TL;DR (Short Answer)
With Marinade Liquid (mSOL), rewards are reflected as changes in the SOL → mSOL rate after each epoch (about 2 days).
You mint mSOL at the current SOL → mSOL rate, then your mSOL’s value in SOL rises after epochs end. No claiming needed.
Note: As mSOL accrues rewards, 1 SOL converts to fewer mSOL over time (the SOL → mSOL rate trends downward), while each mSOL is worth more SOL. Same effect, two ways to view it.
How It Works
Deposit SOL → receive mSOL at the current SOL → mSOL rate.
Marinade delegates pooled SOL to validators.
After each epoch ends, the pool’s earned rewards are auto-compounded into the pool.
This updates exchange rates: the SOL → mSOL rate typically moves down (you get fewer mSOL per SOL), and the value of your mSOL in SOL goes up.
What You Will See
mSOL balance: stays the same unless you trade, stake more, or unstake.
Value in SOL: increases over time after epochs, because your mSOL represents more SOL.
No claim button: rewards are built into exchange rates and auto-compound.
Example Timeline
Epoch X: You deposit SOL and mint mSOL at the current SOL → mSOL rate.
Start of Epoch X+1: Rewards from X are applied. The SOL → mSOL rate typically decreases (fewer mSOL per SOL), and your existing mSOL now maps to more SOL.
FAQ
Do I need to claim rewards?
No. Rewards auto-compound via exchange rate updates.
Why did my mSOL balance not change?
Marinade Liquid uses exchange rates. Your units stay the same. The SOL value per mSOL rises over time, which shows up inversely as fewer mSOL per 1 SOL.
How long is an epoch?
About 2 days. Timing can vary slightly.
I deposited mid-epoch. Do I miss rewards?
Rewards are applied after epochs end at the pool level. You benefit via updated exchange rates following each epoch.