MNDE Liquidity Pool Deposits

    $MNDE

    $MNDE is the native token of Marinade Finance, a liquid staking solution for the Solana ecosystem. Liquid staking basically means that users can stake SOL and mint mSOL in return which will accrue staking rewards while still having the option to trade for liquidity.

    $MNDE is the governance token of Marinade that allows users to take part in the governance of the protocol and its treasury. In this publication, we shall look at $MNDE based pools and how they contribute to the Solana ecosystem.

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    First and foremost, we shall look at the total amounts of $MNDE that have been deposited in Solana pools over time. We can see that the Orca MNDE-USDC and Orca MNDE-mSOL pools are the most deposited pools with 34.9M and 25.6M $MNDE respectively. Other $MNDE based pools are Raydium MNDE-mSOL, Step MNDE-STEP, and Aldrin ABR-MNDE pools.

    Grouping $MNDE deposits into pools, as charted by the donut below, we can see that Orca is clearly leading with about 99% market share distributed across its two pool pairs.

    $MNDE DeFi Activity

    In this section, we shall look at the volumes and the swap counts relating to $MNDE in Solana. The first metric to look at will be the swap volume by exchange. And we can see from below that Orca is responsible for about 71% $MNDE DeFi volume, followed by Jupiter (22.3%), and Raydium (6.48%).

    Next, let us look at the number of $MNDE swaps over time in the whole Solana ecosystem.

    Since its inception in late 2021, $MNDE swaps had been flat until mid-February 2022 when major spikes began appearing on the charts. We can attribute these swaps to the bull run that happened early this year. Although swaps have since reduced in number in this current bear run, $MNDE recorded its highest number of activity in a single day on May 6, 2022, with 30k swaps.