In this article we intend to show the amount of SOL staked on Marinade since the beginning of February. Moreover, we will calculate the average number of SOL staked on Marinade per transaction, and we will produce a histogram of the distribution of SOL staked per transaction.
Marinade Finance enables liquid staking based on the Solana protocol. The mSOL token consists of a staking token (staked SOL token) that is provided to users from Marinade. This gives them the ability to use SOL tokens in DeFi’s SOL realm or the ability to change original SOL tokens and unstake them whenever they wish. The liquid stake allows users to stake any amount of SOL and to effectively stop staking their SOL without the need to wait 1*3 days for the stake to warm up or cool down before staking it. It usually takes about three days for the stakes to warm up or cool down.
By this Marinade , you are able to stake SOL (and unstake anytime) and become a liquidity provider to the SOL-mSOL pool. You can earn dividends from your tokenized stakes over and above staking. You can join the Marinade DAO in exchange for Marinade and participate in its governance. MNDE was the Marinade Protocol’s governance token
From the below tweet we can see the launch of Marinade Finance on Solana .
How can we use these mSOL tokens and what is mSOL?
In order to obtain the marinade token, stake SOL on the Marinade protocol. If successful, you get mSOL as a liquid staking token. Since you staked mSOL tokens, they represent staked SOL tokens.You can exchange these tokens later on for staking SOL and earned rewards, so you do not have to regard them as receipts or credits. DeFi can be used with your mSOL rewards. The mSOL token can be used in many of applications in our growing ecosystem. Staking rewards and helping the network are both possible while accessing DeFi protocols.
- You may borrow or lend mSOL on multiple platforms using it as collateral.
- With the current version of Marinade, it is possible to stake your mSOL and earn MNDE, our governance token. This feature is currently only available on Marinade.
- The mSOL token is available on the most decentralized exchanges and can be exchanged for other cryptocurrencies. You can also trade your accumulated rewards when you trade your mSOL.
- By staking SOL (and unstake anytime) and become a liquidity provider to the SOL-mSOL pool.
The below graph shows the total amount of SOL staked on Marinade on a daily basis since February 1,2022. The maximum amount staked on Marinade was $45.15K on February 5, 2022. The staked amount shows a downward trend. Initially the staked amount of SOL on marinade is more compared to later.
Maximum Transactions of 558 were observed on February 19, 2022. Transactions show a decreasing trend.
The maximum Avg Staked Amount of 244.04 was observed in February 5, 2022, while the minimum Avg Staked Amount of 3.75 was observed in February 19, 2022. The average stacked amount shows a decreasing trend. The total stacked amount in February 10, 2022 is lower than normal, and it is higher than normal in February 5, 2022 and February 9, 2022.
Below is a graph showing the maximum and median amounts staked on Marinade protocol on a daily basis.
From the below graph we can see the 10 Largest transactions on Marinade .
In the following graph we can see the distribution of staked SOL per transaction in the form of a histogram. We have divided the Tokens into different categories. The category ‘1-100 Tokens’ accounted for almost 92.18% of the total categories. In total, the lowest category is 2 (F. More than 15000 Tokens) and the highest category is 3,242 (A. 1-100 Tokens).
According to the above graph, USDCoin dominates all other swapped tokens on Jupiter.