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 Active users (daily) Methodology

## 1. Overview

Marinade Daily Active Users (DAU) measures the number of unique user addresses that interact with Marinade Finance's Marinade Liquid Staking staking protocol on any given day. The metric captures users across three distinct staking products: Marinade Liquid Staking staking (through direct protocol interactions), Marinade Native staking (through stake account delegations), and Marinade Select staking (through Marinade Select validator delegations). Users are classified as either depositors or withdrawers based on their specific interactions with the protocol.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Parsed Solana instruction events**: Marinade Finance protocol instruction events including `Deposit`, `DepositStakeAccount`, `WithdrawStakeAccount`, `Claim`, `OrderUnstake`, and `LiquidUnstake` operations
- **Solana stake account authority records**: Complete history of stake account authority changes showing when accounts are delegated to or withdrawn from validators
- **Solana transaction data**: Transaction records containing signer information to identify user addresses initiating operations

## 3. Step-by-step calculation

### Component A: Marinade Liquid Staking staking users
- **Purpose**: Identifies users interacting directly with Marinade's Marinade Liquid Staking staking protocol through instruction calls
- **Logic**: Extracts user addresses from parsed Marinade Finance instruction events. Maps transaction signers to user types based on the specific instruction: deposit-related instructions (`Finance_Deposit_instruction`, `Finance_DepositStakeAccount_instruction`) classify users as "Depositor", while withdrawal-related instructions (`Finance_WithdrawStakeAccount_instruction`, `Finance_Claim_instruction`, `Finance_OrderUnstake_instruction`, `Finance_LiquidUnstake_instruction`) classify users as "Withdrawer"
- **Key fields**: `transaction_signer` as the user address, `block_timestamp` for timing, and instruction type determining `user_type`

### Component B: Marinade Native staking users  
- **Purpose**: Identifies users delegating stake accounts to Marinade's Marinade Native staking validators
- **Logic**: Monitors changes in stake account authorities using a lag function to compare current and previous authority values. When a stake account's authority changes to Marinade Marinade Native validator addresses (`stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`), the transaction signer is classified as a "Depositor". When authority changes away from these addresses, the signer becomes a "Withdrawer"
- **Key fields**: `authority_value` and `previous_authority_value` for detecting delegation changes, `transaction_signer` as the user address

### Component C: Marinade Select staking users
- **Purpose**: Identifies users delegating stake accounts to Marinade's Marinade Select validator program
- **Logic**: Similar to Marinade Native staking but monitors authority changes specifically for the Marinade Select validator address (`STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`). Users are classified as "Depositor" when delegating to this validator and "Withdrawer" when removing delegation
- **Key fields**: `authority_value` and `previous_authority_value` for detecting changes to/from the Marinade Select validator, `transaction_signer` as the user address

### Final aggregation
- **Combining components**: All three user components are unioned together to create a comprehensive view of Marinade user interactions, with each record containing `block_timestamp`, `transaction_id`, `chain_id` (Solana), `product_id` (Marinade Liquid Staking/Marinade Native/Marinade Select), `user_type` (Depositor/Withdrawer), and `user_address`
- **Time aggregation**: Daily boundaries are established by truncating `block_timestamp` to day granularity using `timestamp_trunc`  
- **Final calculation**: DAU is calculated by selecting distinct `user_address` values grouped by the truncated daily timestamp, effectively counting unique users who performed any Marinade interaction on each day across all products and interaction types

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

Unique revenue-generating users over a fixed 24-hour window.

MarinadeMNDE

Active users (daily)

Active users (daily)

Competitive landscape