Marinade Staked SOL (mSOL) is a liquid staking token acquired through staking SOL on the Marinade Finance protocol. It represents the staked SOL within the stake pool, which can be later converted to staked SOL and accrued rewards. mSOL serves as a tradable asset in DeFi, fluctuating in value relative to SOL. Its price is recalibrated every Solana epoch based on staking rewards earned by the Marinade Stake Pool. ^[1]

Overview

MSOL is a liquid staking token obtained through staking SOL on the Marinade protocol, representing the staked SOL within Marinade's stake pool. These tokens serve as records, enabling later conversion to the staked SOL and accrued rewards. Additionally, mSOL can be utilized in DeFi while its value fluctuates relative to the price of SOL. ^[1]

Operating as a rewards-accruing liquid staking token, mSOL undergoes value recalibration after each Solana epoch (2-3 days), dependent on the staking rewards earned by the Marinade Stake Pool. It's noteworthy that the protocol cannot create new mSOL without an equivalent amount of SOL being exchanged for them. Consequently, the total staked amount increases, leading to a rise in the price of mSOL each epoch relative to SOL, contingent upon the distribution of staking rewards for the SOL staked in the protocol. ^{[1] [2]}

Use Cases

mSOL tokens offer various utility functions within the growing ecosystem, enabling access to DeFi protocols while benefiting from staking rewards and supporting the network. Some use cases for mSOL include:

• Borrowing/Lending: mSOL can be collateral or borrowed on various platforms within DeFi.
• Liquidity Provision: mSOL is utilized in liquidity pools across DeFi, categorized into mSOL/SOL pools and mSOL/XXX pools, each with its respective advantages regarding impermanent loss.
• Single-Asset Staking: Staking mSOL allows users to earn MNDE, the governance token of Marinade, a platform exclusively offering this option.
• Trading on DEXs: mSOL can be traded against other crypto tokens on decentralized exchanges (DEXs), exchanging accumulated staking rewards.
• Trading on CEXs: mSOL can also be traded on centralized exchanges (CEXs) like Coinbase, Kraken, or Gate.io. This allows users to move mSOL to their crypto wallets for full utilization within Solana DeFi. ^{[1] [2]}

Integrations and Adoption

mSOL is supported across a wide range of platforms within the Solana ecosystem and beyond, including major wallets, exchanges, custodians, and asset managers. Notable integrations include support from wallets like Phantom and Solflare, and exchanges such as Coinbase and Kraken.

Significant institutional adoption includes Coinbase Prime integrating Marinade's mSOL liquid staking token for trading and custody. Marinade has also been named as the exclusive staking provider in a U.S. Solana ETF filing, highlighting its growing recognition in traditional finance. Custodial solutions like BitGo also support Marinade's offerings, providing institutional-grade access.

The adoption of mSOL is reflected in its statistics, including the number of holders and the Total Value Locked (TVL) in the Marinade protocol. ^{[1] [2] [3] [4] [5]}

Features and Related Programs

Beyond its core function as a liquid staking token, mSOL is integrated into various features and programs offered by Marinade and its partners. The Instant Unstake feature allows users to quickly access their SOL by swapping mSOL for unstaked SOL from a liquidity pool, providing immediate liquidity without waiting for the unstaking period.

Marinade also runs incentive campaigns known as "Marinade Earn" seasons, which reward users for staking SOL with Marinade, including those who hold or use mSOL. Furthermore, mSOL can be utilized in advanced strategies such as leveraged mSOL staking through integrations with other DeFi protocols like Super Stake SOL. ^{[2] [3] [6]}