Mariande
Marinade is a non-custodial Solana staking protocol offering native and liquid (mSOL) staking, plus a USDC yield vault. It serves retail stakers and institutional clients via integrations with Phantom, Coinbase, Anchorage, BitGo, and major Solana DeFi protocols, governed by the MNDE DAO.
- Company typePrivate
- Founded2021
- HeadquartersLos Angeles, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Mariande does
Marinade Finance is a non-custodial stake automation protocol built on the Solana blockchain, founded in 2021 through the merger of two liquid-staking projects and operated by the Medium Rare Foundation, a Panama-domiciled entity. The protocol offers two core products: Marinade Native Staking, which automates delegation across 100+ validators using Solana's native stake accounts with no smart contract exposure and no fees, and Marinade Liquid Staking, which issues the mSOL liquid staking token representing staked SOL that accrues rewards via exchange rate appreciation and is composable across Solana DeFi. The proprietary Stake Auction Marketplace (SAM) — where validators competitively bid for stake and share priority fees — and Protected Staking Rewards (PSR) — which absorbs validator underperformance losses via validator bonds — are the protocol's key technical differentiators and have been audited six times since 2021 across five firms.
Marinade's business model combines protocol revenue from validator commissions on liquid staking, a 5% performance fee on the USDC Earn Vault (launched 2026-03 and managed by RockawayX on Kamino lending markets), and a referral program paying 12.5 bps to partners. The core Native product is fee-free, making revenue heavily dependent on the mSOL stake pool's TVL and validator-set economics. Go-to-market runs through two parallel motions: a self-serve product-led channel via app.marinade.finance integrated into Phantom, Solflare, Coinbase, Ledger, Fireblocks, and MetaMask wallets; and an enterprise motion with regulated institutional custodians including Anchorage Digital (the federally chartered US crypto bank), BitGo, Zodia Custody, and Copper.co.
The protocol serves two primary customer segments — retail SOL stakers (150K+ mSOL holders) seeking automated delegation and DeFi composability, and institutional clients (family offices, fintechs, regulated funds) requiring KYC-verified validator subsets, SOC 2 Type I/II compliance, and white-label staking infrastructure. Governance is executed through the MNDE token and a Realms-based DAO, with operational control held by a 7-member Marinade Council via a 4/7 multisig. The company is private, has raised $0 in disclosed funding, and has an MNDE fully diluted valuation of approximately $22.41M based on 700M total supply (411.36M circulating).
Mariande firmographics
Firmographics- Name
- Mariande
- Legal name
- Medium Rare Foundation
- Website
- https://marinade.finance
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Marinade is a non-custodial Solana staking protocol offering native and liquid (mSOL) staking, plus a USDC yield vault. It serves retail stakers and institutional clients via integrations with Phantom, Coinbase, Anchorage, BitGo, and major Solana DeFi protocols, governed by the MNDE DAO.
- Ownership category
- akta.pro rank
Mariande industry classification
Industry- Product category
- Liquid Staking Protocol
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquid Staking & Restaking Protocols (FSADAMAE)
- akta.pro secondary industries
- Liquid Staking Protocols & Liquid Staking Tokens (LST) (FSADAOAL), Staking-as-a-Service Platforms (Non-Custodial) (FSADAHAF), Staking Pools & Delegation Platforms (FSADAOAJ), Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)
Keywords
Where Mariande is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Mariande business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Staking Validator Commissions: Marinade distributes stake through Stake Auction Marketplace where validators bid for staked SOL. Validators share rewards including priority fees via bidding, and Marinade may take a portion as protocol revenue.
- USDC Vault Performance Fees: 5% performance fee on net interest generated by USDC Earn vault positions. Fee is already reflected in displayed net APY. Depositors keep 95% of interest generated.
- Native Staking: No fees for Marinade Native staking - fee-free automated delegation service. Revenue model unclear for this product line.
- Referral Program: Marinade shares fees with referral partners and stakers. Both partners and stakers receive 0.125% extra APY (12.5 bps) on staked SOL through referral program.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Marinade Native - Fee-free native staking with automated delegation across 100+ validators |
| Other | Pay-as-you-go | Marinade Liquid Staking - Stake SOL for mSOL with 0% fee validators |
| Transaction based/ take rate | Pay-as-you-go | USDC Earn Vault - Stablecoin yield via Kamino lending |
| Subscription | Annual | Marinade Select - Curated validator set for compliance-focused staking |
| Subscription | Annual | Marinade Max Yield - 100+ bidding validators for maximum APY |
| Other | Pay-as-you-go | Referral Program - Earn extra APY through staking referrals |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels9 records
Mariande product offering
Product offeringCore offering
Marinade is a non-custodial staking automation protocol on Solana offering two core products: Native Staking, which provides automated delegation of SOL across 100+ validators without smart contracts, and Liquid Staking, which issues the mSOL token representing staked SOL usable across DeFi. The protocol also operates a USDC Earn Vault built on Kamino lending markets for stablecoin yield and offers curated staking strategies (Marinade Max Yield, Marinade Select) plus institutional-grade staking delivered through custodians.
