](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1&refresh=1m) [Flipside analysis of Marinadeā€™s mSOL protocol and MNDE governance token](https://www.notion.so/Update-MNDE-docs-18f28d3ca1c941f293725d57f927e723?pvs=21) [PreviousContributors](/marinade-dao/contributors) [NextMNDE Governance](/governance) Last updated 1 month ago Was this helpful? šŸ‘Øā€šŸ³ ![](https://docs.marinade.finance/~gitbook/image?url=https%3A%2F%2F2385969780-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHvhBFBu5z7MIlkYpgMXs%252Fuploads%252FsGZllk28mcKTFd8avAOo%252FMNDE%2520Token%2520Distribution.png%3Falt%3Dmedia%26token%3D327f52ce-486e-4c4f-9e8a-3fce5655e20c&width=768&dpr=4&quality=100&sign=19729055&sv=2) --- # Official Links | Marinade.Finance [](#interact-with-us) Interact with us ------------------------------------------- Discord: [https://discord.gg/yTdH8YkYKg](https://discord.gg/yTdH8YkYKg) Twitter: [https://twitter.com/marinadefinance](https://twitter.com/marinadefinance) Forum: [https://forum.marinade.finance/](https://forum.marinade.finance) [](#follow-our-work) Follow our work ----------------------------------------- Blog: [https://marinade.finance/blog/](https://marinade.finance/blog/) GitHub repository: [https://github.com/marinade-finance](https://github.com/marinade-finance) Marinade Stats: [https://stats.marinade.finance/](https://stats.marinade.finance) Validators dashboard: [https://marinade.finance/app/validators/](https://marinade.finance/app/validators/) Protected Staking Rewards validator dashboard: [https://psr.marinade.finance/](https://psr.marinade.finance/) [](#for-validators) For Validators --------------------------------------- Staking reports: [https://marinade.finance/app/validators/reports/](https://marinade.finance/app/validators/reports/) Staking estimates: [https://marinade.finance/app/validators/estimates/](https://marinade.finance/app/validators/estimates/) Delegation strategy: [https://docs.marinade.finance/marinade-protocol/validators](https://docs.marinade.finance/marinade-protocol/validators) [PreviousMNDE Governance](/governance) [NextWhat is mSOL?](/getting-started/what-is-msol) Last updated 11 months ago Was this helpful? šŸ”— --- # What is Marinade Native? | Marinade.Finance [PreviousWhat is mSOL?](/getting-started/what-is-msol) [NextFAQ](/getting-started/faq) Last updated 1 month ago Was this helpful? [](#what-is-marinade-native) What is Marinade Native? ---------------------------------------------------------- Marinade Native is an alternative to liquid staking that allows users to benefit from an automated delegation strategy without using any smart contract. It differs from liquid staking on the following points: * Marinade Native does not rely on a smart contract but **leverages native Solana functionalities.** * When using Marinade Native, you **retain custody over your SOL** and stay the only authority that can withdraw it at all times * Marinade Native **does not charge any fee to the user**. There is no deposit fee or ongoing management fee, and you can exit without any fee by waiting for the cooldown period. Marinade does offer a way to exit your Marinade native staking position (partially or in whole) instantly for a small fee that depends on available liquidity * You **do not receive mSOL** when using Marinade Native. You are creating Solana stake accounts in your wallet and delegating the management of those to Marinade * Since you are staking natively when using Marinade Native, **rewards are directly sent to each of your stake accounts at the end of every epoch** (every 2-3 days) [](#how-to-use-marinade-native) How to use Marinade Native? ---------------------------------------------------------------- To use Marinade Native, click on "Stake" for your SOL and select the "Automated" and "Native" options, then confirm the transaction. You can also redelegate existing stake accounts to Marinade Native by selecting them in Marinade's dApp, choosing "Native" and confirming the transaction. [](#why-should-i-use-marinade-native) Why should I use Marinade Native? ---------------------------------------------------------------------------- Marinade Native allows you to benefit from an optimized delegation strategy reaching top-performing validators. Your **staking position is automatically monitored and rebalanced for no fees and delegated to the best validators on the network**, without having to monitor or manage it yourself. Marinade Native allows you to futureproof your staking position so it's always delegated to a wide range of top-performing validators, even if the best-performing validators change over time. It also considers any revenues from MEV (or any other sources), and will identify the validators extracting and redistributing the most value to their stakers for you. It also **protects you from commission rugging** (validators stealing their delegators' rewards by changing their commission), the **validator(s) you chose going offline or running an outdated client**, etc. Slashing is also bound to be added to Solana and having your staked SOL monitored and rebalanced to avoid bad-performing and/or nefarious validators will be one of the best ways to mitigate the slashing risks. Marinade Native can also be used with **locked SOL.** Make sure you optimize and automate it with Marinade Native until it gets unlocked! [](#is-there-a-minimum-to-use-marinade-native) Is there a minimum to use Marinade Native? ---------------------------------------------------------------------------------------------- You can use Marinade Native with as little as 1 SOL. Nonetheless, Marinade will never create smaller stake accounts than 1 SOL, so your stake will not be split across a hundred validators but will stay delegated to a lower number of validators with stake accounts of 1 SOL each. We recommend using Marinade Native with at least 100 SOL to get your stake fully distributed. [](#can-i-unstake-at-any-time) Can I unstake at any time? -------------------------------------------------------------- You can unstake any amount from your Marinade Native position at any time. Marinade will prepare your stake accounts and estimate the date and time at which you will be able to claim the SOL. Return to Marinade to claim your SOL in one click, or claim the stake account directly from your wallet. There is currently no way to instant unstake for a fee from Marinade Native, but this option will be added when possible. [](#is-marinade-native-safe) Is Marinade Native safe? ---------------------------------------------------------- By excluding the use of any smart contract and allowing you to retain full custody over your staked SOL, Marinade Native removes several risks. Since Marinade Native will never own the authority to touch your SOL, **its only power is to delegate your stake to different validators in the cluster**. Marinade native relies on [Marinade's delegation strategy,](/marinade-protocol/system-overview/delegation-strategy-v2) which is crafted to spread your stake among top-performing validators while accounting for network decentralization. There are also technical backstops (see [Marinade Native](/marinade-protocol/system-overview/marinade-native) ) to ensure that Marinade Native will always do the best for your staking position. ![](https://docs.marinade.finance/~gitbook/image?url=https%3A%2F%2F2385969780-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHvhBFBu5z7MIlkYpgMXs%252Fuploads%252FvF3JF5HYBp5TAEfi1kip%252Fimage.png%3Falt%3Dmedia%26token%3D90c93322-06da-48c1-aaa2-77c49cd9a6a5&width=768&dpr=4&quality=100&sign=51cc8ac7&sv=2) --- # What is mSOL? | Marinade.Finance [PreviousOfficial Links](/official-links) [NextWhat is Marinade Native?](/getting-started/what-is-marinade-native) Last updated 3 days ago Was this helpful? [](#what-is-msol) What is mSOL? ------------------------------------ mSOL is a liquid staking token that you receive when you stake SOL on the Marinade protocol. These mSOL tokens **represent your staked SOL tokens in Marinade's stake pool.** They act as a receipt, allowing you to exchange them later on for your staked SOL and the earned rewards. Meanwhile, you can use mSOL in DeFi while the token's price accrues in value vs. the price of your SOL. mSOL is a rewards-accruing liquid staking token. This means that after each Solana epoch (2-3 days), its value is recalculated based on the staking rewards earned by the Marinade Stake Pool. The price of mSOL is calculated as follows: > Price of mSOL = total\_staked / tokens\_minted As the protocol cannot mint new mSOL without SOL being exchanged for them, only the _total staked_ amount is going up (for any new mSOL minted, the same amount of SOL, at the current price of mSOL, has to be staked and also joins the _total staked_ amount). This means that the price of mSOL is going up each epoch relative to SOL as long as staking rewards are distributed for the SOL staked in the protocol. If you keep mSOL for a year, its value against SOL will have gained 7-8% (Marinade's APY at the time of writing). [](#do-i-need-to-claim-my-rewards) Do I need to claim my rewards? ---------------------------------------------------------------------- No. You will realize your SOL staking rewards when you unstake mSOL for SOL, but the value of your mSOL is continually growing. If you choose delayed unstake, you must return to the Marinade DApp to claim your SOL. You can sign up for Dialect alerts by clicking on the bell icon next to your wallet in the Marinade DApp to be notified when your stake is ready to be claimed via email, telegram, SMS, or wallet. If you choose instant unstake, your SOL plus SOL staking rewards minus the unstake fee will be sent to your wallet. [](#is-msol-safe) Is mSOL safe? ------------------------------------ As long as the Marinade protocol earns staking rewards and you hold mSOL, your SOL stake is growing. So how does Marinade ensure that the protocol is safe? Marinade has undergone a series of [audi](/marinade-protocol/security/audits) [ts](https://docs.marinade.finance/marinade-protocol/security/audits) to ensure the code cannot be exploited. Many of the elements of Marinade are open source, and the mSOL smart contract is under the control of a 13-party community multisig that requires six signers to make a change. Smart contract risks always exist in DeFi, but mSOL's tokenomics and the Marinade protocol are designed with security first and foremost. You can learn more about this on this page: [](#what-can-i-do-with-msol) What can I do with mSOL? ---------------------------------------------------------- mSOL tokens already have dozens of use cases in our growing ecosystem. They allow you to access DeFi protocols while enjoying your staking rewards and helping the network. To help you get started, here is a non-exhaustive list of DeFi options where you can use mSOL: * **Borrowing/Lending** - mSOL can be used as collateral or borrowed on multiple platforms. * **Liquidity provision** - You will find many liquidity pools using mSOL in DeFi. They can be divided into two categories: * mSOL/SOL pools - These pools are a way to use your mSOL in DeFi while avoiding impermanent loss. * mSOL/XXX pools - These pools will be subject to impermanent loss but will allow you to provide liquidity on a large number of pairs. * **Single-asset staking** - It is possible to stake your mSOL to earn MNDE, Marinade's governance token. This is only possible on Marinade. * **Trade on DEXs** \- mSOL is available on most decentralized exchanges and can be traded for other crypto tokens. Remember, by trading your mSOL, you also trade your accumulated staking rewards. * **Trade on CEXs -** mSOL is also available to trade on centralized exchanges such as Coinbase, Kraken, or Gate. You can move the mSOL to your crypto wallet from these exchanges and fully utilize it in Solana DeFi. Liquid staking tokens like mSOL could theoretically replace SOL throughout the Solana DeFi ecosystem. Any protocol currently using SOL could integrate mSOL using Marinade's permissionless SDK. By doing so, the network would become more secure and decentralized and our users would all earn their staking rewards while enjoying DeFi as they currently do. If you still have questions or want to get involved in our community, join Discord and meet us in the kitchen! [Security](/marinade-protocol/security) ![](https://docs.marinade.finance/~gitbook/image?url=https%3A%2F%2F2385969780-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHvhBFBu5z7MIlkYpgMXs%252Fuploads%252FYRYWBuzqrl4rqFss0iME%252Fv3.png%3Falt%3Dmedia%26token%3D75668b5d-eb91-4d0c-8452-3faeebf58372&width=768&dpr=4&quality=100&sign=dedcb7b9&sv=2) --- # MNDE Governance | Marinade.Finance #### [](#looking-to-migrate-or-burn-your-chef-nfts-visit-the-mnde-page-to-complete-the-process) Looking to migrate or burn your Chef NFTs? Visit the [MNDE page](https://marinade.finance/app/mnde/) to complete the process. [](#dao-constitution) DAO Constitution ------------------------------------------- Marinade is owned by MNDE holders that lock their tokens in [Realms](https://app.realms.today/dao/MNDE) to obtain veMNDE. In a previous vote, MNDE holders ratified this [Constitution](https://forum.marinade.finance/t/marinade-dao-constitution/468) that highlights the goals of Marinade as a DAO. #### [](#id-1.-the-marinade-dao-builds-a-censorship-resistant-layer-of-solana) 1\. **The Marinade DAO builds a censorship-resistant layer of Solana** The DAO builds the risk-management infrastructure to provide improved security and capital efficiency for the Solana network and the users through SOL liquid staking. Marinade governance will support development connected to the censorship resistance and liveness topic. It will support the ecosystem to build on top of Marinade but will not pursue building its second-layer DeFi primitives such as lending protocols, stablecoin, DEX, options, etc. #### [](#id-2.-transparent-and-principled-delegation-strategy) 2\. **Transparent and principled delegation strategy** To maintain Solana robust and censorship-resistant, the DAO understands the risks and responsibilities of governing the stake and securing the network. Marinade aims to delegate to validators that demonstrate good long-term performance and are decentralized from multiple factors. Marinade governance should support initiatives to make the delegation strategy accessible and predictable and allow the ecosystem to form a consensus on how to delegate staked SOL responsibly #### [](#id-3.-separation-of-powers) 3\. **Separation of powers** To allow flexibility and predictability, the critical system parts are owned by the Marinade governance, and the operational control and funding are granted to the core team. * Marinade Governance (MNDE token holders + ecosystem council): main program upgrade, MNDE treasury * Marinade Core Team (team council): main program params, DAO program, fees #### [](#id-4.