MNDE tokens increased by 170% as the Marinade staking pool reached 10 million SOL.
Following a series of partnerships and announcements, Marinade.Finance’s native token MNDE rose more than 170% in just one day.
Marinade.Finance, the Solana-based staking protocol, has achieved a significant milestone of reaching 10 million SOL tokens (worth $716 million at press time) locked in its staking pool. According to Marinade.Finance Announced onUsers allocated over 6.5 million tokens to mSOL floating staking and the remaining 3.5 million tokens to the Marinade Native pool.
The recent influx of tokens makes Marinade the largest protocol in terms of Total Value Locked (TVL) among Solana-based projects, with TVL surging 66.5% over the past month, according to data from DefiLlama.
In addition to the announcement, the Marinade team also revealed that it has joined forces with web3 investment manager Borderless as a partner in a cross-chain ecosystem fund backed by blockchain platform Wormhole. “The idea of this initiative is to build “a more integrated and interconnected web3 ecosystem,” Marinade.Finance said in an X post.
According to CoinGecko, the series of announcements had an impact on Marinade’s native token MNDE, which momentarily surged up to $0.66, up more than 170% in less than 24 hours. Due to the recent price increase, the token’s market cap now stands at $151.4 million.
Founded in 2021 as a Solana Hackathon project, Marinade.Finance allows users to optimize their SOL stakes using automated staking strategies. Users can choose between basic staking or liquid staking SOL for their liquid staking token, mSOL.