Marinade Token exchange program

Greetings, governoooors!

Governance proposal - Token Exchange Program

What do you propose?

Marinade will exchange 22,000,000 MNDE (2.2% token supply) from the DAO treasury allocation with the key Solana ecosystem participants: validators, and the leading DeFi projects. This proposal is the adjustment of the original intent to exchange 100M MNDE described back on March 31.

Marinade currently plans to exchange the 22,000,000 MNDE in the following manner:

  • 16,620,000 MNDE for 1,662,000 USDC
  • 380,000 MNDE for 1,000 SOL
  • 5,000,000 MNDE for 500,000 SLND

For the USDC and SOL exchanges, the MNDE settlement price will be $0.1, reflecting the 21-day TWAP at the time of this proposal raised on the governance forum.

Means of transfer

Marinade transfers MNDE allocation to the partner through non-fungible tokens representing the underlying MNDE locked in Marinade governance. This way the Partner can participate right away in the governance, and should they wish to exit their position, they can either use the standard 30-day withdrawal period or use secondary markets such as Magic Eden.

TVL contribution

The Partner can secure additional MNDE at no further cost by contributing to Marinade’s total value locked. Based on how much staked SOL the Partner brings to Marinade, they will receive additional MNDE to be unlocked 12 months from the day of exchange execution. Marinade will disclose the associated accounts with the staking operation for full transparency.

Rate. For each new 100K SOL contributed to Marinade’s stake pool ⇒ bonus of 120K MNDE (0.012%) for the Partner.

List of participants

  • Validators
    • Staking facilities
    • Zantetsu (Shinobi Systems)
    • Ben Hawkins (Cogent Crypto)
    • Michael (Laine, Stakewiz.com)
    • Chainflow
    • Blockdeamon
    • Stakin
  • DeFi Projects
    • Mango Markets (to be confirmed via on-chain vote following up on the governance proposal 5)
    • Solend
    • Raydium
    • Hubble
    • Sonar.watch
    • Port
    • Katana
    • Will Barnes, James Moreau (Jet Protocol)

What is the rationale behind the proposal?

  • Spread control over Marinade + TVL growth. Marinade wants to bring in partners aligned with the decentralization mindset and make it economically viable for the partners to place their bet on liquid staking to be the future of proof-of-stake systems.
  • Low MNDE liquidity. Exchanging $200K worth of MNDE on the market suffers 30%+ slippage. The exchange program offers 0% slippage by buying directly from the Marinade treasury and allowing Marinade to partially diversify its treasury.

What is the expected positive impact of this change?

The primary objective of this governance token exchange is not to raise funds - it is to open up the Marinade governance to the right partners, grow the TVL, launch the next phase of shared ownership, and put the rights over Marinade into the Solana ecosystem.

7 Likes

Hey nope from solend here.

It’s been great working with marinade the last 8 months. So when they came to us with the token exchange program we were excited to jump on board! This exchange represents a .5% treasury swap between the marinade and solend daos which we believe will keep us aligned for the long term. We look forward to continue supporting further decentralization of the Solana network with marinade especially with leveraged staking and other future initiatives we are pursuing.

9 Likes

Adjusting the above by the latest updates from exchange participants:

  • 14,120,000 MNDE for 1,412,000 USDC

In total that means that 19,500,000 MNDE (1.95%) from the DAO treasury will be allocated for the exchange. The final number can change depending on the current Mango Markets proposal:

1 Like

The proposal was created: Tribeca - Governance By DAOs, For DAOs

The proposal may be activated at 15/06/2022, 16:02:36 CEST by anyone who possesses at least 1 active Marinade NFT.

2 Likes

:rocket::rocket::rocket::rocket::rocket::rocket::rocket::rocket::rocket::rocket::rocket::rocket:

Happy to be a part of this

7 Likes

Voted. Great to see Staking Facilities to be a part of this. Always supportive of the best projects :slight_smile:

6 Likes

Oh dang, the right word is of course connoisseurs. Every one of them on that list

4 Likes

Vote for this proposal has started. You can find it here:

3 Likes

Well done chefs! Happy to see this moving forward with support from so many leaders from across the Solana ecosystem.

4 Likes

As part of the exchange program, Staking facilities committed to staking 1M SOL with Marinade.

For the TVL contribution of 1M SOL, Marinade will reserve and be bounded to transfer 1.2M MNDE 12 months from the conversion, on 06/2023.

7 Likes

y00ts is here! Please allow me to post more Discourse xP

Are there some limitation you are encountering? The thread is not locked and there are no restrictions on your account.