Marinade Finance wants to boost liquid strike on Solana

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  • Marinade Finance rewards Solana holders who deploy SOL through its liquid protocol.
  • The incentive program will run for the next 12 months and the platform will offer up to 160 million native Marinade tokens.
  • The goal is to grow Solana TVL by 40 million SOL, and liquid staking is key to that.

Marinade Finance, a liquid staking platform that supports the Solana blockchain, aims to bring more liquidity to the Solana ecosystem through a major stimulus program.

The protocol stated in a Announcement that the “Open Doors” program is designed to incentivize Solana builders, validators and wallets to increase the asset liquidity of the blockchain platform.

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Accordingly, Marinade aims to offer rewards in the form of tokens to users that contribute to increasing Solana’s total value locked (TVL) on the protocol.

Marinade Finance’s 12-month incentive program for Solana

In the next 12 months, users have the chance to earn some of the 160 million Marinade (MNDE) tokens when they deposit SOL for mSOL, the liquid staking token they get in exchange. The goal is to get 40 million SOL for mSOL, a scenario that could significantly increase the liquidity of the ecosystem and help with decentralization.

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Currently only 2-3% of SOL Reportedly in liquid staking, making the plan to bring more into the ecosystem crucial for Solana. This is because staked SOL does not add to Solana’s DeFi TVL. However, the mSOL liquid stake does, as it flows across different protocols.

In terms of decentralization, Marinade supports hundreds of validators going through their delegation strategy.

In order for Solana DeFi to rebound stronger, more $SOL (MUCH MORE) needs to be liquidated. Those who contribute through $mSOL, according to their protocols or through the referral program will be rewarded with direct Marinade ownershipsaid the Marinade team.

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According to data from DeFiLlama, the Solana chain has approximately $278 million in TVL as of January 25, 2023, up from more than $10 billion in November 2021. More than 53% of the total TVL in this chain is on Marinade Finance, while Lido’s liquid strike accounting for the second largest share.

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