🤖AI Summary
Marinade staked 9.4 million SOL in Q4 2025 despite TVL declining 47.2% to $1.2 billion due to SOL's 67.6% price drop. The launch of Canary's SOLC ETF drove 205.5% growth in Marinade Select, while the protocol maintained revenue growth and began expanding beyond native SOL staking into stablecoins and treasury products.
Key Takeaways
- →Marinade's TVL fell 47.2% QoQ to $1.2 billion primarily due to SOL's 67.6% price decline rather than outflows.
- →The Canary Marinade Solana ETF launch drove Marinade Select TVL up 205.5% to 2.7 million SOL.
- →Protocol revenue increased 1.5% QoQ in SOL terms despite challenging market conditions.
- →The DAO paused MNDE buybacks via MIP-17 to reallocate capital toward liquidity and new products.
- →Marinade is expanding beyond SOL staking into stablecoin strategies and treasury bill-backed yield products.
Read Original →via Messari
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