Marinade DAO Executes Token Exchange Program To Align With Leading Solana Builders

Marinade is pleased to officially announce the next chapter of the DAO through the execution of the Token Exchange Program. Through the token exchange, Marinade is aligning with a collection of key builders across the Solana ecosystem.

As shared in the Marinade DAO Forum, The Token Exchange Program will enable Marinade to exchange a total of 9.835M MNDE for 483k USDC and 500k SLND. An additional 1.2M MNDE will be distributed in exchange for 1M SOL staked to Marinade for at least a year.

Among the Solana DeFi protocols participating in the exchange with Marinade are: Raydium, Solend, Port Finance and others. Validators participating are Blockdaemon, Staking Facilities, Laine, Shinobi Systems, Stakin, Cogent Crypto and Solana Compass.

At the beginning of 2022, Marinade shared that one of its key goals for the year was to decentralize the organization from the core founding team into a community-driven DAO. In April, on-chain governance was activated. This concept came with a unique wrinkle: locking MNDE governance tokens into NFT Chefs and using them to vote.

The Token Exchange is the next step in decentralizing the DAO by giving these key builders a vested interest in the future of the protocol. This exchange will enable Marinade to not only work towards its decentralization and staking goals for the remainder of 2022, but pursue new projects that will potentially drive Solana performance.

The Token Exchange aligns with Marinade’s foundations as a project launched without venture capital backing or an IDO. It was founded in the spring of 2021 following a successful Solana x Serum Hackathon event and initial funding came from the Solana Foundation and Serum. Marinade launched its mainnet stake pool in August, 2021 with the collateralized SOL token, mSOL (Marinated SOL). Marinade launched its governance token, MNDE, in the fall of 2021 with no presale or IDO, and officially began its path towards an on-chain DAO.

Since launch, Marinade’s stake pool has grown into the largest on Solana with over 7 million SOL staked, distributing stake to over 400 high-performing validators, all of whom are outside the “superminority” — the 27 largest validators that make up 33% of the network stake. The protocol earns revenue primarily through fees generated from its Solana stake pool.

Right now, liquid staking tokens on Solana like mSOL represent only about 3% of all SOL currently staked, which is about 75% of all SOL on the market.

The partners participating in the Marinade Token exchange will receive a Limited Edition Chef NFT with MNDE tokens locked inside. In order to unlock the MNDE tokens, all holders of Chef NFTs must initiate a 30-day unlocking period. Upon completion, the NFT is burned and the MNDE tokens are returned to the holder’s wallet and free to trade.

Click here to view the full list of participants and amounts of the Marinade Token Exchange Program.

About Marinade

Marinade is the first and leading non-custodial liquid staking protocol built on the Solana blockchain. Its mission is to strengthen and decentralize Solana and onboard people around the world to decentralized finance.

Marinade is the creator of the mSOL, a liquid staking token that you receive when you stake SOL to Marinade. These mSOL tokens represent your staked SOL but can be utilized across the leading projects in the Solana DeFi ecosystem in addition to accruing staking rewards. Marinade operates as a DAO thru the MNDE governance token and NFT Chefs.

Conclusion

All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.

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