-fees-usage) 4\. **Fees usage** The primary usage of fees is to fund the team operations and further protocol development. The excess of fees accumulated is governed and decided by the DAO. #### [](#id-5.-mnde-distribution-goals) 5\. **MNDE distribution goals** The incentives should be aligned with the objectives of the DAO. Starting with the fair launch, the Marinade governance plans to keep continuity in its objective for the DAO ownership to be well-spread in the ecosystem to benefit all the actors powered by secure Solana. #### [](#id-6.-amendments-to-this-constitution-by-majority-vote) 6\. Amendments to this constitution by majority vote Any change may be made to this constitution only by a two-thirds majority and at least 1% of all tokens participating. [](#dao-structure) DAO Structure ------------------------------------- As planned by the constitution above, Marinade has split the powers and responsibilities in the following way: **MNDE holders** - _All MNDE holders that locked their MNDE to obtain governance power_ * Ownership of Marinade's treasury * Ownership of Marinade's program (still on the ecosystem multisig for now) **Marinade Council** - _A set of 7 contributors elected internally to drive operations, with a 4/7 multisig on Realms._ * Power to update the contract parameters (see [this](/marinade-protocol/security/multisig-governance) ) * Use the protocol fees to conduct operations * Access to Marinade's operational wallet (containing earmarked budgets voted on by the DAO) Marinade considers that all governance participants agree to follow this [Code of Conduct](https://forum.marinade.finance/t/marinade-dao-code-of-conduct/470) , ratified by the DAO. [](#lock-mnde-for-vemnde) Lock MNDE for veMNDE --------------------------------------------------- In order to participate in Marinade's governance and benefit from MNDE's utility, you will need to lock it in [Realms](https://app.realms.today/dao/MNDE) to obtain veMNDE. Unlocking your tokens to get back your MNDE will start a 30-day unlock process. When locking your MNDE, **make sure to choose the following settings:** Realms offer two options, "Deposit" and "Lock tokens". Make sure to only use "Lock tokens" as depositing tokens will not give you any voting power in Marinade governance. If you owned Marinade NFTs containing locked MNDE, a migration tool is available on [Marinade's dApp](https://marinade.finance/app/) . Once your wallet has locked MNDE tokens in Realms, you can use your veMNDE power to vote on proposals and to [direct stake](/the-mnde-token#mnde-directed-stake) by using Marinade's app. [](#realms-setup) Realms setup ----------------------------------- Marinade's Realms is configured with the following parameters: **Pubkey**: 899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo **Authority**: FsrqQfLGdFVtySSSsyZJUzVBA9bvGZSKyhp7nsJCqgJe **Owner**: GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs **Community Mint**: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey **Council Mint**: 6MGwpuJ5YE1c8jJaF8FKurQdDJeYRf1adX76dovkXxRs All subgovernances and their parameters can be consulted on [this page](https://app.realms.today/dao/MNDE/params) . [](#faq) FAQ ----------------- ### [](#where-are-governance-items-discussed-and-how-do-i-find-out-about-them) Where are governance items discussed and how do I find out about them? Governance topics will always be discussed on [Marinade Forum](https://forum.marinade.finance/) to be thoroughly analyzed. Once the discussion has been finalized, it can be submitted for a vote. There will also be announcements on Marinade's [Discord](https://discord.com/invite/6EtUf4Euu6) when a proposal is active and can be voted on. Our Discord is also an excellent place to talk about ongoing governance proposals. ### [](#where-can-i-trade-mnde) Where can I trade MNDE? MNDE tokens can be acquired or sold on any DEX in the Solana ecosystem. We recommend using [Jupiter aggregator](https://jup.ag/) to find the best prices. ### [](#where-do-i-lock-mnde) Where do I lock MNDE? MNDE can be locked for veMNDE on [Realms](https://app.realms.today/dao/MNDE) . ### [](#what-is-vemnde) What is veMNDE? veMNDE is the representation of your governance power in Marinade DAO. Locking MNDE in Realms results in your wallet having veMNDE power. veMNDE is not a fungible SPL token you can trade or see in your wallet. ### [](#what-should-i-do-with-my-chef-nfts) What should I do with my Chef NFTs? Marinade Chef NFTs have been deprecated and a migration tool is available on Marinade's dApp. This migration will burn your NFT and transfer your locked MNDE to Realms. You can start the unlock period on Realms and get back your MNDE after 30 days if you desire. Visit the MNDE page to complete the migration: [https://marinade.finance/app/mnde/](https://marinade.finance/app/mnde/) [PreviousThe MNDE token](/the-mnde-token) [NextOfficial Links](/official-links) Last updated 1 month ago Was this helpful? šŸ—³ļø Make sure to set the lockup time and the number of days before confirming the transactions. ![](https://docs.marinade.finance/~gitbook/image?url=https%3A%2F%2F2385969780-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHvhBFBu5z7MIlkYpgMXs%252Fuploads%252FktJ5vMNymXRrDTX6oOT7%252Fimage.png%3Falt%3Dmedia%26token%3Ddfba016b-beb8-49c7-b9cc-0991105b838c&width=768&dpr=4&quality=100&sign=de8c17d5&sv=2) --- # Glossary | Marinade.Finance ### [](#apy) APY Also known as Annual Percentage Yield, APY refers to the compounded returns you get on your assets over one year. In DeFi, the value of APY changes widely based on different factors and can change quickly. It is different than APR, which means "Annual Percentage Rate" and represents the returns of an investment over one year without compounding. ### [](#custodial-non-custodial-protocol) Custodial / Non-custodial protocol In a custodial protocol, the protocol controls the keys of the assets you own and stores these assets on your behalf (think Binance or FTX). In a non-custodial protocol, the protocol does not have access to the private keys of the assets its users deposit. Moreover, the protocol cannot block any users from withdrawing their funds at any point, i.e., the smart contract that runs the protocol is permissionless and cannot be changed to stop the users from withdrawing their funds. For example, when you interact with Marinade, your SOL tokens are exchanged for mSOL, giving you ownership over a part of the staking pool. The mSOL tokens are equivalent in value to the SOL deposited. You can also get back your staked SOL tokens anytime by using the immediate unstake option without any hold-ups. This makes Marinade a non-custodial protocol. ### [](#delegators) Delegators Delegators are those who let their SOL tokens count towards the stake of a selected validator through a smart contract. As a result, a part of the rewards distributed is automatically shared with the delegator based on the smart contract. ### [](#epoch) Epoch In the Solana network, an epoch has a variable time corresponding to the time a [leader schedule](https://docs.solana.com/terminology#leader-schedule) is valid. An epoch lasts an average of 2 days and you can follow the evolution of the current and previous epochs on [Solana Beach](https://solanabeach.io/) or directly on [Marinade](https://marinade.finance/app/staking) . ### [](#liquidity) Liquidity Liquidity refers to the total available circulating supply of a given asset in a protocol. ### [](#liquidity-mining) Liquidity Mining Liquidity mining is a distribution method where the tokens of a newly created platform are distributed between users who provide liquidities to the protocol. It aims at distributing those tokens over time instead of going with sales round. ### [](#liquidity-pool) Liquidity Pool A liquidity pool is a smart contract where a pair of tokens is locked and made available for swaps. Any pair of tokens can have liquidity pools created for them (mSOL/SOL, SOL/USDC, MNDE/SOL, etc.). This smart contract allows anyone to exchange one of the tokens of the pair for the other, in exchange for a small fee distributed to the liquidity providers, people who made their liquidity available in this smart contract. Liquidity pools are one of the pillars of DeFi since they allow one to swap a token for another without the need for an order book and in a trustless manner. ### [](#multisig-wallet) Multisig Wallet A multisig wallet is a crypto wallet with multiple layers of control to make transactions with the wallet. Such a wallet is defined by a set of smart contract rules that mandate numerous approvals from different users to transact from the wallet. ### [](#stablecoin) Stablecoin A stablecoin is a cryptocurrency designed always to match the price of a fiat currency as closely as possible. Each stablecoin (USDT, USDC, DAI, BUSD, etc.) has its backing mechanisms and needs to be considered individually. Stablecoins are primarily used to quickly swap between crypto and dollars without involving fiat transactions. ### [](#stake-account) Stake account In the Solana network, a stake account is created when a wallet stakes to a validator. This stake account is the "stake receipt" proving that their funds are staked to a specific validator. Marinade offers the opportunity to easily [transfer an existing stake account](/marinade-protocol/system-overview#deposit-an-existing-stake-account) to Marinade. You will immediately receive mSOL without having to worry about unstaking your SOL. ### [](#total-value-locked-tvl) Total Value Locked (TVL) TVL is a metric representing the total amount of money in a protocol. ### [](#unstake-liquidity) Unstake Liquidity In the Marinade protocol, "Unstake Liquidity" is the number of SOL available in the Unstake Liquidity Pool. This pool is used by the "[Unstake Now](/marinade-protocol/system-overview#unstake-now) " function, making SOL available for instant withdrawal against mSOL. ### [](#validators) Validators Validators are nodes that validate transactions by staking (locking) their SOL tokens to keep the Solana network secure. They receive compensation in terms of staking rewards to the proportion of the total tokens staked by them. To stake more SOL, they can be delegated SOL by users who wish to contribute to their node in exchange for a share of their rewards. [PreviousFAQ](/getting-started/faq) [NextIntroduction](/marinade-protocol/vision) Last updated 1 month ago Was this helpful? --- # Marinade Liquid | Marinade.Finance [](#what-is-liquid-staking) What is Liquid Staking? -------------------------------------------------------- The idea behind liquid staking is to enable people to stake without losing access to the liquidity of their tokens. This takes place through tokenization and issuance of on-chain representations of staked assets - liquid staking tokens - that are a claim on the underlying staking positions. When staking SOL to mSOL, you are not performing a swap between two different tokens as mSOL represents your original position. This process can be equated to wrapping a token or receiving a "proof-of-stake token" with the perk of being an SPL token, thus remaining liquid. Liquid staking your SOL to mSOL is, in essence, the same operation as staking your SOL tokens. Since mSOL price (against SOL) is only impacted by staking rewards and nothing else, mSOL is not a speculative yield (when going from SOL to mSOL) but rather a way to diversify your stake and spread it across multiple validators in the Marinade stake pool, instead of locking your tokens into a single validator. mSOL is only a token representing a staked position, which should not make it different from a staking operation regarding tax laws. Nonetheless, you should consult your local jurisdiction for tax clarity involving various cryptocurrencies. [](#why-is-liquid-staking-important) Why is Liquid Staking important? -------------------------------------------------------------------------- In our opinion, liquid staking shines in solving the protocol design problems of PoS networks: ### [](#opportunity-cost) **Opportunity cost** With a fully liquid staking token, users can freely participate in DeFi and generate another layer of rewards on top of staking yields. Users donā€™t have to choose between staking or depositing their liquidity into an AMM, lending protocol, etc. They can do both! ### [](#unbonding-period) **Unbonding period** Since liquid staking tokens can be immediately swapped for their underlying staked assets, users donā€™t have to wait for the regular unbonding period to unstake their tokens. ### [](#reliance-on-a-single-validator) **Reliance on a single validator** Diversifying across multiple validators minimizes exposure and serves as slashing insurance against the malperformance of individual validator nodes. With Marinade's liquid staking solution, you can delegate your SOL to a multitude of validators rather than just one. [PreviousProtocol Overview](/marinade-protocol/system-overview) [NextmSOL Token](/marinade-protocol/system-overview/liquid-staking/msol-token) Last updated 1 month ago Was this helpful? --- # Introduction | Marinade.Finance [](#creation-of-marinade) Creation of Marinade --------------------------------------------------- Marinade was born out of the [merger of two projects](https://medium.com/marinade-finance/stronger-together-c1654f0f4c80) trying to accomplish a similar goal: offer a liquid staking solution on Solana that participates to the decentralization of the network and its security. The teams joined forces to work more efficiently towards making this idea a reality. Marinade formed around a set of values and a common objective and started building. [](#goals) Goals --------------------- ### [](#help-decentralization) Help decentralization One of the main propositions of blockchain networks is being censorship-resistant. That means no nation, corporation, or any other third party has the power to control who can transact or store their value on the network. In the Solana network there are nearly [1,900 validators](https://solanabeach.io/validators) where the top 32 validators currently have enough staking power to be able to halt the network. When Marinade started building, this power was owned by the top 11 validators ā€” we found this to be a problem from a security perspective. Marinade tackles this by **delegating the stake to smaller but reliable validators**, spreading this power to more validators (see our [Delegation strategy](/marinade-protocol/system-overview/delegation-strategy-v2) ). This should significantly increase the number of validators with enough concentrated stake to halt the network. ### [](#spread-adoption) Spread adoption To onboard the next 1 billion people to crypto, we believe that the user experience must dramatically evolve and adapt to the needs of more users. While early adopters donā€™t care about writing down seeds and pin codes for multiple wallets, storing it around their house, or burying it in the ground, we canā€™t imagine a world where this is still a standard after 5, 10, or 20 years. Thatā€™s why we emphasize having our solution **well-designed, seamless, and a pleasure to use** ā€” so that a friend can tell a friend that staking is as easy as clicking a button. ### [](#create-opportunities) Create opportunities With Marinade, you can start staking or depositing existing stake accounts with one click and get back your tokenized stake in the form of mSOL. It just takes another click to put mSOL in action in DeFi ā€” add it as liquidity to an AMM, deposit to a lending protocol, and borrow stablecoin against it.. **all while receiving staking rewards simultaneously**. By allowing people to use DeFi while staking and helping the network, we believe we are creating opportunities for many people. For reference, more than 390,000,000 SOL tokens are locked in staking at this point. **If we were to unlock and make liquid 10 % of these staked assets, weā€™re looking at $6B TVL to be put into the Solana DeFi world.