The Open Doors program is a 12-month program offering up to 160M MNDE (16% of total token supply) in additional incentives to protocols, wallets, individuals, and validators who grow mSOL adoption via their platform.
Net mSOL increase for Marinade TVL kept in these protocols between Feb. 1, 2023 and January 31, 2024 will be eligible for rewards of 4 MNDE per 1 mSOL held over 12 months, distributed throughout the actors that participated to bring or host it.
Linking the MNDE distribution to mSOL TVL net growth will ensure that MNDE ownership expands only in line with protocol growth, bringing increased value to current MNDE holders.
The mission of the Open Doors program is to increase Solana’s censorship resistance and liquidity in DeFi while also distributing more Marinade governance power via MNDE to leading ecosystem players.
Marinade was founded through grants as a public good whose end goal is to be a DAO governed on-chain by leading Solana ecosystem projects. The MNDE token was fairly launched in October, 2021 through team allocations and liquidity mining only. In 2022, Marinade executed a Token Exchange Program with protocols and validators that distributed 9.835M MNDE. Open Doors will further distribute MNDE to the ecosystem projects that onboard users to mSOL and drive Solana liquidity and decentralization forward.
Marinade’s stake pool delegation strategy distributes to validators outside the superminority, so the more SOL staked to Marinade, the more widely distributed Solana’s stake becomes, and its Nakamoto Coefficient rises.
Liquid staking also enables SOL liquidity. 70% of SOL tokens are staked, but only ~3% are liquid. That means roughly 2/3 of SOL tokens cannot be used in DeFi. The more the stake becomes liquid and distributed through the Marinade pool, the more fuel Solana DeFi has to grow.
The Open-door program will be split into use cases and Marinade’s team has 3 months to release any additional use cases allowed to participate. The use cases that will start on February, 1st are:
1) Protocols having a part of their TVL containing mSOL
2) Validators using the Liquid-self stake product
3) Protocols/Individuals using the referral program
Potential additional use cases will be announced in the Forum post.
Protocols that participate in the Open Doors program and contain mSOL in their TVL (pools, vaults staking, etc.) will be tracked daily by Marinade. mSOL deposited and staying in these protocols between Feb. 1, 2023 and January 31, 2024 will be eligible for MNDE rewards of up to 4 MNDE per 1 mSOL held over 12 months.
In order to calculate the TVL brought to Marinade, a baseline will be established on February 1st.
For transparency, we will also require you to post a message on our Forum confirming your participation in Marinade’s Open Doors.
In order to participate, you will also have to provide Marinade with a way to track your mSOL TVL, using APIs or RPC calls.