# Marinade Liquid Staking Total value locked Methodology

## 1. Overview

Total value locked for Marinade Liquid Staking measures the total value of Marinade Native SOL assets deposited into the protocol's Marinade Liquid Staking staking system. This includes assets delegated to validators via protocol-controlled stake accounts, as well as SOL held within the protocol's liquidity reserves and liquidity pools. This metric provides a leading indicator of the protocol's adoption and its capacity to provide liquidity for tokenized staking positions.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Stake account identification

- **Purpose**: Identify the specific on-chain accounts controlled by Marinade Liquid Staking.
- **Logic**: Stake account authority records are filtered to identify accounts where the authority type is designated as "Stake" and the authority value matches the specific program address for Marinade Liquid Staking (`4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`). This identifies the universe of validator stake accounts managed by the Marinade Liquid Staking staking product.
- **Key fields**: `authority_value`, `authority_type`, `stake_account`

### Component B: Account balance tracking

- **Purpose**: Retrieve the Marinade Native SOL balances for staking and protocol reserve accounts.
- **Logic**: Marinade Native SOL post-balances are extracted from account activity records for all identified stake accounts. Additionally, the Marinade Native SOL balances for the Marinade Liquid Staking reserve address and the liquidity pool (LP) address are retrieved. A fill-forward mechanism is applied to ensure a continuous daily balance record for every account, accounting for days without transaction activity.
- **Key fields**: `post_balance`, `account_address`, `token_address`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize asset quantities and convert values to USD for standardized reporting.
- **Logic**: The aggregated Marinade Native SOL amounts are normalized by decimal precision. These normalized values are then multiplied by the end-of-day price feeds for Marinade Native SOL. Results are aggregated by day using UTC boundaries to produce the final total value locked for Marinade Liquid Staking.
- **Key fields**: `amount`, `price_usd`, `timestamp`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

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).