Marinade's Solana Stake Climbs 21% in Q3 as Revenue Reaches $1 Million

Marinade ended the third quarter with 7.94 million Solana (SOL) staked, up 21.2% from the prior quarter. Growth in its Native and Select products outweighed a decline in the amount staked through mSOL.

Native staking rose 47.3% to about 3.77 million SOL. Select, Marinade's institutional product, grew 38.7% to about 1.68 million SOL. The amount staked through mSOL fell 6.8% to about 2.27 million SOL.

Dollar revenue rose 25.9% to $1,001,410. That was equivalent to 10,918 SOL, up 10.3% in SOL terms. Revenue from validator bond settlements, identified as SAM and Select fees, increased 38.1% in SOL terms.

Marinade's Stake Auction Marketplace (SAM) recorded yields above the Solana Staking Index (SSI) in 48 of 51 epochs during the quarter. Before Marinade's fees, SAM's average yield was 5.93%, compared with 5.67% for the index.

A policy that took effect in July directs 10% of marketplace auction fees to buy back Marinade (MNDE) tokens on the open market. Marinade used 906.6 SOL to purchase 4.2 million MNDE during the quarter. The first distribution opened Oct. 1.