Marlin (POND) Price

POND is the Marlin protocol's utility token; it can be staked to receive blocks and transactions from Marlin nodes. It is not MPond: MPond's role is to operate Marlin nodes and join the network. Thus, although their names are similar, they correspond to different parts of network participation: POND is more closely associated with staking by service recipients, while MPond is associated with node operation. Before transferring, adding a wallet asset, or participating in the protocol, verify the token symbol, contract address, and network together.

POND's direct protocol use is staking to receive blocks and transactions provided by Marlin nodes. In other words, users first deposit POND into the applicable staking mechanism, and that staking relationship supports their receipt of node services; this is not the same use as operating a node with MPond. Official materials also state that POND and/or MPond may be staked to join the Marlin network, but the two tokens serve different roles. The contracts, networks, and conditions actually available for participation are subject to the relevant pages and contracts; holding POND alone cannot establish an assumption of node-operation eligibility or fixed returns.

The difference between POND and MPond lies in their network roles: POND is used for staking and receiving blocks and transactions from Marlin nodes, while MPond is used to operate nodes and join the Marlin network. They are not the same wallet asset and should not be used interchangeably merely because their names are similar. They can be converted into one another through the Marlin Bridge on Ethereum mainnet, but this conversion is not the same as a cross-chain transfer. POND-to-MPond conversion is immediate; MPond-to-POND conversion proceeds linearly for approximately 182 days after a conversion request is submitted, with about 1/180 (approximately 0.55%) becoming eligible for conversion each day, so it does not all revert to POND at once.

POND has a maximum total supply of 10 billion tokens. Maximum total supply means the supply cap set by the token contract; it is not the amount circulating, tradable, or staked at a given time. Therefore, market-tradable supply, holder distribution, or price cannot be inferred solely from the 10 billion-token cap. Understanding supply conditions at a particular time also requires separately examining on-chain balances, lockups, and token status on the applicable network.

The Marlin network, its tokens, and certain contracts have migrated from Ethereum to Arbitrum. Official materials currently list POND contract addresses on Ethereum, Arbitrum, and BNB Chain; whether an identically named asset in a wallet can be used depends on the connected network and the correct contract on that network. There are two different operations here: to move POND or MPond between Ethereum and Arbitrum, use the official Arbitrum bridge; to change token roles between POND and MPond, use the Marlin Bridge on Ethereum mainnet. The former changes the network on which the asset resides, while the latter changes the POND/MPond token type, and they cannot substitute for each other.

Before using POND, first confirm the network for the intended operation, then obtain the POND or MPond address for that network from the official contract-address page. Ethereum, Arbitrum, and BNB Chain have different addresses; even where the name and symbol are the same, an asset on the wrong network cannot automatically be used by the target network's contract. If the operation involves POND/MPond conversion, also distinguish its direction and completion time: POND-to-MPond is immediate, whereas MPond-to-POND proceeds linearly for approximately 182 days after a request is submitted. Confirming these conditions helps avoid confusing a pending conversion, a cross-chain asset, and a target token that is already usable.

Converting between POND and MPond changes the protocol role of the holder's token; it does not create additional supply. After converting POND to MPond, the holder has MPond used for node operation; during reverse conversion, MPond gradually becomes POND under the bridge rules. This design allows POND on the service-recipient side and MPond on the node-operation side to switch under the official bridge mechanism, but reverse conversion involves a linear process of approximately 182 days. Accordingly, anyone planning to use POND for staking or transfer should include this waiting stage in their schedule.

Marlin's staking contracts were initially deployed on Ethereum and later migrated to Arbitrum. For users, this means that the network holding the tokens, the network connected by the wallet, and the staking contract being interacted with must match when participating in the applicable staking mechanism. Migration does not mean tokens on Ethereum automatically disappear: official materials still list POND addresses on Ethereum, Arbitrum, and BNB Chain. To use assets with a migrated mechanism, first confirm the network and contract currently specified by that mechanism, rather than deciding solely based on the network on which the asset was originally obtained.

POND is the token on the service-use and staking side, while MPond is the token on the node-operation side; this division uses different asset roles for “requesting node services” and “operating a node to join the network.” The two can be converted, but their conversion rules are asymmetric. Specifically, POND-to-MPond conversion is immediate, while MPond-to-POND conversion proceeds linearly over approximately 182 days. This asymmetry means that exiting the node-operator role and returning to POND takes time; MPond cannot be treated as an asset that can always immediately substitute for POND in full.

Understanding POND's value requires considering three verifiable facts together: its maximum supply cap is 10 billion tokens; it can be staked to receive node services; and it can be converted under bridge rules into MPond, which serves the node-operation role. These respectively describe the supply cap, protocol use, and token-role conversion, and do not directly establish a price conclusion. For example, maximum supply does not state immediately tradable supply, staking use does not guarantee demand or returns, and the linear waiting period for MPond to return to POND only describes the timing condition of a particular conversion route. Any market conclusion must distinguish these different elements.

POND/MPond conversion and cross-chain bridging should not be understood as one step. If the purpose is to change the network location of an asset, the applicable process is the official bridge between Ethereum and Arbitrum; if the purpose is to switch protocol roles between POND and MPond, the applicable process is the Marlin Bridge on Ethereum mainnet. In the latter operation, direction also determines availability timing: POND-to-MPond is immediate, while MPond-to-POND proceeds linearly over approximately 182 days. Only after determining whether the goal is “change networks” or “change token roles” can the correct process be selected and the timing of the next step assessed.

POND's maximum total supply is 10 billion tokens, but bridge operations do not mean supply increases. Bridging between POND and MPond is a conversion between two existing token roles; when returning from MPond to POND, official rules provide that only approximately 1/180 becomes convertible each day. Therefore, the supply cap, a balance on a particular network, MPond in the bridge waiting stage, and POND available for immediate use are different measures. When discussing supply or asset availability, the measure being referenced should be stated.