** [PreviousGlossary](/getting-started/glossary) [NextProtocol Overview](/marinade-protocol/system-overview) Last updated 1 month ago Was this helpful? --- # Protocol Overview | Marinade.Finance Marinade was built with a simple architecture to facilitate liquid staking for the next billion users. This architecture also has the benefit of being easy to adapt if necessary and to operate in a permissionless way. Our code, our delegation strategy and our contracts are open source and can be accessed freely. All our computations can be run on your own computer to verify any information. Marinade is also completely permissionless, meaning that our [bot](/marinade-protocol/system-overview/liquid-staking/bot-operations) can be run by anyone in order to use the protocol or keep it operating. Let's review the different components of our protocol and how they interact together. [](#what-can-you-do-on-marinade) What can you do on Marinade? ------------------------------------------------------------------ Marinade offers different options: * Stake your SOL and receive [mSOL](/marinade-protocol/system-overview/liquid-staking/msol-token) . * Deposit your stake account (if you are already delegating your SOL to a validator) and receive mSOL. * Stake SOL or deposit a stake account to [Marinade Native](/getting-started/what-is-marinade-native) . * Unstake any other liquid staked token immediately for a fee. ### [](#stake-sol) Stake SOL [Stake\_SOL](https://github.com/marinade-finance/liquid-staking-program/blob/de348a2779ef1659db7b42a190279ae8da16c125/programs/marinade-finance/src/state/deposit.rs#L27) When you choose to 'Stake', these operations happen under the hood: 1. You deposit SOL in the reserve account. 2. Marinade takes this amount and accordingly increases the amount of stake orders falling under: 1. current epoch (epoch\_stake\_orders) 2. total staked (total\_stake\_orders) 3. Marinade mints mSOL for the user according to mSOL/SOL ratio. ### [](#deposit-an-existing-stake-account) Deposit an existing stake account [**Deposit\_Stake\_Account**](https://github.com/marinade-finance/liquid-staking-program/blob/main/programs/marinade-finance/src/stake_system/deposit_stake_account.rs) When you choose 'Deposit stake account', these operations happen under the hood: 1. Marinade finds the delegated-active-credit-observed stake accounts, delegated to any validator. 2. Marinade takes control of the delegated and fully active stake account by becoming staking and withdrawing authority. 3. Marinade takes this amount and accordingly increases the amount of stake orders falling under: 1. current epoch (epoch\_stake\_orders) 2. total staked (total\_stake\_orders) 4. Marinade mints mSOL for the user according to the mSOL/SOL ratio. In order to be able to deposit your stake account, it needs to contain at least 1 SOL. ### [](#delayed-unstake) Delayed unstake [Delayed\_Unstake](https://github.com/marinade-finance/liquid-staking-program/blob/de348a2779ef1659db7b42a190279ae8da16c125/programs/marinade-finance/src/state/order_unstake.rs#L66) When you choose 'Delayed unstake', these operations happen under the hood: 1. You are given a claim ticket (that will be a NFT issued on the blockchain) indicating the amount and due time of your unstake. 2. mSOL is burnt and removed from the supply. 3. The unstake operation is launched and performed by the bot. 4. In due time, you will be able to claim your SOL and destroy the claim ticket in exchange. (A claim ticket has no expiry date.) This mechanism is required to perform larger unstake operations, when the amount is bigger than the current balance of the liquidity pool or if you do not mind waiting for the unstaking period. **Example of Delayed unstake at Epoch N:** Here are the **three** situations that can happen when you use ā€˜Delayed unstakeā€™ during epoch N. * **You start unstaking during Z**, which is the beginning of epoch n (a few minutes into epoch n). You will receive your SOL at the beginning of epoch n+1. The amount of SOL you receive is computed as `SOL = [mSOL to burn]*[mSOL price]` when the unstaking starts, but the **mSOL price may not be updated** as the Marinade bot needs to be run to update the price at the beginning of each epoch. _We suggest waiting a few hours into the epoch before using 'Delayed unstake' and starting it before the last 4 hours of the epoch._ * **You start unstaking during A**. You will receive SOL at the beginning of epoch n+1. The amount computed is `[mSOL to burn]*[mSOL price]` when the unstaking starts. * **You start unstaking during B**, the last 4 hours of epoch n. You will receive SOL at the beginning of epoch n+2. The amount computed is `[mSOL to burn]*[mSOL price]` when the unstaking starts. An [epoch](/getting-started/glossary#epoch) lasts approximately two days on the Solana blockchain. You can follow the progress of the current epoch directly on [Marinade](https://marinade.finance/app/staking) . ### [](#use-marinade-liquid) Use Marinade Liquid ### [](#use-marinade-native) Use Marinade Native [PreviousIntroduction](/marinade-protocol/vision) [NextMarinade Liquid](/marinade-protocol/system-overview/liquid-staking) Last updated 3 days ago Was this helpful? [Marinade Liquid](/marinade-protocol/system-overview/liquid-staking) [Marinade Native](/marinade-protocol/system-overview/marinade-native) There are 3 moments in an epoch for Marinade. The beginning of an epoch, the epoch itself, and the last hours before the end of an epoch. These 3 moments have an impact on the Delayed Unstake function. ![](https://docs.marinade.finance/~gitbook/image?url=https%3A%2F%2F2385969780-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHvhBFBu5z7MIlkYpgMXs%252Fuploads%252FZDyhrJtyszzrkaZRY3nL%252FDelayedUnstake.png%3Falt%3Dmedia%26token%3D7bcadef4-d3c7-4433-8313-08eb5f5fcb7b&width=768&dpr=4&quality=100&sign=3b804be1&sv=2) --- # Bot operations | Marinade.Finance The bot handles multiple operations, mainly updating mSOL price, delegation strategy, and matching staking with unstaking orders. These operations are permissionless, meaning anybody can run them so that the program is always operational. If you want to run the computation of our bot for yourself, you can find it on this repository: [](https://github.com/marinade-finance/delegation-strategy-pipeline) [https://github.com/marinade-finance/delegation-strategy-pipeline](https://github.com/marinade-finance/delegation-strategy-pipeline) [PreviousmSOL Token](/marinade-protocol/system-overview/liquid-staking/msol-token) [NextMarinade Native](/marinade-protocol/system-overview/marinade-native) Last updated 1 year ago Was this helpful? --- # FAQ | Marinade.Finance ### [](#what-is-marinade) **What is Marinade?** Marinade.Finance is a **staking protocol** built on Solana. You can stake your SOL tokens with Marinade using an automated staking strategy expertly designed by the Marinade core team with influence from MNDE and mSOL holders. Users of Marinade can stake natively or liquid stake to the same pool of 100+ high-performing Solana validators. When native staking with Marinade, there is no smart contract interaction, while when liquid staking you receive an equivalent value of "marinated SOL" tokens (mSOL) that you can use in decentralized finance (DeFi). Since July 2023, you can also use **Marinade Native** to benefit from the automated delegation strategy with your natively staked SOL, without having to use any smart contract. ### [](#is-marinade-custodial) Is Marinade custodial? No, Marinade is a non-custodial protocol. When staking to Marinade and receiving mSOL, you trade the custody of your SOL to receive custody over your received mSOL. With Marinade Native, you retain custody over your SOL at all times. Marinade is also permissionless, meaning that our bot or our smart contracts can be interacted with by anyone, even in the absence of the team. ### [](#what-is-liquid-staking) **What is liquid staking?** Liquid staking is an alternative to traditional staking (or native staking). It allows users to benefit from a protocol's staking rewards while receiving a receipt token (mSOL) for their staked SOL that can be used in DeFi, making their staked assets liquid. Liquid staking also allows an instant unstake of your staked assets. ### [](#what-is-marinade-native) What is Marinade Native? Marinade Native is a product released in July 2023 that allows users to benefit from Marinade's delegation strategy and have their stake automatically monitored and rebalanced, all while avoiding smart contract risk. The Marinade Native product also doesn't include any deposit or performance fee. In exchange, the user does not receive mSOL and cannot use DeFi to look for additional yield. ### [](#how-long-does-it-take-to-stake-and-unstake) **How long does it take to stake and unstake?** With Marinade, you can stake SOL and/or unstake SOL immediately. There is no waiting time with our [liquid staking solution](/marinade-protocol/system-overview) . You are also free to use the [delayed unstake](/marinade-protocol/system-overview#delayed-unstaked) to get your SOL back without any fee. However, you will have to wait 1-2 epochs to get back your SOL and the accumulated rewards. The time displayed on your claim ticket (when using the delayed unstake option) is displayed in your local timezone. ### [](#are-staking-rewards-staked-automatically) **Are staking rewards staked automatically?** Staking rewards are compounded automatically into the staked SOL. ### [](#do-i-get-mev-rewards-by-staking-with-marinade) Do I get MEV rewards by staking with Marinade? Yes, you do. Marinade stakes to validator nodes running the MEV-optimized Jito validator client. Marinade collects and restakes these MEV rewards on the user's behalf. For mSOL holders, MEV is added to the price each epoch once rewards are claimed and added to the stake pool. For Marinade Native users, the MEV rewards are added to the user's stake. ### [](#what-fees-does-marinade-charge) **What fees does Marinade charge?** #### [](#deposit-fee) Deposit fee Marinade does not charge any fee to deposit your SOL. #### [](#delayed-unstake) Delayed unstake Marinade does not charge any fee for unstaking provided a user waits 1-2 epochs by using the delayed unstake feature. #### [](#commission) Commission Marinade currently has no management fees. Like the previous parameters, the management fee can be changed by the Marinade DAO. ### [](#for-marinade-native) For Marinade Native Marinade native has: * **No deposit fee** * **No management fee** * **No exit fee** When using Marinade Native, Marinade even covers the small transaction fees needed to rebalance your stake every epoch for you, making it cheaper than managing your stake yourself. [](#has-marinade-been-audited) Has Marinade been audited? -------------------------------------------------------------- Back in July, while still on devnet, Marinade asked [the Solana Foundation](https://solana.foundation/) for recommendations of auditors who know the ins and outs of protocols running on Solana. They introduced us to the [Neodyme](https://neodyme.io/) team (previously called ALLES! One), who reviewed most of the major protocols and even came up with a summary article: [Solana Smart Contracts: Common Pitfalls and How to Avoid Them](https://blog.neodyme.io/posts/solana_common_pitfalls) . We passed their code review with no critical issues found, and after confirming this with another set of white-hat hackers we decided it was a green light for us to launch on mainnet. * Their audit is available here: [https://marinade.finance/docs/Neodyme.pdf](https://marinade.finance/docs/Neodyme.pdf) During our first week on mainnet, we started another audit with [Ackee Blockchain](https://www.ackeeblockchain.com/) and passed yet again with no critical issues by the end of August. * Their code review is available here: [https://marinade.finance/docs/AckeeBlockchain.pdf](https://marinade.finance/docs/AckeeBlockchain.pdf) We also submitted our protocol to an audit by [Kudelski Security](https://kudelskisecurity.com/) which was published in November 2021. * Their audit is available here: [https://marinade.finance/docs/KudelskiSecurity.pdf](https://marinade.finance/docs/KudelskiSecurity.pdf) [](#where-are-my-sol-tokens) **Where are my SOL tokens?