Marinade Q3 2024 Brief

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2024-12-06 14:42:51

MNDE-1,15%

SOL-1,3%

Marinade’s Total Value Locked (TVL) increased by 9% QoQ to $849.3 million. Native staking now comprises 31% of Marinade’s TVL.
Protected Staking Rewards (PSR) safeguarded staker yields, recovering 1,200 SOL in Q3. PSR requires validators to put up a SOL bond to be eligible for a stake in Marinade.
mSOL deposits in DeFi fell 3% QoQ to 1.2 million. Kamino led TVL for the second quarter in a row with 357,900 mSOL.
Marinade removed the 6% stake fee from its liquid staking product, meaning its remaining revenue was generated from unstacking and the Stake Auction Marketplace.
Total Staked SOL fell 4% QoQ to 7.9 million in Q3. Including native staking, Marinade holds a 33% market share against Solana liquid staking providers.
Kamino maintained its majority share of mSOL in DeFi for the second quarter in a row. Kamino leads TVL on Solana, with a 57% growth rate QoQ to 357,900 mSOL. In September, Kamino launched Kamino Lend V2, which introduced permissionless market creation and aggregated liquidity through a vault layer.
Drift, the 7th largest protocol on Solana by TVL, ended Q3 with 78,100 mSOL, a 61% decrease QoQ in supply. Comparatively, JitoSOL fell 28% QoQ to 658,600 tokens, while DSOL (Drift Staked SOL) increased 2,629% QoQ to 155,300 tokens.
Solend previously featured the majority share of mSOL in DeFi, but Kamino surpassed it in Q1. In Q3, Solend mSOL supply decreased by 2% QoQ to 353,000 mSOL. Solend announced they are rebranding to Save in July, with plans to launch a native stablecoin called sUSD.
Solayer, a restaking network on Solana, launched at the end of May. Solayer’s mSOL supply grew 34% QoQ to 85,400 mSOL. In August, Solayer announced a $12 million fundraising round led by Polychain.
Kamino received 8.3 million tokens in emissions.
Save (previously Solend) received 3.6 million tokens in emissions.
Raydium received 400,000 tokens in emissions.

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