Marinade staking pool hits 10m SOL, MNDE token skyrockets by 170%
Marinade.Finance’s native token, MNDE, experienced an impressive surge of over 170% in just one day following a series of partnerships and announcements. The Solana-based staking protocol achieved a significant milestone by locking in 10 million SOL tokens (equivalent to $716 million) in its staking pools. This feat solidified Marinade.Finance as the largest protocol in terms of total value locked (TVL) among Solana-based projects, with a remarkable 66.5% increase in TVL over the past month.
In addition to this achievement, Marinade.Finance announced its partnership with the Cross-Chain Ecosystem Fund, which is powered by web3 investment manager Borderless and blockchain platform Wormhole. The objective of this collaboration is to foster a more aggregated and interconnected web3 ecosystem, as stated in a post by Marinade.Finance. These announcements had a profound impact on the price of MNDE, with its value surging by over 170% in less than 24 hours, reaching $0.66. Consequently, the token’s market capitalization now stands at $151.4 million.
Marinade.Finance was founded in 2021 as a project for the Solana Hackathon. It offers users the ability to optimize their SOL stake through its automated staking strategy. Users have the option to stake natively or opt for liquid staking by converting SOL into mSOL, a liquid staking token.
Overall, Marinade.Finance’s recent achievements and partnerships have catapulted its native token to new heights, making it an important player in the Solana ecosystem.