** -------------------------------------------------------------- When you deposit your tokens, Marinade automatically spreads their delegation among the top-performing validators that actively participate to Solana decentralization (See [Delegation strategy](/marinade-protocol/system-overview/delegation-strategy-v2) ). You will receive 'marinated SOL' (mSOL) tokens back in your wallet. mSOL can be unstaked to receive your SOL tokens back, plus rewards. mSOL increases in value every epoch relative to SOL. If you use Marinade Native, your SOL tokens are in your wallet, in stake accounts, accumulating rewards. [](#where-can-i-see-the-validators-marinade-delegates-to) Where can I see the validators Marinade delegates to? -------------------------------------------------------------------------------------------------------------------- You can find the full list of our current validators on [our website](https://marinade.finance/app/validators/?sorting=score&direction=descending) or find Marinade's on-chain account [here](https://solscan.io/account/4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk) . [](#how-long-does-it-take-for-a-stake-account-to-be-redelegated) How long does it take for a stake account to be redelegated? ---------------------------------------------------------------------------------------------------------------------------------- Marinade allows you to directly deposit your stake account and receive mSOL in exchange. This means that if you are already staking with a single validator, you can easily jump on board. But what happens if you are delegating to one of the top validators, excluded from our delegation strategy? Marinade will accept it and redelegate it shortly after (if your stake account is [eligible](/getting-started/faq#can-i-deposit-my-stake-account-directly) ). Stake accounts are redelegated at the end of epochs and it can take 1 to 2 epochs to redelegate those stake accounts to validators chosen by our delegation strategy. [](#how-can-i-get-msol) How can I get mSOL? ------------------------------------------------ There are different ways of obtaining mSOL: * **Stake SOL to Marinade's staking pool and get mSOL**. This is the simplest way and has no fees. * **Trade for mSOL on secondary markets** (centralized or decentralized exchanges like Coinbase, Raydium, Saber, etc.). Please keep in mind that in this case, you might be paying trading fees. [](#where-can-i-use-msol) Where can I use mSOL? ---------------------------------------------------- mSOL can be used in many DeFi protocols, all without losing your staking rewards. For example, you can: * Add mSOL to a liquidity pool on a decentralized exchange * Lend your mSOL or use it as collateral on borrowing/lending protocols * Supply mSOL to yield farming protocols * Trade with your mSOL on CEXs and DEXs * Etc. We are always on the lookout for new protocols where mSOL could be integrated. [](#how-is-msols-apy-calculated) How is mSOL's APY calculated? ------------------------------------------------------------------- There are multiple ways to calculate the APY of a liquid staked token and they all have to rely on the projection of previous rewards over the next year. Nonetheless, Marinade tried its best to calculate and display the APY in the most honest and accurate way possible. Marinade calculates its displayed APY using a 30-day SMA of the 14-day APY. This means that in order to calculate the APY, Marinade uses the smart contract price of mSOL and compares it to the price mSOL had 14 days before. It does so every day and displays a final APY based on the average of those measurements over 30 days, projected over a year. You can see this data in our [stats page](https://stats.marinade.finance/) . [](#can-i-deposit-my-stake-account-directly) **Can I deposit my Stake Account directly?** ---------------------------------------------------------------------------------------------- Yes, you can deposit any stake account directly to Marinade. If you can't deposit your stake account, it can be for the following reasons: * Your stake account is not activated yet. This takes up to two epochs and you will have to try at a later time. * Your stake account contains less than 1 SOL. We have a limit to avoid bots and overload. [](#i-am-a-validator.-can-i-receive-stake-from-marinade) I am a validator. Can I receive stake from Marinade? ------------------------------------------------------------------------------------------------------------------ Yes! Marinade is staking SOL to more than 100 validators. These validators are not whitelisted and do not have to do anything specific to be selected by Marinade's algorithm. You can refer to our [Delegation strategy](/marinade-protocol/system-overview/delegation-strategy-v2) to see how we delegate to validators. [](#any-public-sale-or-ido) **Any public sale or IDO?** ------------------------------------------------------------ Marinade is bootstrapped and self-funded with help from ecosystem grants provided by Solana and Serum. We're not taking in any private investors or VC funds and are not doing any private or public sales. We plan to build our DAO around Marinade users and protocols. [](#does-marinade-have-a-governance-token) Does Marinade have a governance token? -------------------------------------------------------------------------------------- The Marinade token (MNDE) was released on September 30th, 2021 and is only accessible through liquidity mining or on secondary markets. Its max supply is 1 billion and you can find more information about it in on the [MNDE page](/the-mnde-token) . [](#how-can-i-use-my-mnde) How can I use my MNDE? ------------------------------------------------------ MNDE can be used to participate in Marinade governance by locking your MNDE on Realms. Once your MNDE is locked, you can vote on proposals and direct SOL stake to validators using the Marinade dApp. The MNDE can be withdrawn by committing to a 30-day unlock period to get back the underlying MNDE. [](#does-marinade-vouch-for-the-security-of-protocols-using-msol) Does Marinade vouch for the security of protocols using mSOL? ------------------------------------------------------------------------------------------------------------------------------------ No. mSOL is a permissionless token that can be integrated anywhere and by anyone. If a project offers the possibility to use mSOL, this does not mean that the project is safe or audited by the Marinade team at all. We encourage you to always do your due diligence on your investment projects. If you have any doubts or questions, we will gladly discuss them with you on our Discord. [](#can-i-use-marinade-with-a-hardware-wallet) Can I use Marinade with a hardware wallet? ---------------------------------------------------------------------------------------------- Any hardware wallet supporting Solana and SPL tokens will also support mSOL. You can send your mSOL to the Solana address of your hardware wallet and manage your funds from it. If you are using Ledger, you will need to connect your Ledger to a browser-extension wallet to see and manage all your SPL tokens and NFTs or use DeFi protocols, as Ledger Live doesn't currently permit this. Connecting your Ledger to a browser extension (e.g. Solflare or Phantom) will not compromise your Ledger private key. You can follow the [tutorials on the official Ledger website](https://support.ledger.com/hc/en-us/articles/4408131265169-Set-up-and-use-Phantom-to-access-your-Ledger-Solana-SOL-account?docs=true) [](https://support.ledger.com/hc/en-us/articles/4408131265169-Set-up-and-use-Phantom-to-access-your-Ledger-Solana-SOL-account?docs=true) to connect your hardware wallet to a browser extension wallet. Make sure to turn on "Blind signing" in the Solana application of your Ledger to interact with DeFi. [](#how-to-check-my-marinade-native-stake-accounts) How to check my Marinade Native stake accounts? -------------------------------------------------------------------------------------------------------- Solana explorers sometimes have trouble displaying stake accounts handled by Marinade Native. If you would want to check that your stake accounts exist on-chain and still are under your custody, you can directly run the Solana CLI on your machine and use the command: Copy solana stakes --withdraw-authority Replace `pubkey` by your pubkey and you will get a list of all the stake accounts that belong to your wallet, including the ones created by Marinade Native. [PreviousWhat is Marinade Native?](/getting-started/what-is-marinade-native) [NextGlossary](/getting-started/glossary) Last updated 1 month ago Was this helpful? --- # Marinade Native | Marinade.Finance For the product documentation, head over to [this page](/getting-started/what-is-marinade-native) . [](#technical-overview) Technical overview ----------------------------------------------- Marinade Native leverages Solana's [stake account structure](https://docs.solana.com/staking/stake-accounts) . As explained in Solana's documentation, stake accounts have two different authorities that can belong to separate addresses: the stake authority and the withdraw authority. > The _stake authority_ is used to sign transactions for the following operations: > > * Delegating stake > > * Deactivating the stake delegation > > * Splitting the stake account, creating a new stake account with a portion of the funds in the first account > > * Merging two stake accounts into one > > * Setting a new stake authority > > > The _withdraw authority_ signs transactions for the following: > > * Withdrawing un-delegated stake into a wallet address > > * Setting a new withdraw authority > > * Setting a new stake authority > Marinade Native was designed to receive the _stake authority_ of the user's stake account without touching the withdraw authority that stays assigned to the user's wallet. The stake authority that Marinade will use is a PDA of a Solana program. The contract will allow a Marinade bot to call delegation instructions on behalf of this PDA. This way, Marinadeā€™s multisig (4/7) can revoke the bot's access and create a new one if needed. [](#how-does-the-unstake-work) How does the unstake work? -------------------------------------------------------------- Staking on Solana is subject to a cooldown period. When a stake account is delegated, the stake account has to be deactivated first. Then, at the beginning of the next epoch (epochs take slightly over two days), the user holding the withdraw authority can withdraw funds from the stake account. Users of this product always maintain ultimate power over the stake accounts and can revoke the stake authority previously granted to Marinade using most wallets. However, Marinade splits the stake between over 100 validators to spread the risk and support well-performing validators. Therefore, It would be inconvenient for our users to revoke the stake authority, deactivate and withdraw each of the stake accounts one by one. Marinade has thought of this, and users can use the dApp to help them with the withdrawal - Marinade will prepare the stake accounts for withdraw on your behalf. * Users ask for the amount of SOL they want to withdraw. * We deactivate stake accounts amounting to how much users want to withdraw. * We merge deactivated stake accounts at the beginning of the next epoch, so there is a single deactivated stake account * Users can withdraw funds in a single transaction To avoid some draining attacks (as Marinade pays for deactivation, and timely merging of all the stake accounts), a small fixed fee of 0.001 SOL is applied for this service. This can be integrated easily through the SDK. [](#does-marinade-native-support-locked-up-stake-accounts) **Does Marinade Native support locked-up stake accounts?** -------------------------------------------------------------------------------------------------------------------------- Yes. When users give Marinade stake authority over stake accounts with different lockup periods and users then want to withdraw some part of the stake, Marinade prioritizes the unlocked stake accounts and then stake accounts with the shortest lockup periods. [](#marinade-native-on-chain-addresses) Marinade Native on-chain addresses ------------------------------------------------------------------------------- Marinade Native uses two on-chain addresses: `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` This authority is used to manage the stake of all Marinade Native users. `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N` This authority is used to prepare and merge the stake accounts of Native users that required an unstake. Those two authorities are PDAs derived from a proxy contract, so no private key exists for them, and they are controlled and can be changed by Marinade's Council. [](#marinade-native-sdk-and-api) Marinade Native SDK and API ----------------------------------------------------------------- [PreviousBot operations](/marinade-protocol/system-overview/liquid-staking/bot-operations) [NextProtected Staking Rewards](/marinade-protocol/system-overview/protected-staking-rewards) Last updated 1 month ago Was this helpful? [![Logo](https://static-production.npmjs.com/1996fcfdf7ca81ea795f67f093d7f449.png)npm: @marinade.finance/native-staking-sdknpm](https://www.npmjs.com/package/@marinade.finance/native-staking-sdk) Marinade Native SDK [https://native-staking.marinade.finance/docs](https://native-staking.marinade.finance/docs) Marinade Native API --- # mSOL Token | Marinade.Finance mSOL is the liquid staking token representing a stake position in the Marinade stake pool. The supply of this token is controlled by Marinade using burning and minting operations in accordance with the overall state of the program. This token constantly increases in price after each epoch, as long as there are staking rewards distributed. The rewards are accumulated on `total_staked`. Price of mSOL = `total_staked / tokens_minted` mSOL token address: mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So mSOL price: [https://www.coingecko.com/en/coins/marinade-staked-sol](https://www.coingecko.com/en/coins/marinade-staked-sol) mSOL stats: [https://stats.marinade.finance/](https://stats.marinade.finance/) [](#msol-price) mSOL price ------------------------------- It is important to note that mSOL has a [true price](https://stats.marinade.finance/d/sqUQd1Onk/marinade-kpi-dashboard?orgId=1&refresh=1m) , guaranteed in our protocol, but can have a different price on DEXs and exchanges when the mSOL/XXX pair becomes unbalanced. This situation is often quickly fixed by arbitrage. Nonetheless, we invite our users to compare the price of mSOL on Marinade to the one on DEXs in your trades and choose the most profitable for you. ### [](#oracles) Oracles Our mSOL price is powered by [Pyth](https://pyth.network/) and [Switchboard](https://switchboard.xyz/) . We also recently announced our partnership with [Chainlink](https://www.chainlinkecosystem.com/ecosystem/marinade/) to bring even more security and trust to our protocol. ### [](#apy-calculation) APY calculation Marinade is using a 30-day simple moving average of the 14-day APY to display its final APY. This means that every day, Marinade looks at the mSOL price and compares it to the price mSOL had 14 days before. A 30-day average of those measurements is then used to display a final APY, projected over a year. [](#how-to-use-marinade-state-to-get-msol-data) How to use Marinade state to get mSOL data ----------------------------------------------------------------------------------------------- ### [](#calculate-the-true-msol-sol-price) Calculate the true mSOL/SOL price First, you need to read Marinade state, an example is available [at this link](https://github.com/marinade-finance/liquid-staking-referral-program/blob/main/programs/marinade-referral/src/instructions/liquid_unstake.rs#L42) . * After reading Marinade state, you'll have `marinade_state.msol_price: u64`, and that is mSOL price in SOL multiplied by 0x1\_0000\_0000 (shifted), so to obtain mSOL/SOL as f64 you should do: `let msol_price_f64: f64 = marinade_state.msol_price as f64 / 0x1_0000_0000 as f64`, and then you get the true mSOL/SOL price. ### [](#how-much-sol-an-amount-of-msol-represents) How much SOL an amount of mSOL represents You start with the previous example and some amount of mSOL-lamports, then: `let SOL_lamports = (mSOL_lamports as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64` mSOL