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.

Staking mSOL on Marinade itself returns MNDE, the Marinade governance token.

Recently, Marinade Finance officially launched its protocol governance system. The system is based on NFT and uses MNDE. Once users lock their MNDE, they 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 how this system incentivizes users to lock their MNDE.

Analysis

The graph below shows the amount of MNDE tokens locked over time.

We can see that in the first week there were a spike in locking MNDE, however, the weeks after there is decline in MNDE locking.

Some users have also added their MNDE since the end of the second week.

The graph below shows the total locked MNDE. There is no unlocked yet as the minimum lock time (one month) has not reached yet.

We can see that almost 30M MNDE has been locked so far.

The graph below shows the total locked MNDE for the governance to circulating supply.

Almost 35% of the current circulating supply has been locked for the governance.