Product overview
Marinade is a stake automation platform for Solana offering both Native Staking and Liquid Staking products. Native Staking provides automated delegation across 100+ validators without smart contracts, while Liquid Staking issues mSOL tokens for use in DeFi. Key sub-products include Marinade Max Yield (100+ bidding validators), Marinade Select (curated verified validators), Marinade Recipes (rewards in preferred tokens), and USDC Earn Vault (stablecoin yield via Kamino). The platform includes core features like Stake Auction Marketplace (SAM) for validator competition, Protected Staking Rewards (PSR) for slashing protection, and Instant Unstake for liquidity. MNDE governance token enables DAO participation with veMNDE voting power. Marinade distributes 100% of TVL through its open validator market system.
Differentiator
Problem solved
Functional benefit
Brands
- Marinade Native: Native SOL staking with automated delegation using Solana blockchain's native features, no smart contracts required.
- Marinade Liquid
- Marinade Select
- Marinade Max Yield
- mSOL
- MNDE
- Stake Auction Marketplace (SAM)
- USDC Vault
- Protected Staking Rewards (PSR)
Products and services
- Marinade Native Staking Fee-free native SOL staking with automated delegation across 100+ high-performing validators. Funds remain in the user's wallet and only the user can withdraw, with rewards paid directly to stake accounts each epoch.
- Marinade Liquid Staking (mSOL) Liquid staking solution in which users deposit SOL and receive mSOL tokens representing their staked SOL plus accrued rewards. mSOL's value increases each epoch via exchange rate updates and can be used in DeFi protocols while continuing to earn staking rewards.
- USDC Earn Vault Yield-generating vault built on Kamino's on-chain lending markets for USDC stablecoin deposits. Features ~5.66% variable APY, a 5% performance fee on net interest, and no deposit or withdrawal fees.
- Marinade Max Yield Native staking strategy that delegates SOL to 100+ bidding validators in the Stake Auction Marketplace, automatically seeking the highest possible yield through competitive validator bidding.
- Marinade Select Curated staking strategy featuring verified validators with strong performance and zero tolerance for malicious MEV, built for institutions and stakers who value transparency and compliance-focused validator selection.
Quantifiable outcome
- Earn up to 8% APY on staked SOL through automated validator optimization
- +4 more outcomes
Companies that use Mariande
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Mariande technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration14 records
Feature9 records
Mariande partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and major.
- Anchorage DigitalcoreAnchorage Digital integrated Marinade Finance into its platform enabling institutional clients to stake Solana through automated validator selection strategies while retaining full custody of assets. Integration offers two strategies: one allocating across ~30 KYC-verified validators for compliance-focused use cases including regulated financial products like ETFs, and another dynamically distributing stake across broader validator set for yield optimization. Anchorage is the first federally chartered crypto bank in the United States.
- BitGocoreBitGo provides institutional custody integration with Marinade, supporting SOL and mSOL tokens. Enables institutional clients to access Solana staking through BitGo's custody infrastructure.
- Zodia CustodycoreZodia Custody partnered with Marinade to enable institutional clients to access Solana staking through Zodia's compliance-focused custody platform.
- Copper.cocoreCopper.co partnered with Marinade Finance to provide institutional clients access to Solana staking services through Copper's custody and settlement infrastructure.
- Kamino ProtocolcoreKamino Protocol is integrated with Marinade's USDC Earn vault, powering on-chain lending markets where USDC deposits are supplied to generate yield. Kamino's lending pools provide the underlying yield generation for Marinade's stablecoin vault.
- RockawayXcoreRockawayX serves as the vault manager for Marinade's USDC Earn vault, continuously reallocating capital across Kamino lending pools to optimize for consistent risk-adjusted returns.
- FireblocksmajorFireblocks is a supported wallet for Marinade staking, enabling users to stake SOL through Fireblocks' institutional-grade wallet infrastructure.
- PhantommajorPhantom wallet is supported for Marinade staking, one of the most popular Solana wallets enabling easy staking access for retail users.
- CoinbasemajorCoinbase wallet integration enables users to stake SOL through Marinade using Coinbase's wallet platform.