uses 9 decimals, as SOL. ### [](#how-much-msol-an-amount-of-sol-represents) How much mSOL an amount of SOL represents `let mSOL_lamports = (mSOL_lamports as u128 * 0x1_0000_0000 as u128 / marinade_state.msol_price as u128) as u64` ### [](#derive-msol-usdc-price) Derive mSOL/USDC price If you have access to SOL/USDC price from an oracle, the best way to avoid losses due to price inaccuracies is to derive mSOL/USDC from SOL/USDC and Marinade true price `let mSOL_usdc = (SOL_usdc as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64` ### [](#notes) Notes msol\_price is computed and stored at this link ([https://github.com/marinade-finance/liquid-staking-program/blob/main/programs/marinade-finance/src/state/update.rs#L247](https://github.com/marinade-finance/liquid-staking-program/blob/main/programs/marinade-finance/src/state/update.rs#L247) ) after each epoch ends, when SOL staking rewards are added to the pool. You can also use the fns `marinade_state.calc_lamports_from_msol_amount()` and `marinade_state.calc_msol_from_lamports()` for better precision when computing mSOL from SOL and vice versa. [PreviousMarinade Liquid](/marinade-protocol/system-overview/liquid-staking) [NextBot operations](/marinade-protocol/system-overview/liquid-staking/bot-operations) Last updated 1 month ago Was this helpful? --- # Security | Marinade.Finance [PreviousDelegation Strategy v2](/marinade-protocol/system-overview/delegation-strategy-v2) [NextAudits](/marinade-protocol/security/audits) Last updated 2 months ago Was this helpful? Marinade's security and availability commitment: [https://public.marinade.finance/security-and-availability-commitment.pdf](https://public.marinade.finance/security-and-availability-commitment.pdf) [](#on-chain-contracts) On-chain contracts ----------------------------------------------- A list of Marinade's on-chain smart contracts is available here: If you interact with Marinade using the referral program, the contract you will be interacting with will not be Marinade's main smart contract, but the referral program. You can verify that you're interacting with the correct smart contract by consulting the list above. [](#risks) Risks --------------------- When you participate in DeFi, you always expose yourself to risks. An investor's job is to mitigate these risks and stay informed on them to make the best possible decisions. Let's see what different types of risk exist when you use Marinade and how we worked to mitigate them. [](#technical-risks) Technical risks ----------------------------------------- ### [](#blockchain-risks) Blockchain risks When you use Marinade.Finance, you use a protocol that relies on the Solana blockchain. If the Solana blockchain were to be attacked successfully, the funds on Marinade could be at risk. **Marinade's recipe**: Solana was chosen for many reasons, one of which was that it has high security. Solana has been audited by [Kudelski Security](https://solana.com/solana-security-audit-2019.pdf) and is a blockchain that operates with a hybrid consensus mechanism (integrating [Tower BFT](https://medium.com/solana-labs/tower-bft-solanas-high-performance-implementation-of-pbft-464725911e79) and [Proof-of-History](https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274) ). You can learn more about Solana through their [whitepaper](https://solana.com/solana-whitepaper.pdf) . ### [](#contract-risks) **Contract risks** In DeFi, any protocol can potentially be attacked by hackers. They will look for loopholes and bugs that allow them to abuse the protocol for their gain. **Marinade's recipe**: We emphasize security and have been conducting formal audits all along the way. We have **completed 2 audits and 1 code review** **successfully.** We also opened a **bug bounty** with ImmuneFi**.** Click on the pages below to access them. [](#financial-risks) Financial risks ----------------------------------------- ### [](#trust-risks) Trust risks As you may know, DeFi can be a brutal environment, and some actors have already abused the trust of people using their services. We did not want this to be a possibility with our protocol. **Marinade's recipe:** Marinade is **governed by multisig**. This means that any major change to the protocol cannot be applied without a majority (between 11 actors) agreeing to it simultaneously, in the case of our [main multisig](/marinade-protocol/security/multisig-governance#main-multisig) . Click on the page below to learn more about our multisig governance. ### [](#legal-risks) Legal risks When you use Marinade, you take full responsibility for your actions. It is your duty as an investor to check the current regulations in your country of residence and to act accordingly. **Marinade's recipe**: All our legal content can be found on the page below. If you have any doubts, please get in touch with your financial authorities for confirmation. [Contracts & Tokens Addresses](/developers/contract-addresses) [Bug Bounty](/developers/bug-bounty) [Audits](/marinade-protocol/security/audits) [Multisig governance](/marinade-protocol/security/multisig-governance) [Legal](/marinade-protocol/legal) --- # Protected Staking Rewards | Marinade.Finance Marinade introduced Protected Staking Rewards to its delegation strategy in April, 2024. PSR serves as performance protection for Marinade stakers by covering the balance of any unexpected underperformance of a validator in the the stake pool. This is done through an on-chain bond created by Marinade and each validator in the pool. By implementing PSR, Marinade can fulfill its mission to decentralize Solana as best as possible by staking to more validators in the cluster without affecting the performance for stakers. ### [](#how-protected-staking-rewards-work) **How Protected Staking Rewards work** PSR uses an on-chain program to cover any loss of performance from validator commission changes and prolonged downtime. Any validator who raises their commission in an epoch, or experiences extended downtime will cover the loss of rewards through their bond. For validators to be delegated stake from Marinade, they must set up a bond and supply it with 1 SOL per 10,000 SOL of Marinade stake. (e.g. if a validator wants to be eligible for 100,000 Marinade stake, they must supply 10 SOL). **PSR Coverage Allocation:** * **Validatorā€™s Responsibility**: Validators cover **100% of the rewards lost when their uptime falls between 50% and 99%**. * **Marinadeā€™s Coverage**: Marinade covers the lost rewards corresponding to the **lower 50% of uptime**. * **1% Grace Period**: The first 1% of validator downtime and the first 1 percentage point commission increase are ignored. **Example: PSR Coverage Adjustments** * **Scenario 1**: Validator's uptime is 99.5% during an epoch. * **Validator's Responsibility**: No action is required as the downtime is within the 1% grace period. * **Marinade's Coverage**: None. * **Scenario 2**: Validator's uptime is 90% during an epoch. * **Validator's Responsibility**: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 9%. * **Marinade's Coverage**: None, as the validator's uptime is above 50%. * **Scenario 3**: Validator's uptime is 40% during an epoch. * **Validator's Responsibility**: Validator covers the lost rewards corresponding to the upper 50% of uptime, which is 49% of the total amount of expected rewards in the epoch. * **Marinade's Coverage**: Marinade covers the lost rewards corresponding to the lower 50% of uptime, which is 10% of the total amount of expected rewards in the epoch. ### [](#setup-for-validators) **Setup for Validators** Validators can set up and fund their bond by following the CLI instructions in the Github: [Funding Bond Account](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account) . **Audit**: The bond program was audited by Neodyme and can be viewed here: [Audit Report](https://docs.marinade.finance/marinade-protocol/security/audits#audit-reports-1) . ### [](#track-psr-events) **Track PSR events** Each epoch, Marinade posts the results of PSR in Discord. You can see which validators fell below the performance threshold and will have SOL removed from their bond. Visit Discord and view the [**#psr-feed**](https://discord.com/channels/823564092379627520/1223330302890348754) channel for details. Or view epoch-by-epoch reports in this Google Cloud link: [PSR Reports](https://console.cloud.google.com/storage/browser/marinade-validator-bonds-mainnet/) . View each validator's current bond amount and validator stake here: [PSR Dashboard](https://psr.marinade.finance/) . ### [](#validator-faq-for-psr-bonds) **Validator FAQ for PSR bonds** **Q: How much SOL do I have to supply for my bond?** Nodes must have 1 SOL supplied per 10,000 SOL of Marinade stake. The more SOL that is supplied, the more stake you will be eligible for from Marinade. **Q: What happens if my validator bond is not funded?** The delegation strategy will begin to factor in funded bonds at Epoch 608. Only 2% of stake is moved each epoch, so this will be a gradual unstaking over numerous epochs. **Q: Are funded bonds required for enhanced stake?** Yes, you will need a bond to receive MNDE-enhanced stake or to participate in the Stake Auction Marketplace (SAM) for Marinadeā€™s TVL. Validators must set up a bond with 1 SOL per 10,000 SOL of Marinade stake to be eligible for SAM and MNDE-Enhanced stake allocations. **Q: Does a validator have to fund their own bond?** No, they can be set up and funded permissionlessly. However, only the validator can withdraw the bond. Please visit the GitHub link to see the difference between a validator funding the bond and a permissionless bond. **Q: Is there a deadline to create and fund a bond?** You can fund the bond anytime but as of Epoch 608 you will not be eligible for Marinade stake if you have not yet supplied a bond. Full Detailed instructions can be viewed on [GitHub](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account) . **Q: Will the stake account in my bond be redelegated to other validators?** No, the stake accounts in your bond will always stay delegated to your validator and can be considered self-staked. **Q: Does the PSR bond count for the self-stake requirement of the Solana Foundation Delegation Program?** Yes, the SOL in your bond counts towards the self-stake requirement of the [Solana Foundation Delegation Program](https://solana.org/delegation-criteria#self-stake) (SFDP). [PreviousMarinade Native](/marinade-protocol/system-overview/marinade-native) [NextDelegation Strategy v2](/marinade-protocol/system-overview/delegation-strategy-v2) Last updated 1 month ago Was this helpful? --- # Delegation Strategy v2 | Marinade.Finance ### [](#quick-overview) Quick Overview Delegation is unified under the Stake Auction Marketplace (SAM) with MNDE integration: * **Stake Auction Marketplace (100% of TVL)**: Marinadeā€™s entire TVL is distributed exclusively through SAM, with MNDE Directed Stake integrated as part of the stake cap mechanism. Every epoch, Marinade evaluates the performance of validators in SAM, gathers MNDE votes, and rebalances stake based on these results. This process operates in a publicly accessible pipeline available on [GitHub](https://github.com/marinade-finance/ds-sam-pipeline) , where previous scoring runs can also be viewed. Marinade evaluates **all active validators that have set up their PSR bond.** The code computing stake distribution is available online, and the results are published on-chain. You can view validator details on Marinade's [Validator Dashboard](https://marinade.finance/validators/) . The ethos is to be transparent and open to all validators. ### [](#stake-auction-marketplace) Stake Auction Marketplace The Stake Auction Marketplace allows Marinade stakers to delegate SOL to validators offering the best APY. Validators are scored based on their "`**max_yield**`**"** (maximum yield for stakers at a specific stake level, e.g., 8% APY on 100k SOL). Every epoch, Marinade ranks validators based on "`max_yield"` (which includes their bid) and distributes stake to the highest-yielding validators, ensuring adherence to eligibility criteria and decentralization constraints. #### [](#benefits-for-validators) **Benefits for Validators**: * **Customized Commission**: Validators can set a commission for Marinade different from their public commission by offsetting a portion with a Cost per Mile per Epoch (CPMPE) bid. This allows validators to offer a competitive rate to Marinade without affecting external stakers. * **Revenue Sharing**: Validators can share additional revenue sources, such as block rewards, directly with Marinade stakers. * **Last Price Auction**: Validators set the maximum bid theyā€™re willing to pay without needing to monitor bids every epoch. At the end of each epoch, validators will only be charged the **realized\_yield** (max\_yield of the last validator to receive stake), which may be lower than their actual max\_yield bid. #### [](#last-price-auction) Last price auction At the end of the scoring process, Marinade has a list of validators ordered by max\_yield, as well as an amount of stake to be distributed to each validator. The "realized\_yield" for the epoch will be set to the "max\_yield" of the last validator to receive stake, which is consequently the lowest yield of the list. Validators that had a higher "max\_yield" for that epoch will not provide their full "max\_yield" but will only need to provide the "realized\_yield" for the epoch. This means that their bid might get charged less than the maximum that has been set, as a lower amount of SOL would be needed to achieve this lower "realized\_yield", unless they are the last validator from the list. This mechanism prevents validators from overpaying, as your bid will only get charged to match the realized\_yield of the epoch, which for most validators will be lower than their actual "max\_yield". **Example:** Validator ID max\_yield (APY) stake\_received (SOL) realized\_yield (APY) 1 10.6% 95 000 8.12% 2 9.58% 200 000\* 8.12% 3 9.4% 80 000 8.12% ā€¦ ā€¦ ā€¦ ā€¦ 166 8.12% 15 000\*\* 8.12% 167 8.12% 15 000\*\* 8.12% 168 8.10% 0 0% In the example above, Marinade would distribute stake to a total of 168 validators. Let's imagine that the validator ranked 1 has a base APY of 7.6%, and has set a bid (CPMPE) that pushes his max\_yield to 10.6%. In that epoch, Validator 1 would not spend his full "CPMPE" to achieve a 10.6% yield, but their bond would only get charged enough SOL to arrive at an 8.12% APY. This will be the case for all validators that provide a max\_yield that is higher than 8.12% APY. Alternatively, if the validator ranked 167 in that example had a base APY of 7.6%, and a bid to push his max\_yield to 8.12% APY, this validator would be paying their full bid (CPMPE) for that epoch. This mechanism ensures that validators can set their true max\_yield without worrying about overpaying