Financials

Overview

Liquid Staking

Native Staking

Stake Auction Marketplace

mSOL Token

MNDE Token

### Marinade Revenue Sources

**Settlement Rewards:**  
Revenue earned through Marinade’s Stake Auction Marketplace (SAM), where validators bid for staked SOL. A performance fee is applied to successful bids, and a portion of this fee is routed to the Marinade DAO treasury. These **Settlement Rewards** account for the majority of Marinade's revenue.

**v1 Fees:**  
Legacy revenue from Marinade's original staking model. This includes a fee on staking rewards and dynamic unstaking fees when users opt for instant unstaking. No fees are Currently applied to deposits or withdrawals that wait through the full Solana unstaking period.


Marinade Treasury Revenue

Marinade: Revenue

Balance changes in treasury held assets

Marinade: Treasury Changes in Capital

**Total Assets:**
- Active stake and reserve SOL for liquid staking
- Treasury held USDT
- Treasury staked SOL


**Total Liabilities:**
- Liabilities refer to mSOL issued

**Total Capital:**
- Retained earnings refer to stake auction market rewards and V1 Fees
- Other Capital includes items such as Currency Translation Adjustment (difference in price of assets from the time of revenue to the most recent time)

Marinade: Balance Sheet

### Marinade Revenue Sources

**Settlement Rewards:**  
Revenue earned through Marinade’s Stake Auction Marketplace (SAM), where validators bid for staked SOL. A performance fee is applied to successful bids, and a portion of this fee is routed to the Marinade DAO treasury. These **Settlement Rewards** account for the majority of Marinade's revenue.

**v1 Fees:**  
Legacy revenue from Marinade's original staking model. This includes a fee on staking rewards and dynamic unstaking fees when users opt for instant unstaking. No fees are Currently applied to deposits or withdrawals that wait through the full Solana unstaking period.

**Treasury Stake Increases:** Increases in SOL staked from known treasury wallets 

**Staking Rewards** SOL staking rewards earned form SOL staked in known treasury wallets

Marinade: Income Statement

Cumulative Rewards by Source

Marinade: Total Rewards Sankey

MNDE minted but not issued into circulating supply, such as unvested MNDE, is equivalent to "authorized shares" in traditional finance. These are shown on the treasuries holdings but are not considered a treasury asset.

This graphic shows both circulating and non-circulating holdings among treasury wallets

Markets

Layer 1

Layer 2

Finance

Consumer

Sectors

Chain Clusters

ETFS

Marinade: Financials

Marinade: Revenue

Marinade: Treasury Holdings

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