Marinade (MNDE) Surges 25% Following Giveaway Announcement

Marinade (MNDE), the native token of the Solana stake automation platform Marinade Finance, is up more than 25% following news of a giveaway program by the network’s team.

According to data on CoinMarketCap, MNDE has surged roughly 33% within the last 24 hours. Notably, the token witnessed a sudden 65% spike from $0.103 to $0.170 shortly after the news emerged on May 15.

By the time of writing, MNDE had witnessed a 30% correction in its price, falling to $0.118. However, a slight uptick had brought the asset’s price back to the $0.128 range. Amid the volatility, Marinade’s 24-hour trading volume had surged 739% to $13.67 million with a market cap of $52 million.

Marinade’s Giveaway Program

Marinade just unveiled an Evangelist Program for X creators who want to earn rewards while growing their engagement. The stake automation platform said the program is not just a “copy-paste-and-shill thing” but a search for “authentic voices with real stories.”

The Evangelist Program targets X creators who are already posting about crypto and want to get rewarded for their efforts. With tweet threads and memes, creators can earn based on the quality and impact of their posts.

The Marinade team said the program’s mission is to spread the word about Instant Unstake. This feature offers zero fees, no smart contracts, and quick Solana (SOL) withdrawals to users. It has been tagged a game-changer for native staking, as users no longer have to wait 48 hours to unlock their SOL.

Creators get to grow their brand by getting early access to the new feature, collaborating with the Marinade team, and earning based on performance, not follower count. They can also partake in the reward pool of 50,000 MNDE.

“This isn’t a campaign—it’s a creator-powered movement,” the Marinade team said.

Growth in Marinade and Solana’s DeFi TVL

The launch of Marinade’s giveaway program comes shortly after the network approved a proposal to initiate MNDE buybacks using a part of the transaction fees from the protocol’s Stake Auction Marketplace (SAM). SAM was created to allow validators to bid for stakes, guarantee an annual percentage yield (APY), and take yields above the market standard.

Initially, the Marinade decentralized autonomous organization (DAO) passed a proposal that introduced a 10% fee share from the SAM transaction fees to MNDE stakers. This aimed to bring tangible utility to MNDE for the first time since the platform phased out its Directed Stake feature to make way for SAM.

The latest proposal has introduced an additional upgrade that would use 40% of the SAM transaction fees to buy back undervalued MNDE and put them back on the DAO’s balance sheet. 

“Accordingly, this proposal would delegate the decision of “whether to direct 40% of the SAM performance fees to MNDE buybacks” to a decision market created by MetaDAO. The market will determine whether this change should be expected to impact the Marinade Finance ecosystem positively,” the team explained in the proposal.

Upon adoption, the proposal will further align incentives for non-validator MNDE holders and amplify their value proposition. It will also introduce sustained buy pressure and more utility for MNDE and MNDE-Enhanced Staking.

Meanwhile, data from DeFiLlama shows that Marinade Finance is nearing its all-time high in total value locked (TVL). This, coupled with similar growth seen on other Solana-based protocols, is pushing Solana’s decentralized finance (DeFi) TVL close to its January all-time high. The blockchain’s DeFi TVL has increased by 50% in the past 30 days, from $6.2 billion to $9.18 billion.

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