You can have more data about our yields here:
https://data.goblin.gold:7766/rewards/historic/USDC
You would see differences in the data given by the lending protocols in their UI and our data. I encourage you to do your own calculation by simple depositing into the lending protocols and compare the data
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Imagine that all the mSOL staked in the mSOL single-sided vault, earning MNDE, also earns an additional 2% from lending. For me, this sort of tight integration (1), and having a stake in a product (2) and the access to the code to ensure security (3) makes a lot of sense.
I also resonate with the strategies becoming more transparent and maybe even user sourced in the the future. But even with simple looping SOL->mSOL on Mango to start with might be interesting enough for now.
Lastly, I think Marinade needs to learn how to work with external projects approaching it for support; and having a team that does not start from zero, has a plan and understands what support it needs feels good.
I imagine the sentiments could be more hyped if we were talking over this in the raging bull market - but from a different perspective - in bear you build and Goblins and proposing just that. LFG, GG! 
//50% fees is nice but less relevant now, since it’s not clear what is 100% of the fees and how it scales with TVL. I would not hang on this detail atm.
4 Likes
I love the name. Reminds me of the harry potter goblin bank
This is a proposal with great ideas and it looks to me like would benefit mSOL and mDAO, as well as the ecosystem in general. Would love to see mDAO explore this opportunity further. 
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If the dev team have the time to help them, I think we should accept the proposal. It looks like a legit partnership and a permanent source of income to Marinade 
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gm, Soju here.
Other than being active in mDAO, I am also assisting Binye on his adventure of building GoblinGold.
We’re major friends of the DAO system and intend to secure a strong working relationship with mDAO via this proposal, and help to achieve mDAO’s goals as well as build a new protocol with this idea. Additionally, we’re friends with Mango and intend to work with them as well on a treasury management solution - you can see our presence on their Notion proposal here. Under our old name, PonziLabs.
Hope we are a good fit! happy to address any questions, and im sure Binye is around as well.
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I’m intrigued by this but also cautious. On the comms team we have been ideating how we can incorporate mSOL “recipes” onto the site while also not being biased to platforms, writing out-of-date examples (which happens virtually instantly due to fluctuating APYs) or leading new mSOL/DeFi users into areas they aren’t ready for yet like leverage or bridging.
This proposal presents an alternative that could be very valuable to users searching Reddit and Substacks for strategies far and wide and solve our present dilemma. But the devil is in the details. I’m wary of this if it isn’t accompanied with educational resources and it must be presented in a very responsible way that is consistent to the welcoming nature of the new Marinade brand. I don’t want a new Crypto holder fresh off a CEX to stumble into the DeFi jungle unprepared. If this lives on the Marinade site we bear the responsibility of doing what we can to educate them before letting them jump into a complex strategy.
So consider me a “proceed with extreme caution” vote. Thanks for coming to us with this opportunity.
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TVL (SOL staked) has been Marinade’s north star metric since the very beginning.
Each day and with each project, Marinade contributors need to ask themselves: “Is this the best use of my time to get ultimately more SOL staked in Marinade?”
The TVL growth is driven mainly by a) new SOL staked and b) mSOL retention. I believe GoblinGold integration might help with both attracting new people to stake SOL, and also retaining the mSOL by providing an ongoing relatively risk-averse strategy to utilize mSOL in DeFi.
The main concerns here are:
- security, to maintain the highest possible security standard, Marinade would need to do a thorough code review and control, together with other reputable parties, the contract upgrade authority and treasury authority
- resources, Marinade needs to stay focused on executing the upcoming MNDE Governance launch and then get ready on speeding up treasury diversification efforts first, before committing to allocate more time and dev resources into the Marinade ecosystem grant.
I feel as long as GoblinGold are driving the development efforts, Marinade and other Solana ecosystem projects provide a security overview through a joint code review, and ongoing control over the contract through multisig in GoblinGold’s early stages, this partnership could be beneficial to multiple parties in the Solana ecosystem.
This partnership, should it go through, will be building on mSOL composability, and setting a reference for other ecosystem projects to come and build together with Marinade.
5 Likes
Hello everyone,
It seems that a number of questions have been raised and answered to, and the discussion is now a bit quiet.
In order for everyone to be able to ask their last remaining questions or go deeper into any point of this proposal, let’s initiate a 7 day period to start and close the last discussions before proceeding to a vote.
Given that on-chain voting is not yet available, the vote about this proposal will happen on Marinade’s Discord, through a vote.
I will start myself by asking GoblinGold’s team: as of today, could you introduce to Marinators a possible strategy that you would be using with mSOL, its risks and its planned APY? Could you walk us through the strategies you have in mind or are testing?
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Hey folks,
I’m with @repe here. Marinade’s goal is to help decentralize stake, which it hopes to achieve by increasing staking through Marinade, and thus mSOL use.
My key question then, for both GoblinGold and the community, would be: do we think having this integrated directly on Marinade’s site will significantly increase mSOL use?
If we don’t… is there a reason why this strategy should get a more prominent integration into Marinade than any other partnership has so far?
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How do we communicate to our users is paramount here.
I think they want to integrate with Marinade front-end directly because, if I understand correctly, they’re trying a B2B business model, with us and with Mango.
The problem of doing this from our own UI is that we are forced to:
- perform a full deep code-review ourselves
- make sure the code is audited by Kudelski (maybe help them get a grant for that?)
In any case we need for the code to be stable for the audit/code-review.
Option B is just put it in a prominent place, educate our users on risks, and just redirect to their website
1 Like
Thanks for this. Let me explain how the bestAPY strategy, the one that is live already works.
Our BestAPY strategy allocates mSOL, to Tulip, Francium, Solend, Jet and Mango, based on the APY these places offer on mSOL.
This can involve splitting our funds across a basket of protocols to ensure that the yield is maximised, and not diluted by our own deposit. The APY is dependent on the underlyin APY of the lending protocols, what we offer is convenience.
The risks associated with this is the additional smart contract risk applicable on our smart contracts, in addition to mSOL’s smart contract risk + the underlying lending protocol’s smart contract risk.
We are thus looking at getting help from the Marinade DAO in this regard to reduce SC risk.
We believe that the average mSOL staker is not a defi power user, and a simple bestAPY strategy to automate yield maximisation across multiple protocols is ideal for them.
In addition, the leveraged staking strategy (for more educated users) will have a twofold effect of offering, what possibly could be the highest yielding single-stake SOL vault with no directional risk, and also literally borrowing SOL to convert into mSOL, thus increasing mSOL tvl rapidly.
Hello! I agree that this partnership is worth pursuing and could lead to greater utilization of mSOL tokens, especially if the integration is done well and displayed prominently on Marinade’s own UI to make it easy for users.
I would, however, echo @repe in saying that security should be the number one priority. GoblinGold seems like an impressive group and the partnership could help bolster the mDAO treasury, but if an exploit were to happen and users were to lose funds, Marinade’s reputation would definitely suffer.
I understand that, per yesterday’s Kitchen Stories, that the Executive Team has decided to move forward, but I wanted to pose a question. Is there any downside to waiting until mDAO’s on-chain governance is live and putting this to a proper vote? I think it could be an awesome way to test the new system! Worth considering?
gm Mariande community.
When we raised this proposal, our main purpose was to rely on Marinade for its existing userbase, while using our smart contracts and DeFi to bring better yields and higher TVL to the Marinade community.
To achieve these goals for our partnership, we are really looking for:
-
An exclusive partnership deal where Marinade hosts a “Deposit” button on their UI for our vaults separated from the other DeFi opportunities for 6 months.
-
Assistance with a peer review and an audit, to boost security to safeguard Marinade users who deposit.
In return, we would offer:
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Exclusive reliance on Marinade’s mSOL for 6 months
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Our Golden Liquidity Program, where Marinade DAO gets a large % of our tokens in exchange for the TVL it’s users contribute. We’re giving 2,5% of GoblinGold total supply for every 100 millions deposited in our platform. The funds should be deposited for at least 3 months (otherwise will be prorated). The GoblinGold tokens will be locked for 2 years.
Hello Binye, thanks for the reply!
As Marinade is really close to releasing on-chain governance, we wanted this decision to be one of the first that is entirely in the hands of MNDE holders. You can expect a vote on your proposal very soon and we invite you to keep updating the community on your progress in the meantime 
Thank you for your patience to make this decision memorable for the whole Solana ecosystem 
3 Likes
This is awesome to see! Thank you for putting this decision in the hands of the community. As I’m sure you know, many of us are excited for MNDE governance. Looking forward to the vote!
Awesome that’s great. Excited about the on-chain governance for Marinade and looking forward to seeing the decision that the community will take!
A short update about us. We are currently testing the new version of the contracts on mainnet, so it should be ready for an audit next week. Also working on our second strategy which will autocompound Sunny&Saber rewards.
We have been talking to Invest and Atrix teams and they both express interest in integrating with us as well.
Hey Biyne and GoblinGold team,
Uddhav from Friktion here. Quite an exciting proposal - reminds me of one which sowed the seeds for some of the growth stage product decisions at Yearn and Sushi, which led to some really interesting innovations from the protocols and contributors.
This looks like a high ROI ($+ time) proposition for Marinade (core team + protocol + MNDE holders) since it is attempting to supercharge the DeFi ecosystem on top of mSOL, currently Solana’s leading staking derivative. If mSOL as an asset remains the focus of GoblinGold in the medium term, I support this proposal.
Addressing @repe’s concerns:
- Security: code reviews for something this can be compensated and gated such that Marinade support is reliant on GoblinGold team achieving milestones. Since GoblinGold will be integrating with many protocols, I would encourage you to work closely with their core devs (Friktion will certainly support this, wen integration?
) to ensure your integration meets and exceeds the standards. - Resources: once Marinade Gov launched, projects like this offer a unique chance for Marinade to support an entire ecosystem
The Ethereum ecosystem has showed us the ability of staking derivatives (stETH) to create fundamental value for mSOL users (good writeup from Lido about use cases of stETH in DeFi, which would be great to see from Marinade as well!).
Currently, afaik the integration on the Marinade DeFi opportunities page is largely externally handled (ie DeFI protocol have to PR into Marinade front end). If all this partnership starts with is a button on the top of the DeFi opportunities page, I think it will result in higher mSOL deployment in Solana DeFi! Soju also shares a good response to PlayerOfBits’ question: reducing the barrier to entry into mSOL DeFi for a significant set of users (@binye can you share some metrics you will use to measure this?). I expect this will be a high ROI implementation once GoblinGold meets some requirements that the teams can agree on.
Finally, let’s get Friktion mSOL Volt integrated into GoblinGold! Drop me a ping and we can get this started
- Explore Friktion mSOL Volt Analytics here
- Friktion SDK available here
I will leave the discussion on incentivizing GoblinGold for yield optimization or MarinadeDAO (soonTM?) contributions since incentive fee structures can be explored once adoption achieves target metrics that teams/community agree upon.
~Uddhav
(Twitter:@degen_quant, Discord: 0xFriktion#6762)
3 Likes
Closing this as it has been quiet for a few months.