Liquid Staking

Marinade Finance

Solana Data as of March 2026

Marinade Finance is the leading liquid staking protocol on Solana. Users stake SOL and receive mSOL, a liquid staking derivative that appreciates in value relative to SOL as staking rewards accumulate. Marinade charges 6% of staking rewards.

Fee per Transaction

6.00%

6% of staking rewards (not of principal)

Round Trip Cost

N/A

Buy + Sell on $1,000

TVL

~$1.5B

Largest liquid staking on Solana

How It Works

Users deposit SOL and receive mSOL. Unlike Lido's rebasing model, mSOL uses a value-accruing model: the exchange rate of mSOL to SOL increases over time as rewards accumulate. This means the mSOL balance stays constant but each mSOL is worth more SOL.

Marinade distributes stake across 400+ validators using an algorithmic delegation strategy that favors smaller, high-performance validators. This actively supports Solana decentralization.

Marinade Native offers direct staking without a liquid token for users who prefer zero smart contract risk on the staking side.

Strengths

+Decentralization-focused. Distributes stake across hundreds of validators, actively improving Solana network health.

+Dual product. Both liquid staking (mSOL) and native staking available, letting users choose their risk profile.

+Lower fee than Lido. 6% of rewards vs. Lido's 10%, resulting in higher net yield for stakers.

Risks

xSolana network risk. Staking rewards depend on Solana uptime and validator performance.

!mSOL liquidity. Less deep secondary market liquidity than stETH, which can mean higher slippage on large unstaking.

!Smart contract risk. As with any liquid staking derivative, a contract vulnerability could affect the peg.

Open Marinade ↗ Compare Fees ↗

Disclosure: This profile is provided for informational purposes only. White & TT does not hold a position in MNDE. Fee data reflects publicly documented parameters as of March 2026. Always verify current fees on the protocol. This is not financial advice.

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