Introduction

Marinade Finance enables Sol holders to earn compounding interest. Users who staked SOLs on Marinade receive mSOL which can be used in different DeFi on Solana and generate extra yield.

Recently, Marinade Finance officially launched its protocol governance system. The system is based on NFT and uses MNDE, the native token of Marinade. Once users lock their MNDE will receive an NFT equivalent to the amount of locked MNDE which represents their voting power. Using the NFT users can vote for governance.

This dashboard investigates the MNDE locking behaviour so far and anticipates who participates in Marinade governance.

Method

For the purpose of this analysis solana.fact_events and solana.fact_transfers have been used. The assumption is that locking MNDE for governance voting is executed in one single transactions. Therefore transactions included a MNDE transfer and minting a NFT have been filtered.

MNDE lockers have been categorized as follow:

> CASE WHEN ft.amount >= 1000 and ft.amount < 5000 THEN 'Level 1'

> WHEN ft.amount >= 5000 and ft.amount < 25000 THEN 'Level 2'

> WHEN ft.amount >= 25000 and ft.amount < 100000 THEN 'Level 3'

> WHEN ft.amount >= 100000 and ft.amount < 250000 THEN 'Level 4'

> >

> WHEN ft.amount >= 250000 THEN 'Level 5'

Results

The graph below shows the number of mintings since April 4th, 2022.

We can see a pour of users on the first day. After the second day, we see not more than 40 mintings a day.

The donut chart below shows the distribution of minters by level.

We can see large majority of users locked less than 5000 MNDE.

The box below shows the number of whales ready to participate in the Marinade governance.

Summary of findings

• So far 1164 Marinade holders have locked their MNDE for the Marinade governance.

• The majority of them are categorized as level 1.

• 33 Whales have the highest voting power.