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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Liquid staking

Marinade

# Marinade Total value locked Methodology

## 1. Overview

Marinade TVL (Total Value Locked) measures the total value of SOL tokens staked across all Marinade Finance products on Solana. This metric captures the SOL held in stake accounts managed by Marinade's various Marinade Liquid Staking staking products (Marinade Liquid Staking, Marinade Select, Marinade Native) plus SOL held in reserve addresses, excluding treasury funds. The calculation aggregates Marinade Native SOL balances across all relevant accounts and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Solana Marinade Native balance changes**: Daily SOL balance snapshots for all accounts on Solana, providing the `post_balance` amounts used for TVL calculation
- **Solana stake account authorities**: Authority assignments for Solana stake accounts, used to identify which stake accounts are controlled by Marinade's different products
- **Solana blocks**: Block metadata including timestamps and slots, used to establish daily boundaries and create point-in-time snapshots
- **End-of-day token price feeds**: SOL/USD price data for converting Marinade Native token amounts to USD values
- **Token metadata**: Information about SOL token decimals and specifications for proper unit conversion

## 3. Step-by-step calculation

### Component A: Stake account identification
- **Purpose**: Identifies which Solana stake accounts belong to each Marinade product
- **Logic**: Filters Solana stake account authorities data by specific Marinade authority addresses. Treasury accounts are identified by withdraw authority `89SrbjbuNyqSqAALKBsKBqMSh463eLvzS4iVWCeArBgB`. Marinade Liquid Staking staking accounts use stake authority `4bZ6o3eUUNXhKuqjdCnCoPAoLgWiuLYixKaxoa8PpiKk`. Marinade Select product accounts use stake authority `STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`. Marinade Native staking accounts are identified by stake authorities `stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`
- **Key fields**: `stake_account` addresses, `product_id` categorization (treasury, Marinade Liquid Staking, Marinade Select, Marinade Native), authority type and value, transaction timestamps and order IDs

### Component B: Daily account snapshots
- **Purpose**: Creates point-in-time snapshots of which stake accounts were active each day
- **Logic**: Generates a complete date spine from the first Marinade stake account creation to the current date. For each day, identifies the last block slot and constructs the maximum order ID for that day. Uses order ID ranges to determine which stake accounts were active on each specific day, accounting for when accounts were created and potentially closed
- **Key fields**: Daily `timestamp` boundaries, `block_slot` for each day, `last_order_id` calculations, active `stake_account` addresses per day with their `product_id` classifications

### Component C: Balance data collection
- **Purpose**: Collects SOL balances for all Marinade-related accounts
- **Logic**: Retrieves Marinade Native SOL balances from Solana balance changes for all identified stake accounts plus two hardcoded reserve addresses (`Du3Ysj1wKbxPKkuPPnvzQLQh8oMSVifs3jGZjJWXFmHN` for Marinade Liquid Staking reserves and `UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q` for LP pool). Uses forward-filling logic to maintain balance continuity on days without balance changes, ensuring each account has a balance value for every day
- **Key fields**: `account_address` identifiers, SOL `token_address` (So11111111111111111111111111111111111111112), daily `amount` values representing post-transaction balances

### Component D: TVL aggregation by product
- **Purpose**: Combines stake account balances with reserve balances and categorizes by Marinade product
- **Logic**: Joins daily balance data with stake account snapshots to assign each balance to the appropriate product. Categorizes accounts as either 'stake' type (regular staking accounts) or 'reserves' type (Marinade Liquid Staking reserve and LP pool addresses). Explicitly excludes treasury accounts from TVL calculation since they represent protocol-owned rather than user-staked funds. Aggregates total SOL amounts by product and account type
- **Key fields**: `product_id` classifications (Marinade Liquid Staking, Marinade Select, Marinade Native), `account_type` designations (stake, reserves), aggregated `amount` totals per product

### Final aggregation
- **Combining components**: Sums SOL amounts across all non-treasury products and account types to calculate total TVL. Treasury balances are excluded as they represent protocol-owned funds rather than user deposits
- **Currency conversion**: Converts aggregated SOL amounts to USD using end-of-day SOL/USD price feeds. Applies decimal correction to ensure proper unit conversion from Marinade Native SOL (lamports) to standard SOL units before USD conversion
- **Time aggregation**: Uses daily boundaries with forward-filling to ensure continuous TVL values. Each day represents the end-of-day TVL snapshot
- **Final calculation**: The final TVL value equals the sum of all SOL balances in Marinade stake accounts (Marinade Liquid Staking + Marinade Select + Marinade Native products) plus SOL balances in the Marinade Liquid Staking reserves and LP pool, converted to USD using end-of-day prices

*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.

MarinadeMNDE

Total value locked

Total value locked

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