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 Revenue Methodology

## 1. Overview

Marinade revenue represents the protocol's total daily earnings from its Marinade Liquid Staking staking services on Solana. The metric combines three revenue streams: bond settlement revenues allocated proportionally across products, Marinade Liquid Staking staking rewards cut taken by the protocol, and instant withdrawal fees. The calculation tracks various Marinade product types (Marinade Liquid Staking, Marinade Native, Marinade Select, treasury) based on stake account authority addresses and allocates treasury revenues based on total value locked (TVL) proportions.

## 2. Data sources

The calculation relies on several Solana blockchain data sources:
- **Stake account authority records**: Solana stake account authority data to classify accounts by product type based on authority addresses
- **Marinade Native SOL balance changes**: Daily SOL balance snapshots for all Marinade stake accounts and reserve addresses
- **Solana block data**: Block slot information for temporal ordering and daily boundary determination
- **Marinade instruction events**: Parsed instruction data from Marinade's on-chain programs including bond settlements, Marinade Liquid Staking unstaking, and rewards distribution
- **Token transfer events**: Solana token transfer logs for mSoL transfers to treasury accounts
- **Token mint events**: Solana token mint logs for mSoL mints to treasury accounts
- **End-of-day price feeds**: Daily closing prices for SOL and mSoL tokens for USD conversion
- **Token metadata**: Token decimal precision data for proper amount calculation

## 3. Step-by-step calculation

### Component A: Stake account classification
- **Purpose**: Categorize Marinade stake accounts by product type based on authority addresses
- **Logic**: Stake accounts are classified using their authority addresses from Solana stake account authority records. Marinade Liquid Staking product accounts have stake authority `4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`, Marinade Native product accounts use stake authorities `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`, Marinade Select product accounts use stake authority `STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`, and treasury accounts have withdraw authority `89SrbjbuNyqSqAALKBsKBqMSh463eLvzS4iVWCeArBgB`
- **Key fields**: `stake_account` address, `product_id` classification, `authority_type` and `authority_value` from authority records

### Component B: Daily balance calculation
- **Purpose**: Track SOL balances for all Marinade stake accounts and reserve addresses by day
- **Logic**: Daily SOL balances are extracted from Solana Marinade Native balance changes for all classified stake accounts plus the Marinade Liquid Staking reserve address `Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` and LP pool address `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q`. Balances are forward-filled across days to handle missing data points. A temporal spine ensures continuous daily coverage from the earliest stake account date to present
- **Key fields**: `account_address`, `amount` in SOL, daily `timestamp`, SOL `token_address`

### Component C: Bond revenue allocation
- **Purpose**: Distribute treasury bond settlement payments across Marinade products based on TVL proportions
- **Logic**: Treasury bond payments are captured from `Bond_ClaimSettlement` and `Bond_ClaimSettlementV2` instruction events where the recipient stake account belongs to the treasury product (withdraw authority `89SrbjbuNyqSqAALKBsKBqMSh463eLvzS4iVWCeArBgB`). Total daily bond payments are allocated proportionally to Marinade Liquid Staking and Marinade Native products based on their share of total TVL, excluding Marinade Select product and reserve balances from the allocation base. Each product receives: bond payment × (product TVL ÷ total allocatable TVL)
- **Key fields**: `claim` amount from bond instructions, `product_id` for allocation, calculated TVL ratios

### Component D: Marinade Liquid Staking staking rewards cut
- **Purpose**: Capture the protocol's revenue share from staking rewards
- **Logic**: The protocol's rewards cut is identified through mSoL token mints to treasury accounts during `Finance_UpdateActive` and `Finance_UpdateDeactivated` instruction events. These instructions represent the protocol updating its active or deactivated stake amounts and minting corresponding mSoL tokens as the protocol's revenue share to the treasury account specified in the instruction
- **Key fields**: `amount` of mSoL minted, `treasuryMsolAccount` recipient, mSoL `token_address`

### Component E: Instant withdrawal fees  
- **Purpose**: Track fees charged for immediate unstaking versus waiting for normal unstaking periods
- **Logic**: Instant withdrawal fees are captured as mSoL token transfers to treasury accounts during `Finance_LiquidUnstake` instruction events. The treasury account receiving the fee transfer is identified from the `treasuryMsolAccount` parameter in the unstaking instruction. These transfers represent the fee premium charged for immediate liquidity versus waiting for the standard unstaking period
- **Key fields**: Transfer `amount` in mSoL, `treasuryMsolAccount` recipient, transaction linkage between unstaking instruction and transfer

### Final aggregation
- **Combining components**: The three revenue streams (allocated bond revenues, Marinade Liquid Staking staking rewards cut, instant withdrawal fees) are combined using union operations, with each maintaining its product classification and token address
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day price feeds and corrected for token decimal precision using the `convert_to_usd_and_correct_decimals` macro
- **Time aggregation**: Revenue amounts are aggregated by day using timestamp truncation to daily boundaries, with all three streams standardized to daily grain
- **Final calculation**: The final revenue metric sums all USD-converted revenue streams by day, with gap-filling logic that fills missing days with zero values to ensure continuous time series coverage

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

MarinadeMNDE

Revenue

Revenue

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