Marinade Finance has announced an incentive scheme for the Solana liquid staking project.
Marinade Finance, a system for liquid staking on the Solana blockchain, has introduced a token incentive scheme to reward users who deposit solana (SOL) tokens in return for mSOL, a liquid staking derivative.
Over the following 12 months, “Open Doors” will award users with up to 160 million marinade tokens (worth about $9.6 million). On Twitter, the Marinade team announced their intention to increase the quantity of locked solana on the site by 40 million SOL.
Liquid staking enables users to get a token representing the assets staked. These tokens, mSOL, may be used in other decentralized finance (DeFi) protocols or for trade, but they must be returned in order to regain access to the staked assets. This kind of staking enables customers to free up liquidity and produce more profit on staked assets.
Marinade thinks that now less than 3% of total SOL is being utilized for liquid staking. As more people use liquid staking, this is anticipated to alter. The Marinade team thinks that an increase in liquid staking will have a substantial influence on the Solana ecosystem’s multiple protocols’ liquidity.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.