MNDE Details
Supply Overview
Original supply at issuance: 1,000,000,000 MNDE
Current supply (post-burn, Sep 5, 2025): 700,000,000 MNDE
Burned: 300,000,000 MNDE (DAO vote MIP-14 · Realms vote)
Circulating supply: See stats
Issuance Details
Issuance date: 7 October 2021
Fully issued date: None (distribution based on DAO votes)
Mint address:
MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5eyMinting: Disabled
Marinade was founded through Solana ecosystem grants at the Solana Hackathon in 2021 and launched its liquid staking protocol and mSOL liquid staking token on mainnet that August. The MNDE governance token was minted on November 7, 2021, as a fair-launch token with no ICO (Initial Coin Offering). Marinade launched on-chain DAO governance in April 2022. Since then, all decisions related to the treasury have been voted on chain.
In July 2023, the DAO migrated its governance platform to Realms. This enables direct control of the treasury and protocol decisions by MNDE holders.
How to participate in DAO governance with MNDE
To participate in DAO governance, holders must lock their MNDE on Marinade’s Realms governance platform. Locked MNDE is subject to a 30-day unlocking period which begins once the unlock is initiated. MNDE holders cannot vote during this period. Anyone with locked MNDE can vote on proposals.
MNDE Allocations & Treasury Status (Post-Burn, September 5, 2025)
Treasury Holdings (as of Sep 5, 2025)
Total in treasuries = 343.47M
DAO Treasury: 138.97M
Labs Treasury: 204.50M
Distributed / Spent Programs
Program | Allocation | Status |
Retroactive Rewards | 7.26M | Distributed 2021 across Waves 0–3 |
Project Incentives | 68.54M | Distributed 2021–2022 to DeFi pools and protocols |
2.57M | Distributed 2021–2022 total | |
Token Exchange / Treasury Grant / Swap | 12.52M | Distributed 2022 |
Miscellaneous Distributions | 16.30M | Distributed 2022 to early 2023 |
Liquidity Mining Gauges | 27.60M | Distributed Jul 2022 – Aug 2023 |
46.00M | Distributed Oct 2022 – Sep 2023 | |
6.00M | Spent 2022–2023 | |
2.00M | Distributed Nov 2023 | |
Initial Contributors | 75.00M | Distributed 2023 - Jan 2024 |
12.24M | Distributed 2023–2024 and claimed (25M unlocked; clawbacks returned) | |
25.00M | Distributed 2024; unused rolled into S4 | |
26.00M | Distributed Jun 2024 | |
10.50M | Distributed Jan 2025 | |
21.00M | Distributed Jan 2025 | |
300.00M | Burned Sep 2025 |
Active Programs (still in lab treasury)
Program | Allocation | Status |
100.00M | Active for Labs operations, 1-year cliff | |
~10.00M | Remaining active incentives (DAO) | |
25.00M | Approved Aug 2025; campaign started Sep 2025 | |
46.00M | Not vested; conditioned on 16M SOL TVL (Labs Treasury) |