Marinade Finance wants to boost liquid staking on Solana

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  • Marinade Finance will reward Solana holders for staking SOL through its Liquid Protocol.
  • The incentive program will run for the next 12 months and the platform will offer up to 160 million Native Marinade Tokens.
  • Solana aims to grow TVL to 40 million SOL, and liquid staking is critical to this.

Marinade Finance, a liquid staking platform that supports solana Blockchain is looking to bring more liquidity to the Solana ecosystem through a major incentive program.

noted in protocol one announcement That the program “Open Doors” is designed to encourage Solana builders, validators and wallets to increase the asset liquidity of the blockchain platform.

Accordingly, Marinade intends to offer rewards in the form of its token to users who contribute to increase Solana’s Total Value Locked (TVL) on the protocol.

Marinade Finance’s 12 Month Incentive Program for Solanas

Over the next 12 months, users have the chance to earn some of the 160 million Marinade (MNDE) tokens when they stake SOL to MSOL, which they will receive in return for liquid staking tokens. mSOL aims to stake 40 million SOL, – a scenario that could significantly increase the liquidity of the ecosystem and help with decentralization.

Currently, only 2-3% of SOL Allegedly In Liquid staking, that makes it important for Solana to plan to bring more into the ecosystem. This is because the SOL at stake does not contribute to Solana’s DeFi TVL. However, the liquid portion of mSOL flows in different protocols.

For decentralization, Marinade supports hundreds of validators through its delegation strategy.

,To strengthen Solana DeFi, more $SOL (a lot) must be liquidated. Those who contribute via $mSOL on their protocol, or through the referral program, will be directly rewarded with Marinade ownershipsaid the marinade team.

According to statistics From DeFiLlama, the Solana chain has approximately $278 million in TVL as of January 25, 2023, down from over $10 billion in November 2021. Marinade Finance has over 53% of the total TVL on this chain, with the second largest share in Lido’s liquid staking account.

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