- SolflaremajorSolflare wallet supported for Marinade staking, providing another popular Solana wallet option for accessing staking services.
- LedgermajorLedger hardware wallet integration enables secure, self-custody staking through Marinade for users preferring hardware wallet security.
- MetaMaskmajorMetaMask has native Solana support enabling users to stake on Marinade directly from MetaMask wallet without installing any add-ons.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Mariande competitors and assessment
Company assessmentDirect peers
- Jito: Solana's dominant liquid staking protocol (JitoSOL) with MEV-tip distribution to stakers. Most direct head-to-head competitor to Marinade on the same chain with overlapping validator-set and liquid-token economics.
- Rocket Pool: Decentralized, non-custodial liquid staking protocol (rETH on Ethereum). Closely comparable architecture (non-custodial, validator-set delegation, LST issuance) — a useful reference point for Marinade's DAO- and validator-distribution model.
- StakeWise: Multi-chain non-custodial liquid staking protocol (osETH, etc.) with similar automated validator selection and dual-token architecture. Conceptually similar product surface to Marinade Native and Marinade Max Yield.
Broad incumbents
- Lido: The largest multi-chain liquid staking protocol (stETH on Ethereum, plus Solana and other chains). Directly comparable liquid-staking model, broader chain coverage, and the de-facto benchmark for LST economics that Marinade is benchmarked against.
- Coinbase: Operates centralized SOL staking through its exchange and Coinbase Wallet. Competes for retail stakers with in-wallet UX and benefits from regulatory clarity that Marinade (DAO-structured, US-restricted) currently lacks.
- Kraken: Major centralized exchange offering SOL staking products. Competes for the same retail SOL-staker base as Marinade with bundled custody and on-platform UX.
Emerging players
- Sanctum: Solana-based LST aggregator and liquid-staking infrastructure provider. Competes for the same Solana staking flows as Marinade by aggregating multiple LSTs (including mSOL) and offering instant-unstake rails.
- EigenLayer: Ethereum restaking protocol that extends staked capital into securing additional services. Compares to Marinade's evolution toward richer staking primitives (USDC vault, recipes) and shapes LST competition across chains.
- Frax Finance: Issuer of frxETH, a liquid staking token on Ethereum with validator-distribution mechanics. Comparable liquid-staking + DeFi-curvature approach, with cross-chain ambitions that may eventually compete on Solana.
Others
- Anchorage Digital: Federally chartered US crypto bank and Marinade institutional partner that offers Marinade-powered SOL staking strategies to its clients. Comparable on institutional staking distribution and custody, but partners rather than competes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Mariande social profiles
Digital presenceMariande compliance and trust
Trust signalCompliance5 records
Mariande financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mariande leadership team
Management profileNumber of profiles
Mariande funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mariande M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mariande
What does Mariande do?
Marinade is a non-custodial staking automation protocol on Solana offering two core products: Native Staking, which provides automated delegation of SOL across 100+ validators without smart contracts, and Liquid Staking, which issues the mSOL token representing staked SOL usable across DeFi. The protocol also operates a USDC Earn Vault built on Kamino lending markets for stablecoin yield and offers curated staking strategies (Marinade Max Yield, Marinade Select) plus institutional-grade staking delivered through custodians.
Is Mariande a public or private company?
Mariande is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Mariande founded?
Mariande was founded in 2021. It employs 11 to 50 people.
Where is Mariande based?
Mariande is headquartered in Los Angeles, United States, in the North America region.
How does Mariande make money?
Four revenue lines are on record. Staking Validator Commissions are the primary driver. The others are USDC Vault Performance Fees, native Staking and referral Program.
Who are Mariande's main competitors?
Direct peers on record are Jito, Rocket Pool and StakeWise. Broad incumbents are Lido, Coinbase and Kraken. Emerging players are Sanctum, EigenLayer and Frax Finance. Anchorage Digital is listed as an others.
Does Mariande have an API?
Yes. Marinade provides TypeScript/JavaScript SDK and Rust SDK for developers to interact with the Marinade protocol. The SDKs allow developers to build applications that can stake/unstake SOL, interact with mSOL, manage stake accounts, and integrate Marinade functionality into third-party applications. Additional APIs include Delegation Strategy API, Marinade Stats API, and Snapshots API. Developer documentation is at docs.marinade.finance.
What industry is Mariande in?
Mariande's product category is Liquid Staking Protocol. Its primary akta.pro industry code is FSADAMAE, Liquid Staking & Restaking Protocols, with a secondary code of FSADAOAL, Liquid Staking Protocols & Liquid Staking Tokens (LST). Its NAICS code is 522320 and its SIC code is 6200.