Marinade Finance’s new Liquidity Mining Gauges grant more powers to $MNDE stakers.
Hear Ye, Stakers
Following the introduction of Validator Gauges that allowed $MNDE stakers to determine the allocation of Marinade Finance’s staked $SOL to validators on the staking protocol, Marinade announced the launch of Liquidity Mining Gauges on July 5.
According to the protocol, the Liquidity Mining Gauges aim to transfer control of the distribution of $MNDE rewards from the protocol’s Liquidity Mining program to the holders of $MNDE tokens. This provides an additional utility for the network’s governance token.
Speaking on the importance of incentives like this during a bear market, Brandon Tucker, the Head of Communications for Marinade Finance, said:
“During a bear market, it’s a good time to accumulate token emissions from projects you are bullish on for the long term. Most of the pools under consideration also involve mSOL, which is yield-bearing as well. So you’re getting the yield out of mSOL plus additional yield from the MNDE. If you accumulate enough, you can mint an NFT Chef, and Validators can also use the MNDE to drive more SOL to their validator using the Marinade gauges.“
To get started with the Liquidity Mining Gauges, users must connect their wallet to Marinade’s Tribeca page and must hold at least one Marinade NFT Chef.
Check out Web3Wire’s Deep Dive by Abhinav Tewari into Marinade’s liquid staking protocol and Soumen Datta’s simple step-by-step guide to learn how to use it.
What is Marinade Finance:
Marinade Finance is a Solana-based liquid staking mechanism. It allows you to stake your SOL tokens using automated staking algorithms in exchange for “marinated SOL” tokens (mSOL) that can be used in decentralized finance (DeFi).
Each epoch, the price of mSOL increases compared to SOL, with benefits accruing to the underlying staked SOL. You may withdraw your SOL at any moment by either unstaking and waiting for the unlock period or paying a nominal charge instantly. Additionally, you can immediately exchange mSOL for SOL on secondary markets.
Where to find Marinade Finance:
Source : web3wire
