MNDE token up 170% as Marinade staking pool reaches 10m SOL

2023-12-08 08:19:09

Following a set of partnerships and announcements, Marinade.Finance’s native token MNDE jumped by over 170% in just one day.

Solana-based staking protocol Marinade.Finance has achieved a significant milestone, reaching 10 million SOL tokens ($716 million as of press time) locked in its pools for staking. According to Marinade.Finance’s announcement on X, users allocated over 6.5 million tokens in mSOL liquid staking and the remaining 3.5 million tokens in the Marinade Native pool.

According to data from DefiLlama, the latest influx of tokens made Marinade the largest protocol in terms of total value locked (TVL) among Solana-based projects, with a 66.5% surge in TVL over the past month.

Marinade Finance TVL | Source: DefiLlamaIn addition to the announcement, the Marinade team revealed it had also joined forces as a partner of the Cross-Chain Eco Fund, powered by web3 investment manager Borderless and blockchain platform Wormhole. The idea of the initiative is to build a “more aggregated and interconnected web3 eco,” Marinade.Finance said in an X post.

MNDE price USD | Source: CoinGeckoThe series of announcement affected Marinade’s native token MNDE, which surged in a moment by over 170% up to $0.66 in less than 24 hours, according to CoinGecko. With the latest price increase, the token’s market capitalization now stands at $151.4 million.

Founded in 2021 as a Solana Hackathon project, Marinade.Finance allows users to optimize their SOL stake using its automated staking strategy. Users can choose between staking natively or liquid stake SOL for mSOL, a liquid staking token.

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