[SOL] MNDE Locked Governance
Intro
Marinade Finance is one of the largest liquid staking protocol for Solana. Until now the protocol decisions have been made by the core team to execute quickly. Therefore, the MNDE team hasn't had much utility other than speculation which is probably why the MNDE token is down 90% from it's ATH 6-months ago.
But that changes now. The Marinande Finance team has come up with a novel approach to Governance. Instead of straight staking the MNDE token into a pool, Marinade team has made it more fun by minting NFTs of different levels when staking into Governance pool.
Observations
The total MNDE staked in governance has quickly climbed up to nearly 30M. With the circulating supply being around 84M at the time of the writing, this represents more than 33% of MNDE supply locked in governance!
MNDE Unlocked
Since MNDE needs to remain locked for at least 30-days, there was no MNDE unlocked since the program started on April 4th i.e. at the time the bounty was due, there is no MNDE unlocking allowed.
Therefore, we are only looking at the amount of MNDE locked in governance. The highest amount of MNDE locked was around 8.2M on April 9th. Since then we've seen many days with very few MNDE tokens being locked. The most we've seen locked on a day since the 1st week has been around 1M tokens.