After Marinade’s Protocol Governance

Marinade Governance

The protocol’s validator delegation strategy will soon be under direct control of Governance NFT holders as well. You will receive an NFT with a cute Marinade Chef when you deposit MNDE tokens into Marinade governance. A few unique features of this NFT include: 

  • It is a chef’s responsibility to maintain ownership status of the locked MNDE tokens.
  • By locking them for a certain period of time, Chef NFTs prevent the decay of MNDE voting power.
  • Chef NFTs and MNDEs can be traded on secondary NFT markets as they are transferable and liquid.
  • MNDE level is visually represented by the size of the Chef.
  • It is possible for each Chef to possess rare characteristics.

The official launch of Marinade Finance’s protocol governance system took place on April 4, 2022. Those who hold the protocol’s native token can participate in governance by exchanging their MNDE tokens for an NFT. Depending on the total amount of MNDE locked, this NFT varies in size and represents total voting power. Based on these features, there are 5 levels of Non-fungible Chefs, each representing a greater amount of MNDE locked:

  1. Level 1: 1000–4999 MNDE
  2. Level 2: 5000–24999 MNDE
  3. Level 3: 25000–99999 MNDE
  4. Level 4: 100,000–249,999 MNDE
  5. Level 5: 250,000 MNDE or greater

Our objective in this article is to examine the pace at which Marinade Finance has been minting currency since their protocol governance system was launched on April 4, 2022.  Since April 4th, 2022, the number of users has minted.   Additionally, we can see the distribution of NFTs by levels. 

from the below graph we can see the daily mints since April 4th 2022. Comparatively in all 5 levels , from Level 1 mints are more common than those at the other levels. It is estimated that almost 80% of mints were done with  Level 1.There is a decline in the number of mints. A maximum of 819 mints was observed on April 4, 2022. 

Comparatively, Level 1 wallets are more common than those at the other levels. It is estimated that almost 70% of wallets are viewed at Level 1.There is a decline in the number of wallets.

If we look at the distribution of Chef NFTs by level wise we can see from the below graph. On level 1 we can find most of the chef NFTs . A total of 618 wallets are present across all levels. Of the 5 levels, Level 1 contributes the most (71.2% to the total Wallets). At Level 4, the lowest number of wallets is 10 and at Level 1, the highest number is 440.

As for LEVEL 5, we can see it falls within the category of non-fungible chefs who have over 250,000 MNDE locked among them as of April 4th, 2022. We can consider this LEVEL 5 chefs as whales among all chefs. So, from the above graph we can see there are total 18 Whales are ready to participate in governance. 

It is clear from the above analysis that there are 18 whales that are ready to participate in governance. In addition, we are able to see that, out of all levels (5 Levels), a significant amount of wallets and mints are seen by Level 1 users (that is, users who are locked to the 1000–4999 MNDE category) .

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