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 Assets staked Methodology

## 1. Overview

Assets staked measures the total value of SOL tokens actively staked through Marinade protocol's various staking products, excluding Marinade Liquid Staking reserves and LP pools. This metric quantifies the core staking activity by tracking SOL balances held in classified stake accounts across Marinade's Marinade Liquid Staking, Marinade Select, and Marinade Native staking products. The calculation identifies Marinade-controlled stake accounts through authority address analysis, tracks their daily SOL balances, and converts the aggregated amounts to USD while explicitly excluding reserve-type balances.

## 2. Data sources

- **Solana stake account authority records**: Authority assignments for stake accounts showing withdraw and stake authority addresses used to identify Marinade-controlled accounts
- **Solana Marinade Native balance changes**: Daily SOL balance snapshots for all identified stake accounts, Marinade Liquid Staking reserves, and LP pool addresses  
- **Solana block data**: Block slot information used to create accurate daily snapshots and determine last block per day for point-in-time calculations
- **End-of-day token price feeds**: SOL to USD conversion rates for currency conversion

## 3. Step-by-step calculation

### Component A: Stake account identification and classification
- **Purpose**: Identifies and classifies all Marinade-controlled stake accounts by product type
- **Logic**: Analyzes Solana stake account authority records to find accounts with specific Marinade authority addresses. Accounts are classified into product categories based on their authority addresses: Marinade Liquid Staking staking accounts have stake authority `4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`, Marinade Select staking accounts use stake authority `STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`, and Marinade Native staking accounts have stake authorities `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`. Treasury accounts with withdraw authority `89SrbjbuNyqSqAALKBsKBqMSh463eLvzS4iVWCeArBgB` are identified but excluded from assets staked calculations
- **Key fields**: `stake_account` addresses, `product_id` classification, `authority_type` and `authority_value` for matching

### Component B: Daily account membership snapshots  
- **Purpose**: Creates point-in-time views of which stake accounts were active under Marinade control each day
- **Logic**: Generates a daily datespine from the earliest identified stake account through the current date. Uses order ID sequencing logic to determine which accounts were active on each specific day by comparing transaction order IDs with the last order ID of each day. This creates accurate daily snapshots accounting for when stake accounts were added to or removed from Marinade control
- **Key fields**: `timestamp` for daily boundaries, `product_id` for account classification, `stake_account` addresses, `order_id` sequencing for temporal accuracy

### Component C: Balance tracking and forward-filling
- **Purpose**: Collects and maintains daily SOL balance data for all identified accounts
- **Logic**: Extracts Marinade Native SOL balances from Solana balance change records for all identified stake accounts plus hardcoded Marinade Liquid Staking reserve address `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` and LP pool address `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q`. Applies forward-fill logic to propagate balances across days where no balance changes occurred, ensuring continuous daily balance records. Uses a 3-day lookback period to capture balance changes from at least one epoch back
- **Key fields**: `account_address` for balance tracking, `amount` in Marinade Native SOL units, `token_address` for SOL token identification, `timestamp` for daily aggregation

### Component D: Account type assignment and aggregation
- **Purpose**: Categorizes balance data and separates staked assets from reserves
- **Logic**: Assigns account types by joining balance data with daily account membership. Regular stake accounts are labeled as 'stake' type while the Marinade Liquid Staking reserve and LP pool addresses are classified as 'reserves' type. Aggregates balances by timestamp, chain, product ID, account type, and token address. Treasury accounts are excluded from this aggregation
- **Key fields**: `account_type` for stake vs reserves classification, `product_id` for Marinade product categorization, aggregated `amount` values

### Final aggregation
- **Combining components**: Filters the aggregated balance data to exclude accounts with `account_type` of 'reserves', keeping only 'stake' type balances that represent actual assets staked. Sums the remaining balances across all products and accounts
- **Currency conversion**: Converts SOL amounts to USD using end-of-day price feeds and applies decimal corrections to ensure proper token unit representation
- **Time aggregation**: Groups data by daily timestamp boundaries with 'day' timestamp grain
- **Final calculation**: The final assets staked value represents the total USD value of SOL tokens held in Marinade stake accounts, excluding Marinade Liquid Staking reserves and LP pools, aggregated across all active staking products (Marinade Liquid Staking, Marinade Select, and Marinade Native)

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

Value of assets staked or restaked through the project.

MarinadeMNDE

Assets staked

Assets staked

Competitive landscape