What is MNDE: Understanding the Multi-Network Data Exchange Protocol

Marinade's Position and Significance

In 2021, Marinade Finance introduced Marinade (MNDE), aiming to address the need for liquid staking solutions on the Solana blockchain.

As a non-custodial liquid staking protocol on Solana, Marinade plays a crucial role in the DeFi ecosystem by allowing users to stake SOL tokens while maintaining liquidity.

As of 2025, Marinade has become an important player in the Solana DeFi ecosystem, with 63,079 holders and an active developer community. This report will analyze its technical architecture, market performance, and future potential.

Origin and Development History

Birth Background

Marinade was created in 2021 to solve the problem of illiquidity in staked assets. It was born during the DeFi boom, aiming to provide users with liquid staking solutions while contributing to Solana's decentralization.

Marinade's launch brought new possibilities for Solana token holders and DeFi users.

Important Milestones

• 2021: Mainnet launch, achieving liquid staking for SOL tokens.
• 2022: Major upgrade introducing enhanced liquid staking features.
• 2023: Adoption by various DeFi protocols, pushing the price to new highs.
• 2024: Ecosystem expansion, with the number of integrated DeFi applications surpassing 100.

With support from the Solana community and Marinade DAO, Marinade continues to optimize its technology, security, and real-world applications.

How Does Marinade Work?

Decentralized Control

Marinade operates on the decentralized Solana blockchain network, free from control by banks or governments. Nodes collaborate to validate transactions, ensuring system transparency and attack resistance, empowering users with greater autonomy and enhancing network resilience.

Blockchain Core

Marinade utilizes Solana's blockchain, a public, immutable digital ledger that records every transaction. Transactions are grouped into blocks and linked through cryptographic hashes, forming a secure chain. Anyone can view the records, establishing trust without intermediaries.

Solana's high-performance architecture further enhances Marinade's capabilities.

Ensuring Fairness

Marinade leverages Solana's Proof-of-Stake (PoS) consensus mechanism to validate transactions and prevent fraudulent activities like double-spending. Validators maintain network security by staking SOL tokens and running nodes, receiving rewards in return.

Its innovation includes high throughput and low transaction costs inherent to the Solana blockchain.

Secure Transactions

Marinade uses public-private key cryptography to protect transactions:

• Private keys (like secret passwords) are used to sign transactions
• Public keys (like account numbers) are used to verify ownership

This mechanism ensures fund security, while transactions remain pseudonymous. Additional security features include smart contract audits and continuous monitoring.

MNDE's Market Performance

Circulation Overview

As of November 18, 2025, MNDE's circulating supply is 554,226,400 tokens, with a total supply of 699,997,966.5993717.

Price Fluctuations

MNDE reached its all-time high of $1.64 on October 9, 2021. Its lowest price was $0.0282187, recorded on August 29, 2022. These fluctuations reflect market sentiments, adoption trends, and external factors.

Click to view the current MNDE market price

On-Chain Metrics

• Number of Holders: 63,079 (indicating user participation)

Marinade Ecosystem Applications and Partnerships

Core Use Cases

Marinade's ecosystem supports various applications:

• DeFi: Marinade Finance, providing liquid staking on Solana.

Strategic Collaborations

Marinade has established partnerships with Solana, enhancing its technical capabilities and market influence. These partnerships provide a solid foundation for Marinade's ecosystem expansion.

Controversies and Challenges

Marinade faces the following challenges:

• Technical Issues: Scalability and performance of the Solana network
• Regulatory Risks: Potential scrutiny of DeFi protocols
• Competitive Pressure: Other liquid staking solutions on Solana

These issues have sparked discussions within the community and market, driving continuous innovation for Marinade.

Marinade Community and Social Media Atmosphere

Fan Enthusiasm

Marinade's community is vibrant, with 63,079 holders as of November 18, 2025. On X platform, related posts and hashtags (such as #Marinade) frequently trend. Price movements and new feature releases ignite community enthusiasm.

Social Media Sentiment

Sentiment on X shows polarization:

• Supporters praise Marinade's liquid staking solutions and Solana integration, viewing it as a "key DeFi infrastructure on Solana".
• Critics focus on price volatility and dependency on Solana's performance.

Recent trends show mixed sentiments due to market fluctuations.

Hot Topics

X users actively discuss Marinade's role in Solana's DeFi ecosystem, liquid staking benefits, and potential risks, highlighting both its transformative potential and challenges in mainstream adoption.

More Information Sources for Marinade

• Official Website: Visit Marinade's official website for features, use cases, and latest updates.
• X Updates: On X platform, Marinade uses @MarinadeFinance, as of November 18, 2025, with posts covering technical upgrades, community events, and partnership news.

Marinade's Future Roadmap

• Ecosystem Goals: Expand liquid staking adoption on Solana
• Long-term Vision: Become the leading liquid staking solution for Solana

How to Participate in Marinade?

1. Purchase Channels: Buy MNDE on Gate.com
2. Storage Solutions: Use Solana-compatible wallets for secure storage
3. Participate in Governance: Through the Marinade DAO
4. Build the Ecosystem: Visit Marinade's developer documentation to contribute or build on the platform

Summary

Marinade redefines DeFi on Solana through blockchain technology, offering liquid staking and efficient yield generation. Its active community, rich resources, and strong market performance make it stand out in the cryptocurrency field. Despite facing regulatory and technical challenges, Marinade's innovative spirit and clear roadmap secure its important position in the future of decentralized finance. Whether you're a newcomer or an experienced player, Marinade is worth watching and participating in.

FAQ

What is MNDE crypto?

MNDE is the native token of Marinade Finance, a liquid staking protocol on Solana. It enables SOL staking and rewards without custodians, and is used for protocol governance.

What is the total supply of MNDE?

The total supply of MNDE is 700 million tokens. This is also the current circulating supply as of November 18, 2025.

What is the market cap of marinade finance?

As of November 18, 2025, the market cap of Marinade Finance is $844.3 million.