# Marinade Liquid Staking Assets staked Methodology

## 1. Overview

Assets staked measures the total value of SOL deposited and managed through the Marinade Liquid Staking program. This metric represents the underlying collateral that generates staking rewards for users and protocol revenue, serving as a proxy for the project's assets under management (AUM). Assets staked specifically captures the SOL held in stake accounts where the stake authority is controlled by the Marinade Liquid Staking program.

## 2. Data sources

- **Blockchain events**: Marinade Native SOL balance updates and stake account authority assignments on Solana
- **External data**: End-of-day price feeds for SOL

## 3. Step-by-step calculation

### Component A: Stake account identification

- **Purpose**: Identify the specific Solana stake accounts associated with the Marinade Liquid Staking product.
- **Logic**: Stake accounts are filtered by tracking authority changes. Accounts are attributed to Marinade Liquid Staking when the `Stake` authority is set to the specific program address `4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`. A persistent mapping of these accounts is maintained to track the product's scope over time.
- **Key fields**: `authority_type`, `authority_value`, `stake_account`

### Component B: Balance tracking and fill-forward normalization

- **Purpose**: Track the daily Marinade Native SOL balance for all identified stake accounts.
- **Logic**: Marinade Native SOL balances are extracted from account state changes. The `post_balance` for each identified stake account is recorded whenever a transaction occurs. To ensure a continuous daily time series, balances are filled forward for days where no on-chain activity is recorded for a specific account. This ensures that the most recent known balance is utilized for daily aggregation.
- **Key fields**: `post_balance`, `account_address`, `block_timestamp`

### Component C: USD conversion and final aggregation

- **Purpose**: Aggregate balances across all relevant accounts and normalize the total value to USD.
- **Logic**: Daily balances are summed for all accounts attributed to Marinade Liquid Staking. Amounts are normalized by decimal precision. Total SOL quantities are multiplied by end-of-day SOL price feeds. For this specific metric, balances from the Marinade Liquid Staking reserve and liquidity provider (LP) pool accounts are excluded to isolate the value actively staked in the Solana network.
- **Key fields**: `amount`, `token_address`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets staked or restaked through the project.

Assets staked

Liquid staking

Stakers deposit funds into Marinade and receive a return on investment in the form of staking rewards (supply-side fees).

Marinade is a non-custodial staking protocol built on Solana. Marinade was co-founded by Lucio Tato and launched in 2021.

MNDE tokenholders own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue).