At the start of this year, the core contributors at the Marinade DAO decided to move away from time-based team tokens vesting to performance-based unlocks conditioned by the protocol TVL growth (staked SOL).
The core contributors team has reduced its initial allocation of 300M MNDE (30% total supply) to 75M MNDE (7.5% total supply), which will be fully vested 01/2024.
The team outlined a performance-based plan for the next MNDE token unlocks, each supported by a budget of 46M MNDE:
- Milestone 1: 8M SOL TVL (completed)
- Milestone 2: 16M SOL TVL (in progress)
- Milestone 3: 32M SOL TVL
The Marinade DAO reached 8M SOL TVL and completed Milestone 1 in October 2023. The remainder of the initial MNDE budget, 37,191,778 MNDE, will be distributed to the core contributors and advisors through grants with a 12-month vesting. All locked token details are visible at Realms.
The team, currently made of 8 contributors and the advisory board, is asking the Marinade DAO for a budget of 46M MNDE to fund the operations to reach Milestone 2 (16M SOL TVL) to be transferred to the “Marinade Council Budget MNDE Vault” (J5BEceL5z1EQ7JBqEFu4BfPN4PYCeQaW3GXrzXFfCzhs).
The budget serves 2 purposes:
- Fund monthly operations. If the protocol fees don’t cover the planned expenses. E.g., in Q4/23, we plan for $200K in expenses and expect $150K of the protocol fees, leaving $50K to be covered with ~250K MNDE.
- Grant payout. If Milestone 2 is achieved, meaning 30D TWA staked SOL in Marinade is beyond 16M, the remainder of the grant is vested through Realms over 12 months with no clawback.
The Marinade DAO contributors will keep on providing ongoing treasury reports, grant usage, and milestone progress updates through the monthly Kitchen stories.