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 (weekly) Methodology

## 1. Overview

The Marinade Weekly Active Users (WAU) metric measures the number of unique users who interact with any Marinade protocol product within a 7-day rolling window. This metric provides insight into weekly user engagement across Marinade's Marinade Liquid Staking staking, Marinade Native staking, and Marinade Select staking products on Solana. The calculation uses HyperLogLog algorithms for efficient approximate distinct counting and creates dimensional breakdowns by project, chain, user type, and product.

## 2. Data sources

- **Parsed Marinade v1 instruction events**: On-chain instruction data from Marinade's Marinade Liquid Staking staking protocol including deposit, withdraw, claim, unstake, and Marinade Liquid Staking unstake operations
- **Solana stake account authority changes**: Blockchain events tracking when stake account authorities change to or from Marinade's validator authorities, indicating Marinade Native and Marinade Select staking activity  
- **Solana transaction data**: Transaction records providing user addresses (transaction signers) and block timestamps for temporal aggregation
- **Solana blockchain event logs**: Raw blockchain data containing instruction executions and account state changes

## 3. Step-by-step calculation

### Component A: Marinade Liquid Staking staking user interactions
- **Purpose**: Captures users interacting with Marinade's Marinade Liquid Staking staking product through direct protocol instructions
- **Logic**: Extracts data from six types of parsed Marinade v1 instructions: `Finance_Deposit`, `Finance_DepositStakeAccount`, `Finance_WithdrawStakeAccount`, `Finance_Claim`, `Finance_OrderUnstake`, and `Finance_LiquidUnstake`. For each instruction, identifies the `transaction_signer` as the user address and classifies them as either "Depositor" or "Withdrawer" based on the instruction type. Deposit-related instructions classify users as "Depositor" while withdrawal, claim, and unstake instructions classify them as "Withdrawer"
- **Key fields**: `block_timestamp` for timing, `transaction_id` for deduplication, `transaction_signer` as user address, instruction type for user classification

### Component B: Marinade Native staking user interactions  
- **Purpose**: Identifies users engaging with Marinade's Marinade Native staking by tracking stake account authority changes
- **Logic**: Monitors Solana stake account authority changes using a window function to compare current and previous authority values. When a stake account's authority changes TO one of Marinade's Marinade Native staking authorities (`stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq` or `ex9CfkBZZd6Nv9XdnoDmmB45ymbu4arXVk7g5pWnt3N`), the transaction signer is classified as a "Depositor". When the authority changes FROM these addresses, they are classified as a "Withdrawer"
- **Key fields**: `block_timestamp`, `transaction_signer` as user address, `authority_value` and `previous_authority_value` for detecting changes

### Component C: Marinade Select staking user interactions
- **Purpose**: Captures users interacting with Marinade's Marinade Select staking product through stake account authority changes
- **Logic**: Similar to Marinade Native staking but monitors changes to/from the Marinade Select staking authority (`STNi1NHDUi6Hvibvonawgze8fM83PFLeJhuGMEXyGps`). Uses the same LAG window function approach to detect when stake accounts change authority to this address (classified as "Depositor") or away from it (classified as "Withdrawer")
- **Key fields**: `block_timestamp`, `transaction_signer` as user address, stake account authority changes

### Component D: Daily active user calculation
- **Purpose**: Aggregates all user interactions into daily unique user counts by relevant dimensions
- **Logic**: Combines user interactions from all three products using union operations. Groups data by day using timestamp truncation to daily boundaries. Creates distinct user addresses for each combination of date, chain, user type (Depositor/Withdrawer), and product (Marinade Liquid Staking/Marinade Native/Marinade Select). Applies chain availability filtering to ensure data quality
- **Key fields**: `timestamp` truncated to day, `chain_id`, `user_type`, `product_id`, `user_address`

### Component E: HyperLogLog sketch creation
- **Purpose**: Converts daily user sets into HyperLogLog sketches for efficient approximate distinct counting in weekly windows
- **Logic**: For each daily user aggregation, initializes HyperLogLog sketches with 15-bit precision using the `hll_count.init()` function. Groups by timestamp, timestamp grain, chain, user type, and product to create sketches representing daily unique user sets
- **Key fields**: Daily HyperLogLog sketches (`hll`) containing approximate user counts

### Component F: Datespine and rolling window construction
- **Purpose**: Creates complete time series and 7-day rolling windows for WAU calculation
- **Logic**: Generates a datespine covering all days from the minimum DAU date to yesterday to ensure no gaps in the time series. For each date in the datespine, creates a 7-day window by generating an array of dates from 6 days prior to the current date. Uses cross join operations to associate each target date with its corresponding 7-day lookback period
- **Key fields**: `timestamp` for target dates, `joinday` for dates within each 7-day window

### Final aggregation
- **Combining components**: Joins the 7-day rolling windows with daily HyperLogLog sketches to associate each target date with the relevant daily user data from its 7-day lookback period
- **HyperLogLog merging**: For each 7-day window, merges the daily HyperLogLog sketches using `hll_count.merge_partial()` to combine user sets while maintaining deduplication across the week
- **Distinct user extraction**: Extracts the approximate distinct user count from merged HyperLogLog sketches using `hll_count.extract()` to get the final WAU value
- **Dimensional breakdowns**: Creates four separate aggregations: project-level (all dimensions null), chain-level (grouped by chain), user-type-level (grouped by Depositor/Withdrawer), and product-level (grouped by Marinade Liquid Staking/Marinade Native/Marinade Select). Combines all breakdowns using union operations
- **Final calculation**: The WAU for any given day represents the approximate number of unique users who had at least one interaction with any Marinade product during the 7-day period ending on that date. Results are processed through the `finalize_metric_user_wau` macro for schema standardization and gap-filling with zeros where appropriate

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

Unique revenue-generating users over a rolling 7-day window.

MarinadeMNDE

Active users (weekly)

Active users (weekly)

Competitive landscape