for stake at any given point. ### [](#how-to-participate-in-the-stake-auction-marketplace) How to participate in the Stake Auction Marketplace Any validator can participate in the Stake Auction Marketplace. To participate, a validator must: * **Create a PSR bond** associated with its validator, using the [validators bond CLI](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli?activeTab=readme) (see [Readme](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli) ) * **Set a CPMPE bid** in lamports (Cost per mile per epoch, corresponding to the maximum bid that the validator is willing to pay to receive 1000 SOL delegated for an epoch) * **Ensure sufficient bond funding** to cover the stake and bid amount. A [calculator](https://docs.google.com/spreadsheets/d/10p5vjJo6ncMns_baGpokWjfG3Bk1iduLtGn3-vjNUDw/edit?usp=sharing) is available to help estimate the SOL needed in the bond. A simulation is running on [https://psr.marinade.finance/](https://psr.marinade.finance/) where validators can see how the bid they set would impact the stake distribution. More instructions to participate in that simulation are available [here](https://marinade.notion.site/SAM-Dry-Run-Instructions-d34eb7781cb245388a0acfae7f31b8e1) . Reminder: - SOL deposited in a validator's bond will always stay delegated to that validator and can be considered as self-stake. - Always use the [Validator bonds CLI](https://github.com/marinade-finance/validator-bonds/tree/main/packages/validator-bonds-cli#funding-bond-account**) to add or withdraw SOL from your validator's bond. ### [](#bonds-settlements) Bonds settlements At the start of each epoch (Epoch N+1), Marinade settles bids from validators who received activated stake in the previous epoch. The results are publicly available in the [GitHub repository](https://github.com/marinade-finance/ds-sam-pipeline/tree/main/auctions) . **Bonds Calculation Formula** (for validators receiving SAM stake): **Bid Charged** =`(Active stake from Marinade at end of epoch * Effective Bid) / 1000` The settlement created for a given epoch can contain extra SOL from the bond, allowing Marinade to enforce the minimum of 1 SOL per stake account. Any additional SOL in the settlement that is not used to pay for stake in that epoch will go back to the bond once the settlement expires after 3 epochs. ### [](#how-to-exit-the-stake-auction-marketplace) How to exit the Stake Auction Marketplace If you start receiving stake from SAM, please note that **the only correct way to exit the marketplace is to request a withdraw from your bond.** This allows Marinade to re-delegate stake from you, and you will not be charged for this action. If you receive stake from SAM but lower your CPMPE, Marinade will create a bond settlement for the expected yield that will be missed. The bond settlement will correspond to the effective yield lost due to rebalancing the stake to a new validator in the winning set. Marinade reserves the right to apply those bond settlements in a retroactive manner, starting from August 14th, 2024. ### [](#stake-distribution-ordering-and-decentralization-constraints) Stake distribution ordering and decentralization constraints #### [](#unstaking-priority-rules) **Unstaking priority rules** An unstake priority is attributed to all validators: * **Ineligible Validators:** * Validators that do not meet the eligibility criteria are assigned a priority of **0**. * **Partially Covered Stake:** * Validators with a portion of their current stake not covered by their bond are assigned a priority ranging from **1 to N**, depending on the percentage of stake that remains uncovered. * **Overstaked Validators:** * Validators that are overstaked are assigned a priority from **N+1 to M**, based on the percentage of their stake from Marinade that is overstaked. #### [](#unstaking-process) Unstaking Process: * Marinade initiates the unstaking process starting with priority **0** and progresses in ascending order (1, 2, ..., M). * The process continues until the **5% cap** of stake that can be rebalanced per epoch is reached. #### [](#stake-allocation) **Stake Allocation:** Marinadeā€™s stake distribution operates through a unified pipeline that integrates MNDE-directed votes and SAM bids, collectively allocating the entire TVL. **Distribution Mechanics:** * **Priority-Based Distribution:** Stake is allocated starting from the highest-ranked validator down the list. * **Constraint Checks:** For each validator, the following constraints are verified before allocating stake: * **Validator TVL Constraint:** * Validators who do not have MNDE-Enhanced Stake directed to them are limited to a **default stake cap of 4%** of Marinadeā€™s TVL. However, validators with MNDE-directed stake can increase this cap, allowing them to receive additional stake from the auction. (This mechanism helps prevent sybil attacks by ensuring only validators with genuine support through MNDE can exceed the standard cap.) * **ASO/Country Constraints:** * Ensures that staking to a validator does not exceed Solana's **30%** concentration for ASO and **30%** for Country. * **Bond Balance:** * Verifies that the validatorā€™s bond balance is sufficient to cover downtime (PSR) and at least one epoch's worth of effective yield, including the bid. **Stake Allocation Process:** * **Sequential Allocation:** Stake is allocated to validators in order of their Max\_Yield, subject to the above constraints. * **Handling Ties:** * If two or more validators have the same Max\_Yield, the remaining stake is split equally among them. * Constraint checks are performed in parallel to ensure fair distribution. * **Completion:** The process continues until all available stake is distributed or no further allocations are possible due to constraints. * **Result:** This process returns a **list of validators sorted by Max\_Yield**, along with the **amount of stake each validator is allocated**. **Priority Adjustment:** * **Insufficient Allocation Scenario:** * If a validator's bid is too low or their bond has insufficient funds, they will receive less stake or no stake at all. * **Resolution:** Validators should keep their bond topped up to maintain the stake they already have. Those without stake yet should increase their bid to improve priority and secure stake allocation. ### [](#eligibility-criteria-to-receive-stake-from-marinade) Eligibility criteria to receive stake from Marinade #### [](#for-the-stake-auction-marketplace) **For the Stake Auction Marketplace:** * Validator is not blacklisted (running harmful mods, commission rugs) * Validator runs a version of the node that is in the specified semver bounds. * Validator's final inflation commission is ā‰¤ 7 % (bids and MEV commission can be used to offset a higher public commission.) * Validator's uptime was> 80% in each of the last 3 epochs, calculated using the stake-weighted average of vote credits. * Validator has created and funded its [PSR bond](https://marinade.finance/blog/psr-and-delegation-strategy-updates/) . The PSR bond must contain enough SOL for: * One epoch of downtime (1 SOL per 10k SOL) * One epoch of "Maximum\_yield" for the epoch for the amount of stake received (set by the validator) * One epoch of bids (set by the validator) This [calculator](https://docs.google.com/spreadsheets/d/10p5vjJo6ncMns_baGpokWjfG3Bk1iduLtGn3-vjNUDw/edit?usp=sharing) can be used to estimate the bond size required for a given amount of stake. #### [](#for-mnde-votes) **For MNDE votes:** All the constraints above apply, with those slight differences: * Bids are **charged** for the stake distributed through MNDE, meaning that MNDE-directed stake increases the cap and is charged accordingly. * A PSR bond remains necessary to protect against downtime and safeguard the yield for the MNDE-distributed stake. ### [](#blacklist) Blacklist Marinade will blacklist validators that are identified as harming the network. A validator can get blacklisted for: * Slow voting (also called vote lagging) * Commission rugs * Failing to restart the node in the 36 hours following the cluster restart after a halt for at least 2 times To be removed from the blacklist, the process is the following: 1. If a validator is blacklisted by Marinade's unjustly (e.g. validator's poor networking performance made us believe the validator was vote-lagging), the validator will be removed from the blacklist upon reviewing and approving the claim 2. If a validator, once rightfully blacklisted, chooses to reform their behavior and demonstrate compliance, they will be removed from the blacklist only after an observation period of at least 1 month. 3. Repeat offenders will be permanently blacklisted and prohibited from receiving Marinade stake. Rule 2 does not apply. 4. Validators blacklisted for commission rugs are blacklisted permanently. Rule 2 does not apply. ### [](#technical-details) Technical details * The delegation strategy scoring runs once per epoch. * At the end of each epoch, Marinade's bot performs actions to move our stake distribution towards the desired state. * Marinade uses ipwhois for geolocation services and data center identification. The data is updated every 24 hours. * Marinade uses Solana on-chain data to collect all metrics about validators apart from geolocation * Marinade has a public API: [https://validators-api.marinade.finance/docs](https://validators-api.marinade.finance/docs) * PSR bond also counts in the self-stake requirement of the [Solana Foundation Delegation Program](https://solana.org/delegation-criteria#self-stake) (SFDP). Any SOL deposited in your bond will count towards your total self-stake. ### [](#useful-resources) Useful resources * PSR dashboard and simulation: [https://psr.marinade.finance/](https://psr.marinade.finance/) * MNDE calculator: [https://cogentcrypto.io/MNDECalculator](https://cogentcrypto.io/MNDECalculator) * Directed stake dashboard: [https://lst-ds-dashboard.solanahub.app/](https://lst-ds-dashboard.solanahub.app/) * Bonds repository: [https://github.com/marinade-finance/validator-bonds](https://github.com/marinade-finance/validator-bonds) * Bonds CLI package: [https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli](https://www.npmjs.com/package/@marinade.finance/validator-bonds-cli?activeTab=readme) * Google Bucket: [https://console.cloud.google.com/storage/browser/marinade-validator-bonds-mainnet/](https://console.cloud.google.com/storage/browser/marinade-validator-bonds-mainnet/) * GitHub: * [https://github.com/marinade-finance/psr-dashboard](https://github.com/marinade-finance/psr-dashboard) * [https://github.com/marinade-finance/psr-sam](https://github.com/marinade-finance/psr-sam) * [https://github.com/marinade-finance/psr-sam-pipeline](https://github.com/marinade-finance/psr-sam-pipeline) [PreviousProtected Staking Rewards](/marinade-protocol/system-overview/protected-staking-rewards) [NextSecurity](/marinade-protocol/security) Last updated 1 month ago Was this helpful? --- # Audits | Marinade.Finance [PreviousSecurity](/marinade-protocol/security) [NextMultisig governance](/marinade-protocol/security/multisig-governance) Last updated 11 months ago Was this helpful? [](#id-2024) 2024 ---------------------- **Neodyme: Marinade Validator Bonds** Neodyme audited Marinade's on-chain Validator Bond program during March and April of 2024. The scope of this audit was focused on technical security, with further considerations about operational security. The auditors found that Marinadeā€™s Validator Bond program comprised a clean design and above-standard code quality, relying on the industry-standard Anchor framework. [](#id-2023) 2023 ---------------------- ### [](#audit-reports) Audit reports In November 2023, Marinade upgraded its smart contract to include several improvements (see [this article](https://marinade.finance/blog/marinade-is-preparing-smart-contract-upgrade/) ). To ensure that the code remains as solid as it has always been, two audits were conducted on the upgraded version of the smart contract. They are available below: * Neodyme: [https://marinade.finance/docs/Neodyme\_2023.pdf](https://marinade.finance/docs/Neodyme_2023.pdf) * Sec3: [https://marinade.finance/docs/Sec3\_2023.pdf](https://marinade.finance/docs/Sec3_2023.pdf) [](#id-2021) 2021 ---------------------- ### [](#audit-reports-1) Audit reports * [**Kudelski Security**](https://kudelskisecurity.com/) **-** To become the next unit of account on the Solana network, Marinade had to ensure the protocol was as safe as Solana itself. Therefore, we were audited by Kudelski Security, a reputable audit firm that Solana Labs chose to audit Solana. Read the audit: [https://marinade.finance/docs/KudelskiSecurity.pdf](https://marinade.finance/docs/KudelskiSecurity.pdf) * [**Ackee Blockchain**](https://ackeeblockchain.com/) **-** Ackee Blockchain specializes in audits and security assessments and has worked on the security of major blockchains such as Ethereum, Tezos, and Celo. Their audit has allowed us to improve our protocol's security standard further. Read the audit: [https://marinade.finance/docs/AckeeBlockchain.pdf](https://marinade.finance/docs/AckeeBlockchain.pdf) ### [](#code-review-reports) Code review reports * [**Neodyme**](https://neodyme.io/) **-** Neodyme is an audit firm specializing in security that recently published a full article on Solana smart contract security. Their blockchain expertise and familiarity with Solana made them a perfect fit to audit our protocol. Read the code review: [https://marinade.finance/docs/Neodyme.pdf](https://marinade.finance/docs/Neodyme.pdf) [453KB\ \ Neodyme-PSR-Audit.pdf\ \ pdf](https://2385969780-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FHvhBFBu5z7MIlkYpgMXs%2Fuploads%2FesOTjHB8m12Zk9iOLB59%2FNeodyme-PSR-Audit.pdf?alt=media&token=8a72d492-7f88-42cd-bda1-93a9e804279b) --- # Multisig governance | Marinade.Finance [](#what-is-a-multisig) What is a multisig? ------------------------------------------------ Multisig is a tool composed of multiple wallets that share the power on the decisions taken. With a multisig tool, one signature from one wallet is not enough; you need multiple signatures from different private keys, distributed across multiple parties and often on multiple continents. In order to validate any decision, a majority of the members will have to sign with their private key. Thanks to this, it is possible to **distribute the governance power among multiple wallet holders**. Marinade decided that while waiting for DAO tooling, which will enable MNDE holders to directly vote on decisions, the best and most transparent way to ensure that our protocol is maximally decentralized was to use Anchor's Framework Multisig tools. With our multisigs (introduced below), a decision can only be implemented if it is validated by a majority of our multisig owners. This empowers our DAO and is a first step toward fully decentralized governance. [](#marinade-multisigs) Marinade multisigs ----------------------------------------------- ### [](#main-multisig) Main multisig Our first multisig is composed of 13 wallets, distributed among some of the most reputable parties in the Solana ecosystem: * [Jupiter](https://jup.ag/) * [Mango](https://mango.markets/) * [Marinade team](https://marinade.finance/) (3 votes) * [Miton C](https://mitonc.com/) * [Orca](https://orca.so/) * [Phantom](https://phantom.app/) * [Raydium](https://raydium.io/) * [Solend](https://solend.fi/) * [Solflare](https://solflare.com/) * [Staking Facilities](https://stakingfacilities.com/) * [Triton.one](https://www.triton.one/) **This multisig controls contract-code upgrades**. To modify our smart contract, this multisig has to confirm it. For a decision governed by this multisig to go through, **6 out of 13 wallets must sign the upgrade.