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).

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Marinade

# Marinade Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) for Marinade Finance measures the average daily USD fees generated per unique daily active user across all Marinade staking products. This metric helps evaluate the protocol's fee efficiency by dividing total daily fees (including both protocol revenues and supply-side fees) by the count of distinct daily active users. The calculation covers Marinade's three main product categories: Marinade Liquid Staking staking, Marinade Native staking, and Marinade Marinade Select.

## 2. Data sources

- **Solana blockchain events**: Transaction logs, instruction data, and block-level information from the Solana network
- **Marinade Finance smart contract instructions**: Parsed instruction data including `Finance_Deposit`, `Finance_LiquidUnstake`, `Finance_OrderUnstake`, `Finance_WithdrawStakeAccount`, and other protocol operations
- **Stake account authority events**: Solana stake account authority change events that track delegation and withdrawal authority transfers
- **Solana Marinade Native balance changes**: Daily balance snapshots for stake accounts and reserve addresses
- **Solana block rewards**: Staking reward distributions from the Solana consensus mechanism
- **Jito MEV tips**: MEV tip distribution events from the Jito network to Marinade validators
- **Token transfer and mint events**: Solana token transfer events for mSOL (Marinade's Marinade Liquid Staking staking token) and token minting events
- **External price data**: End-of-day price feeds for SOL and mSOL token valuations
- **Token metadata**: Token decimal configurations and address mappings

## 3. Step-by-step calculation

### Component A: Fee calculation
- **Purpose**: Aggregate all fee sources into total daily USD fees across Marinade products
- **Logic**: Combines two main fee categories. Protocol revenues include bond revenues (allocated proportionally by TVL across Marinade Liquid Staking and Marinade Native products), Marinade Liquid Staking staking rewards cut (mSOL tokens minted to treasury during `Finance_UpdateActive` and `Finance_UpdateDeactivated` operations), and instant withdrawal fees (mSOL transfers to treasury during `Finance_LiquidUnstake` transactions). Supply-side fees include Solana staking rewards earned by Marinade stake accounts, Jito MEV tips distributed to Marinade validators, bond payments from treasury stake accounts, delayed withdrawal fees (transfers during `Finance_WithdrawStakeAccount` and calculated fees from `Finance_OrderUnstake` operations), and negative adjustments for Marinade Liquid Staking staking rewards cut to avoid double counting
- **Key fields**: Fee amounts in Marinade Native tokens (`amount`, `lamports`), account addresses (`account_address`, `stake_account`), transaction identifiers (`transaction_id`), token addresses for SOL and mSOL, and product identifiers (`product_id`) for Marinade Liquid Staking, Marinade Native, and Marinade Select products

### Component B: Daily active users calculation  
- **Purpose**: Count distinct users across all Marinade product interactions using HyperLogLog
- **Logic**: Identifies user interactions through three pathways. Marinade Liquid Staking staking users are tracked via Marinade Finance instruction signers for operations like deposits, withdrawals, unstaking, and claims. Marinade Native staking users are identified when stake account authorities change to or from Marinade Marinade Native staking authority addresses. Marinade Select product users are tracked through authority changes involving Marinade Marinade Select authority addresses. All users are categorized as either Depositors or Withdrawers based on their interaction type, with transaction signers serving as unique user identifiers
- **Key fields**: User addresses from transaction signers (`transaction_signer`, `user_address`), user types (`user_type`) indicating Depositor or Withdrawer, product identifiers (`product_id`) for Marinade Liquid Staking, Marinade Native, or Marinade Select, and authority addresses (`authority_value`) for determining product classification

### Component C: Stake account classification
- **Purpose**: Map individual stake accounts to Marinade products for proper fee attribution
- **Logic**: Classifies stake accounts based on their authority configurations. Treasury accounts have withdraw authority set to Marinade's treasury address, Marinade Liquid Staking staking accounts have stake authority set to Marinade's Marinade Liquid Staking staking program, Marinade Native staking accounts have stake authority set to Marinade Marinade Native staking authorities, and Marinade Select accounts use Marinade Marinade Select authority addresses. This classification enables proper allocation of staking rewards, MEV tips, and bond payments to the correct product categories
- **Key fields**: Stake account addresses (`stake_account`), authority values (`authority_value`), authority types (Stake or Withdraw), and product classifications (`product_id`)

### Component D: TVL-based revenue allocation
- **Purpose**: Allocate bond revenues proportionally across Marinade Liquid Staking and Marinade Native products
- **Logic**: Calculates daily TVL for Marinade Liquid Staking and Marinade Native products by summing stake account balances, excluding treasury and reserve accounts. Bond payments received by treasury accounts are then allocated to Marinade Liquid Staking and Marinade Native products based on their relative TVL proportions. This ensures bond revenues are attributed fairly based on each product's contribution to total staked value
- **Key fields**: TVL amounts by product (`amount`), total protocol TVL for proportional calculations, bond payment amounts (`amount`), and allocation ratios derived from TVL proportions

### Final aggregation
- **Combining components**: Daily fees are summed across all fee types and products, with USD conversion applied using end-of-day token prices and decimal corrections. Daily active users are counted using HyperLogLog aggregation to handle overlapping users across products and transaction types
- **Currency conversion**: All Marinade Native token amounts (SOL lamports and mSOL) are converted to USD using end-of-day exchange rates, with proper decimal adjustments (SOL uses 9 decimals, mSOL uses 9 decimals)
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with missing days filled with zeros to ensure continuous time series
- **Final calculation**: AFPU equals total daily USD fees divided by daily active user count, calculated using the `calculate_arpu` macro with fees as the revenue metric and DAU as the user metric, then finalized with zero-filling for missing days

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

MarinadeMNDE

Average fees per user (AFPU)

Average fees per user (AFPU)

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