Marinade’s MNDE token experienced a significant surge of 30% following the announcement of instant SOL withdrawals and the introduction of a new creator rewards program. This surge in value comes at a time when Solana’s DeFi sector is witnessing a resurgence in activity.
The governance token of Marinade, MNDE, saw a rapid increase of nearly 30%, reaching a peak of $0.17. This surge in value coincided with a series of updates implemented by the Solana-based liquid staking protocol to enhance community engagement and token utility.
While it is challenging to pinpoint the exact catalyst for this rally, several key developments have contributed to the positive sentiment surrounding Marinade. One major update was the approval of MIP.11 by Marinade’s DAO on May 15. This proposal directs 40% of performance fees from the Stake Auction Marketplace towards MNDE buybacks. This move could potentially result in the DAO purchasing approximately 12% of MNDE’s market cap annually, creating a steady buy pressure in the market.
Additionally, the introduction of instant unstaking for SOL, which allows users to bypass Solana’s usual cooldown period, and the launch of a new creator rewards program aimed at supporting content contributors and community builders have further boosted optimism among investors. These updates follow the introduction of MNDE-Enhanced Staking in late April, where MNDE holders receive a 10% share of SAM’s performance fees, incentivizing greater participation in governance.
The uptick in activity within Solana’s DeFi ecosystem has also played a role in Marinade’s positive momentum. Total value locked on the Solana network has surged by over 50% in the past month, reaching over $9.3 billion from $6.2 billion, according to DefiLlama. This surge brings the network close to the all-time highs reached in January.
Marinade stands out as one of the leading liquid staking protocols on Solana, boasting a TVL of more than $1.85 billion. Supported by the Solana Foundation and early investors like Serum, the protocol offers the mSOL liquid staking token, with MNDE driving governance decisions within the DAO.
Overall, Marinade’s recent updates and the resurgence of activity within Solana’s DeFi ecosystem have contributed to the positive performance of the MNDE token. Investors are closely monitoring further developments from the protocol as it continues to innovate and enhance its offerings within the Solana ecosystem.