** This system includes multiple trusted parties to ensure that only agreed-upon decisions are integrated into the protocol. This multisig ensures that no one is the sole owner of the code and can act maliciously without being stopped by other parties. ### [](#treasury-multisig-now-under-marinade-council) Treasury multisig - Now under Marinade Council Multisig has many advantages but a big multisig like our main one can be unnecessary for other needs. Marinade's second multisig controls all the treasury-related decisions. This multisig is owned by the Marinade team and composed of 7 different wallets shared among the Marinade team. This multisig controls the protocol treasury and the community MNDE account used to feed liquidity mining incentives to all our ecosystem partners. **A majority of 4 out of 7 needs to be reached in order to execute related decisions.** ### [](#operational-multisig-now-under-marinade-council) Operational multisig - Now under Marinade Council Finally, Marinade has a third multisig used to modify operational parameters. This wallet is also controlled by the Marinade team and comprises 5 different wallets, spread among Marinade stakeholders. This multisig can modify the following operational parameters of the mSOL-SOL liquidity pool: * `liquidity-target: 106,000 SOL` * `max-fee: 9%` * `min-fee: 0.1%` This multisig can also change the following operational parameters of the protocol: * `liquidity-sol-cap` (maximum SOL amount in the mSOL-SOL liquidity pool) * `min-deposit: 0.000000001 SOL` (minimum SOL amount that can be staked) * `min-stake: 1 SOL` (minimum SOL amount for stake/unstake actions executed by our bot and for depositing a stake account) * `min-withdraw` (minimum SOL amount that can be withdrawn) * `slots-for-stake-delta: 3 hours` (number of hours before the end of the epoch at which the bot starts to stake/unstake) * `staking-sol-cap: 11M` (maximum SOL amount that can be staked in the protocol) * `rewards-fee: 6%` (fees of the protocol) For example, the multisig was used to remove the cap of staked SOL on Marinade (`staking-sol-cap`). The `rewards-fee` parameter is 6%. If changed, it could never go above 10% (that limit is set in the code). Marinade aims to become a fully decentralized protocol, governed by MNDE holders. When DAO tooling is available and MNDE token is properly distributed_,_ most of these powers will be delegated and managed by the DAO. [PreviousAudits](/marinade-protocol/security/audits) [NextLegal](/marinade-protocol/legal) Last updated 7 months ago Was this helpful? --- # Marinade Rust SDK | Marinade.Finance [PreviousMarinade Ts/Js SDK](/developers/marinade-ts-js-sdk) [NextAnchor IDL](/developers/anchor-idl) Last updated 1 year ago Was this helpful? [![Logo](https://github.com/fluidicon.png)GitHub - marinade-finance/marinade-sdk: Better onchain and client access to marinade state and instructionsGitHub](https://github.com/marinade-finance/marinade-sdk) --- # Anchor IDL | Marinade.Finance You can get Marinade's anchor IDL by running: Copy anchor init idl cd idl anchor --provider.cluster mainnet \ idl fetch MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD -o marinade-idl.json [PreviousMarinade Rust SDK](/developers/marinade-rust-sdk) [NextBug Bounty](/developers/bug-bounty) Last updated 1 year ago Was this helpful? --- # Risks | Marinade.Finance **YOU ACKNOWLEDGE AND AGREE THAT THERE ARE NUMEROUS RISKS ASSOCIATED WITH ACQUIRING MNDE, HOLDING MNDE, AND USING MNDE FOR PARTICIPATION IN MARINADE FINANCE. IN THE WORST SCENARIO, THIS COULD LEAD TO THE LOSS OF ALL OR PART OF MNDE HELD. IF YOU DECIDE TO ACQUIRE MNDE OR PARTICIPATE IN MARINADE FINANCE, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS:** 1. **Uncertain Regulations and Enforcement Actions:** The regulatory status of Marinade Finance, MNDE and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of digital assets has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including MNDE and/or Marinade Finance. Regulatory actions could negatively impact MNDE and/or Marinade Finance in various ways. The Company, the Distributor (or their respective affiliates) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. After consulting with a wide range of legal advisors to mitigate the legal risks as much as possible, the Company and Distributor have obtained a legal opinion on the token distribution, and will be conducting business in accordance with the prevailing market practice. 2. **Inadequate disclosure of information:** As at the date hereof, Marinade Finance is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this Litepaper contains the most current information relating to Marinade Finance, it is not absolutely complete and may still be adjusted and updated by the Marinade Finance team from time to time. The Marinade Finance team has no ability and obligation to keep holders of MNDE informed of every detail (including development progress and expected milestones) regarding the project to develop Marinade Finance, hence insufficient information disclosure is inevitable and reasonable. 3. **Competitors:** Various types of decentralised applications and networks are emerging at a rapid rate, and the industry is increasingly competitive. It is possible that alternative networks could be established that utilise the same or similar code and protocol underlying MNDE and/or Marinade Finance and attempt to re-create similar facilities. Marinade Finance may be required to compete with these alternative networks, which could negatively impact MNDE and/or Marinade Finance. 4. **Loss of Talent:** The development of Marinade Finance greatly depends on the continued co-operation of the existing technical team and expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect Marinade Finance or its future development. Further, stability and cohesion within the team is critical to the overall development of Marinade Finance. There is the possibility that conflict within the team and/or departure of core personnel may occur, resulting in negative influence on the project in the future. 5. **Failure to develop:** There is the risk that the development of Marinade Finance will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or MNDE, unforeseen technical difficulties, and shortage of development funds for activities. 6. **Security weaknesses:** Hackers or other malicious groups or organisations may attempt to interfere with MNDE and/or Marinade Finance in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of the Company, the Distributor or their respective affiliates may intentionally or unintentionally introduce weaknesses into the core infrastructure of MNDE and/or Marinade Finance, which could negatively affect MNDE and/or Marinade Finance. Further, the future of cryptography and security innovations are highly unpredictable and advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to MNDE and/or Marinade Finance by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol. 7. **Other risks:** In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more particularly set out in the Terms and Conditions) associated with your participation in Marinade Finance, as well as acquisition of, holding and use of MNDE, including those that the Company or the Distributor cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the aforementioned risks. You should conduct full due diligence on the Company, the Distributor, their respective affiliates, and the Marinade Finance team, as well as understand the overall framework, mission and vision for Marinade Finance prior to participating in the same and/or acquiring MNDE. [PreviousLegal](/marinade-protocol/legal) [NextDisclaimer](/marinade-protocol/legal/disclaimer) Last updated 1 year ago Was this helpful? --- # Contracts & Tokens Addresses | Marinade.Finance [](#contracts) Contracts ----------------------------- ### [](#liquid-staking-program) Liquid-staking-program Source code: [https://github.com/marinade-finance/liquid-staking-program](https://github.com/marinade-finance/liquid-staking-program) Address: `MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD` Main state account: `8szGkuLTAux9XMgZ2vtY39jVSowEcpBfFfD8hXSEqdGC` Stake withdraw authority (PDA): `9eG63CdHjsfhHmobHgLtESGC8GabbmRcaSpHAZrtmhco` Upgrade authority: [Ecosystem multisig](/marinade-protocol/security/multisig-governance#main-multisig) (6/13) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### [](#spl-governance-realms-program-marinade-council) SPL Governance Realms program (Marinade council) Source code: [https://github.com/marinade-finance/solana-program-library](https://github.com/marinade-finance/solana-program-library) Address: `GovMaiHfpVPw8BAM1mbdzgmSZYDw2tdP32J2fapoQoYs` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Marinade's [DAO/Realm on-chain](https://app.realms.today/dao/899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo) is: `899YG3yk4F66ZgbNWLHriZHTXSKk9e1kvsKEquW7L6Mo` ### [](#tokadapt) Tokadapt Source code: [https://github.com/marinade-finance/tokadapt](https://github.com/marinade-finance/tokadapt) Address: `tokdh9ZbWPxkFzqsKqeAwLDk6J6a8NBZtQanVuuENxa` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### [](#escrow-relocker-tribeca-plug-in) Escrow-relocker (Tribeca plug-in) Source code: Closed source Address: `tovt1VkTE2T4caWoeFP6a2xSFoew5mNpd7FWidyyMuk` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### [](#validator-gauges) Validator gauges Source code: Closed source Address: `va12L6Z9fa5aGJ7gxtJuQZ928nySAk5UetjcGPve3Nu` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: None ### [](#liquidity-gauges) Liquidity gauges Source code: Closed source Address: `LigadctxNRkZied3WuhX525vUhDkuhXNK5DyeijeDnh` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: None ### [](#liquid-staking-referral-program) Liquid staking referral program Source code: [https://github.com/marinade-finance/liquid-staking-referral-program](https://github.com/marinade-finance/liquid-staking-referral-program) Address: `MR2LqxoSbw831bNy68utpu5n4YqBH3AzDmddkgk9LQv` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) ### [](#directed-stake) Directed Stake Source code: Closed sourced Address: `dstK1PDHNoKN9MdmftRzsEbXP5T1FTBiQBm1Ee3meVd` Main state account: `DrooToPS3MLqgZwBiK2fkAPUTUgKNV3CGb2NqFRAL4Zf` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: None ### [](#spl-gov-plugin-voter-stake-registry) SPL Gov plugin: Voter Stake Registry Source code: [https://github.com/marinade-finance/voter-stake-registry](https://github.com/marinade-finance/voter-stake-registry) Address: `VoteMBhDCqGLRgYpp9o7DGyq81KNmwjXQRAHStjtJsS` Main account state: `5zgEgPbWKsAAnLPjSM56ZsbLPfVM6nUzh3u45tCnm97D` Upgrade authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade council](https://app.realms.today/dao/MNDE/params) (4/7) Marinade also has access to Goki, Quarry and Tribeca's smart contract multisigs as their original authors left Solana. If you're using one of those products, please reach out to us so we can transfer some of the keys to you. ### [](#marinade-native-staking-proxy) Marinade Native Staking proxy Source code: * Contract: [https://github.com/marinade-finance/native-staking/tree/master/programs/marinade-native-proxy](https://github.com/marinade-finance/native-staking/tree/master/programs/marinade-native-proxy) * CLI: [https://github.com/marinade-finance/native-staking/tree/master/proxy-admin](https://github.com/marinade-finance/native-staking/tree/master/proxy-admin) * Tests: [https://github.com/marinade-finance/native-staking/tree/master/proxy-tests](https://github.com/marinade-finance/native-staking/tree/master/proxy-tests) Address: `mnspJQyF1KdDEs5c6YJPocYdY1esBgVQFufM2dY9oDk` Staker root account: `4TNsDg9aHCyDt5axK8aDuhgrengnDBGzyHHzKGnTiGtW` Staker authority (marks stake account is under bot control): `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` Exit authority (marks requested exit for the stake with this auth): `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N` Operator: `opNS8ENpEMWdXcJUgJCsJTDp7arTXayoBEeBUg6UezP` Upgrade authority: [Marinade Council](https://app.realms.today/dao/MNDE/params) (4/7) Admin authority: [Marinade Council](https://app.realms.today/dao/MNDE/params) (4/7) [](#tokens) Tokens ----------------------- ### [](#msol-mainnet-beta) mSOL - mainnet-beta **mSOL token** mSOL mint: `mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So` mSOL Auth( PDA): `3JLPCS1qM2zRw3Dp6V4hZnYHd4toMNPkNesXdX9tg6KM` **Treasury** Reserve SOL account (PDA): `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` Treasury mSOL account: `B1aLzaNMeFVAyQ6f3XbbUyKcH2YPHu2fqiEagmiF23VR` **Liquidity-Pool** mSOL-SOL-LP mint: `LPmSozJJ8Jh69ut2WP3XmVohTjL4ipR18yiCzxrUmVj` Auth(PDA): `HZsepB79dnpvH6qfVgvMpS738EndHw3qSHo4Gv5WX1KA` mSOL leg account `7GgPYjS5Dza89wV6FpZ23kUJRG5vbQ1GM25ezspYFSoE` mSOL leg authority: `EyaSjUtSgo9aRD1f8LWXwdvkpDTmXAW54yoSHZRF14WL` SOL leg account `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q` ### [](#mnde-mainnet-beta) MNDE - mainnet-beta MNDE Token: `MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey` **Chef NFT collection** Mint authority: `5T4reQScZBDXbGRuf3WGWUVmPTCxsYCnG7HH1wUmYEhV` Update authority: `6vS14tTjSKdTKNgQtueTPKghT3XVxKBL55YzC5M5CPAp` **Chef NFTs** Update authority: `6jG2QcwaJPFS8Y9SzgH2kfKPj6ERhLi9RVtH8kRahj4j` Owner program: `TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA` ### [](#msol-devnet) mSOL - devnet Program ID: `MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD` **mSOL token** mSOL mint: `mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So` mSOL Auth( PDA): `3JLPCS1qM2zRw3Dp6V4hZnYHd4toMNPkNesXdX9tg6KM` **Treasury** Reserve SOL account (PDA): `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` Treasury mSOL account: `8ZUcztoAEhpAeC2ixWewJKQJsSUGYSGPVAjkhDJYf5Gd` **Liquidity-Pool** mSOL-SOL-LP mint: `LPmSozJJ8Jh69ut2WP3XmVohTjL4ipR18yiCzxrUmVj` Auth (PDA): `HZsepB79dnpvH6qfVgvMpS738EndHw3qSHo4Gv5WX1KA` mSOL leg account: `7GgPYjS5Dza89wV6FpZ23kUJRG5vbQ1GM25ezspYFSoE` SOL leg account: `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q` ### [](#mnde-devnet) MNDE - devnet MNDE address: MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey [PreviousBug Bounty](/developers/bug-bounty) [NextMint your NFT project in mSOL](/developers/mint-your-nft-project-in-msol) Last updated 11 months ago Was this helpful? --- # Legal | Marinade.Finance [PreviousMultisig governance](/marinade-protocol/security/multisig-governance) [NextRisks](/marinade-protocol/legal/risks) Last updated 11 months ago Was this helpful? [Risks](/marinade-protocol/legal/risks) [Disclaimer](/marinade-protocol/legal/disclaimer) --- # Disclaimer | Marinade.Finance **PLEASE READ THE ENTIRETY OF THIS "NOTICE AND DISCLAIMER" SECTION CAREFULLY. