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 Fees Methodology

## 1. Overview

Marinade fees represent the total value captured by the protocol and distributed to supply-side participants (stakers) across Marinade's Marinade Liquid Staking staking products. This metric combines protocol revenue (fees retained by Marinade) with supply-side fees (rewards and fees distributed to stakers). It provides a comprehensive view of the economic activity and value flows within the Marinade ecosystem, answering how much total value is being generated and distributed through the platform's staking services.

## 2. Data sources

- **Solana Marinade Native balance changes**: Daily balance snapshots for SOL in all accounts, used to track stake account balances over time
- **Solana stake account authority records**: Blockchain records showing which addresses have authority over specific stake accounts, used to identify Marinade-controlled accounts
- **Solana validator rewards**: Block-level reward distributions from the Solana network to validator stake accounts
- **Marinade protocol instruction logs**: Parsed instruction data from Marinade's smart contracts including unstaking operations, bond settlements, and treasury management activities
- **Jito MEV tip distributions**: Instruction logs from Jito's tip distribution program showing MEV rewards paid to stake accounts
- **Solana token transfer events**: On-chain transfer records for mSOL (Marinade's Marinade Liquid Staking staking token) transactions
- **Solana token mint events**: Records of new mSOL token creation, particularly mints to treasury accounts during reward distributions
- **End-of-day token price feeds**: Daily closing prices for SOL and mSOL tokens for USD conversion
- **Solana block metadata**: Block timestamps, slots, and transaction ordering information for proper event sequencing

## 3. Step-by-step calculation

### Component A: Stake account identification and classification
- **Purpose**: Identify which Solana stake accounts belong to Marinade and classify them by product type
- **Logic**: Query Solana stake account authority records to find accounts where the stake or withdraw authority matches known Marinade program addresses. Treasury accounts are identified by withdraw authority `89SrbjbuNyqSqAALKBsKBqMSh463eLvzS4iVWCeArBgB`, Marinade Liquid Staking staking accounts by stake authority `4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`, Marinade Native staking accounts by stake authority matching `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`, and Marinade Select accounts by stake authority `STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`
- **Key fields**: `stake_account`, `product_id`, `authority_type`, `authority_value`, `block_timestamp`

### Component B: Daily stake account balance tracking
- **Purpose**: Maintain accurate daily balance records for all Marinade stake accounts
- **Logic**: Extract Marinade Native SOL balance changes for identified Marinade stake accounts from Solana balance change records. Create a daily time spine and forward-fill balance data to ensure continuous daily records. Include special reserve accounts for the Marinade Liquid Staking staking product: Marinade Marinade Liquid Staking reserve `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` and LP pool `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q`
- **Key fields**: `timestamp`, `account_address`, `token_address`, `amount`

### Component C: Protocol revenue calculation
- **Purpose**: Calculate fees retained by the Marinade protocol
- **Logic**: Aggregate three revenue sources daily. First, bond revenues: extract bond settlement payments to treasury accounts from Marinade `Bond_ClaimSettlement` and `Bond_ClaimSettlementV2` instruction logs, then distribute these proportionally across products based on each product's share of total TVL (excluding reserves). Second, Marinade Liquid Staking staking rewards cut: identify mSOL token mints to treasury accounts that occur during `Finance_UpdateActive` and `Finance_UpdateDeactivated` instruction transactions - these represent the protocol's share of staking rewards. Third, instant withdrawal fees: track mSOL token transfers to treasury accounts during `Finance_LiquidUnstake` instruction transactions
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_address`, `amount`

### Component D: Supply-side fees calculation  
- **Purpose**: Calculate total rewards and fees distributed to supply-side participants (stakers)
- **Logic**: Aggregate five sources of supply-side value daily. First, validator staking rewards: extract rewards from Solana's reward distribution system for all non-treasury Marinade stake accounts. Second, subtract Marinade Liquid Staking staking rewards cut since this portion goes to the protocol rather than stakers (negative amount). Third, add Jito MEV tips: extract tip distributions from Jito's `TipsDistribution_Claim` instructions for Marinade stake accounts. Fourth, add bond payments: include bond settlements paid to non-treasury stake accounts. Fifth, add delayed withdrawal fees: track delayed withdrawal fee amounts from both old method (calculated as 0.1% of unstake amount after block slot 340958004) and new method (mSOL transfers to treasury during `Finance_WithdrawStakeAccount` transactions)
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_address`, `amount`

### Final aggregation
- **Combining components**: Union the protocol revenue and supply-side fees datasets, creating a comprehensive view where each row represents either protocol revenue or supply-side fees for a specific day, chain, product, and token
- **Currency conversion**: Apply decimal correction (dividing by 10^9 for SOL amounts) and convert all amounts to USD using end-of-day token prices through the `convert_to_usd_and_correct_decimals` macro
- **Time aggregation**: Group all fee components by daily boundaries using timestamp truncation to day level
- **Final calculation**: Sum all revenue and supply-side fee amounts by day, chain, and product to produce the total fees metric, then apply the `finalize_metric_fees` macro to ensure proper schema formatting, data validation, and gap filling using a zero-fill strategy

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

Total value users pay to use a protocol (gross fees, user-paid fees).

MarinadeMNDE

Fees

Fees

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