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER GRILLMASTERS LIMITED (THE COMPANY), ANY OF THE PROJECT TEAM MEMBERS (THE MARINADE FINANCE TEAM) WHO HAVE WORKED ON THE MARINADE FINANCE PLATFORM (AS DEFINED HEREIN) OR PROJECT TO DEVELOP THE MARINADE FINANCE PLATFORM IN ANY WAY WHATSOEVER, ANY DISTRIBUTOR/VENDOR OF MNDE TOKENS (THE DISTRIBUTOR), NOR ANY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THIS LITEPAPER OR ANY DOCUMENTATION RELATING TO MARINADE FINANCE OR MNDE TOKENS (THE TOKEN DOCUMENTATION), THE WEBSITE AT HTTPS://MARINADE.FINANCE** **(THE WEBSITE) OR ANY OTHER WEBSITES OR MATERIALS PUBLISHED BY THE COMPANY.** **Project purpose:** You agree that you are acquiring MNDE to participate in the Marinade Finance platform and to obtain services on the ecosystem thereon. The Company, the Distributor and their respective affiliates would develop and contribute to the underlying source code for the Marinade Finance platform. The Company is acting solely as an armsā€™ length third party in relation to the MNDE distribution, and not in the capacity as a financial advisor or fiduciary of any person with regard to the distribution of MNDE. **Nature of the Token Documentation:** The Token Documentation and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, or any offer to sell any product, item, or asset (whether digital or otherwise). The information herein may not be exhaustive and does not imply any element of a contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where the Token Documentation or the Website includes information that has been obtained from third party sources, the Company, the Distributor, their respective affiliates and/or the Marinade Finance team have not independently verified the accuracy or completeness of such information. Further, you acknowledge that circumstances may change and that the Token Documentation or the Website may become outdated as a result; and neither the Company nor the Distributor is under any obligation to update or correct this document in connection therewith. **Token Documentation:** Nothing in the Token Documentation or the Website constitutes any offer by the Company, the Distributor, or the Marinade Finance team to sell any MNDE (as defined herein) nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Nothing contained in the Token Documentation or the Website is or may be relied upon as a promise, representation or undertaking as to the future performance of the Marinade Finance platform. The agreement between the Distributor (or any third party) and you, in relation to any distribution or transfer of MNDE, is to be governed only by the separate terms and conditions of such agreement. The information set out in the Token Documentation and the Website is for community discussion only and is not legally binding. No person is bound to enter into any contract or binding legal commitment in relation to the acquisition of MNDE, and no digital asset or other form of payment is to be accepted on the basis of the Token Documentation or the Website. The agreement for distribution of MNDE and/or continued holding of MNDE shall be governed by a separate set of Terms and Conditions or Token Distribution Agreement (as the case may be) setting out the terms of such distribution and/or continued holding of MNDE (the Terms and Conditions), which shall be separately provided to you or made available on the Website. The Terms and Conditions must be read together with the Token Documentation. In the event of any inconsistencies between the Terms and Conditions and the Token Documentation or the Website, the Terms and Conditions shall prevail. **Deemed Representations and Warranties:** By accessing the Token Documentation or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, the Distributor, their respective affiliates, and the Marinade Finance team as follows: 1. in any decision to acquire any MNDE, you have shall not rely on any statement set out in the Token Documentation or the Website; 2. you will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be); 3. you acknowledge, understand and agree that MNDE may have no value, there is no guarantee or representation of value or liquidity for MNDE, and MNDE is not an investment product nor is it intended for any speculative investment whatsoever; 4. none of the Company, the Distributor, their respective affiliates, and/or the Marinade Finance team members shall be responsible for or liable for the value of MNDE, the transferability and/or liquidity of MNDE and/or the availability of any market for MNDE through third parties or otherwise; and 5. you acknowledge, understand and agree that you are not eligible to participate in the distribution of MNDE if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card holder of a geographic area or country (i) where it is likely that the distribution of MNDE would be construed as the sale of a security (howsoever named), financial service or investment product and/or (ii) where participation in token distributions is prohibited by applicable law, decree, regulation, treaty, or administrative act (including without limitation the United States of America and the People's Republic of China); and to this effect you agree to provide all such identity verification document when requested in order for the relevant checks to be carried out. The Company, the Distributor and the Marinade Finance team do not and do not purport to make, and hereby disclaims, all representations, warranties or undertaking to any entity or person (including without limitation warranties as to the accuracy, completeness, timeliness, or reliability of the contents of the Token Documentation or the Website, or any other materials published by the Company or the Distributor). To the maximum extent permitted by law, the Company, the Distributor, their respective affiliates and service providers shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including, without limitation, any liability arising from default or negligence on the part of any of them, or any loss of revenue, income or profits, and loss of use or data) arising from the use of the Token Documentation or the Website, or any other materials published, or its contents (including without limitation any errors or omissions) or otherwise arising in connection with the same. Prospective acquirors of MNDE should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the distribution of MNDE, the Company, the Distributor and the Marinade Finance team. **Informational purposes only:** The information set out herein is only conceptual, and describes the future development goals for the Marinade Finance platform to be developed. In particular, the project roadmap in the Token Documentation is being shared in order to outline some of the plans of the Marinade Finance team, and is provided solely for **INFORMATIONAL PURPOSES** and does not constitute any binding commitment. Please do not rely on this information in deciding whether to participate in the token distribution because ultimately, the development, release, and timing of any products, features or functionality remains at the sole discretion of the Company, the Distributor or their respective affiliates, and is subject to change. Further, the Token Documentation or the Website may be amended or replaced from time to time. There are no obligations to update the Token Documentation or the Website, or to provide recipients with access to any information beyond what is provided herein. **Regulatory approval:** No regulatory authority has examined or approved, whether formally or informally, any of the information set out in the Token Documentation or the Website. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of the Token Documentation or the Website does not imply that the applicable laws, regulatory requirements or rules have been complied with. **Cautionary Note on forward-looking statements:** All statements contained herein, statements made in press releases or in any place accessible by the public and oral statements that may be made by the Company, the Distributor and/or the Marinade Finance team, may constitute forward-looking statements (including statements regarding the intent, belief or current expectations with respect to market conditions, business strategy and plans, financial condition, specific provisions and risk management practices). You are cautioned not to place undue reliance on these forward-looking statements given that these statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results to be materially different from that described by such forward-looking statements, and no independent third party has reviewed the reasonableness of any such statements or assumptions. These forward-looking statements are applicable only as of the date indicated in the Token Documentation, and the Company, the Distributor as well as the Marinade Finance team expressly disclaim any responsibility (whether express or implied) to release any revisions to these forward-looking statements to reflect events after such date. **References to companies and platforms:** The use of any company and/or platform names or trademarks herein (save for those which relate to the Company, the Distributor or their respective affiliates) does not imply any affiliation with, or endorsement by, any third party. References in the Token Documentation or the Website to specific companies and platforms are for illustrative purposes only. **English language:** The Token Documentation and the Website may be translated into a language other than English for reference purpose only and in the event of conflict or ambiguity between the English language version and translated versions of the Token Documentation or the Website, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Token Documentation and the Website. **No Distribution:** No part of the Token Documentation or the Website is to be copied, reproduced, distributed or disseminated in any way without the prior written consent of the Company or the Distributor. By attending any presentation on this Token Documentation or by accepting any hard or soft copy of the Token Documentation, you agree to be bound by the foregoing limitations. [PreviousRisks](/marinade-protocol/legal/risks) [NextDirected Stake](/marinade-products/directed-stake) Last updated 1 year ago Was this helpful? --- # Directed Stake | Marinade.Finance [](#overview) Overview --------------------------- Directed Stake is a Marinade product that allows MNDE holders to choose a validator they want to support. The goal is to streamline stake allocation while enhancing control for MNDE holders and maximizing rewards for stakers. ### [](#updated-marinade-delegation-strategy) Updated Marinade Delegation Strategy #### [](#unified-stake-distribution-through-sam) **Unified Stake Distribution through SAM** Marinade Finance is integrating Directed Stake into the Stake Auction Marketplace (SAM) to unify the stake distribution process, allowing 100% of Marinadeā€™s TVL to be distributed through SAM, simplifying the staking experience for validators and stakers alike. #### [](#linking-mnde-direction-to-stake-cap-in-sam) **Linking MNDE Direction to Stake Cap in SAM** Validators will still benefit from MNDE Directed Stake, but now this will directly impact their potential stake cap in SAM: * **Default Stake Cap**: All validators will have a base stake cap of 2% of Marinadeā€™s TVL. * **MNDE-Enhanced Stake Cap**: Validators can increase their stake cap beyond this base value depending on the amount of MNDE directed towards them. More MNDE means a larger stake cap, allowing validators to grow their stake allocation. This system encourages validators to attract MNDE to increase their stake cap and actively participate in the community while reducing sybil attack risks. #### [](#how-directed-stake-works) How Directed Stake Works Directed Stake allows MNDE holders to direct their stake to a validator. Here is how it works: 1. **Selecting a Validator**: Choose a validator you wish to support and complete the staking operation. This process will link your wallet to the selected validator, which will be tracked by our snapshot system. The locked MNDE in your wallet will be used to direct additional stake to this validator. 2. **Single Validator Per Wallet**: A wallet can only direct stake to one validator at a time. If you wish to support multiple validators, you will need to use multiple wallets. 3. **Changing Validators**: To change the validator you are directing your stake to, go to the governance tab and select 'Changed' to switch the validator of your choice, your wallet will now direct stake to the newly selected validator. ### [](#stake-distribution-rules) Stake Distribution Rules Directed Stake controls a dynamic portion of Marinade's delegation, effectively integrated through SAM. Validators receiving stake from Directed Stake must meet the following conditions: * **Commission Requirement**: Validators must maintain a commission rate of 10% or lower over the last 10 epochs. * **Blacklist Requirement**: Validators must not be blacklisted by Marinade. * **Eligibility Based on Score**: Validators must have at least 80% of the score of the worst-ranked validator that receives Marinade's stake algorithmically. * **Emergency Unstake**: If a validator receiving stake through Directed Stake requires an emergency unstake, the validator will temporarily lose stake eligibility until they meet the criteria again. [](#sdk-and-api) SDK & API ------------------------------- Methods to use Directed stake have been added to Marinade's TS SDK: You will be able to access data related to Directed stake using this API: You may also find helpful information in the [Delegation strategy API.](https://validators-api.marinade.finance/docs) [PreviousDisclaimer](/marinade-protocol/legal/disclaimer) [NextmTransactions](/marinade-products/mtransactions) Last updated 4 months ago Was this helpful? [![Logo](https://github.com/fluidicon.png)GitHub - marinade-finance/marinade-ts-sdk: Marinade SDK for TypescriptGitHub](https://github.com/marinade-finance/marinade-ts-sdk) [Marinade Snapshot API](https://snapshots-api.marinade.finance/docs) ---