Marinade (MNDE)
Largest Solana liquid staking protocol. mSOL for staked SOL.
Ranked 71st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MNDE scores 119 of 250 across the 25-variable framework, which places it 71st of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on Team Execution 6/10, 30th of 251, TVL Trend 5/10, 30th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251.
Only 54.6% of MNDE's maximum supply is in circulation, so 1.83x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 45.4% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
MNDE trades 98.9% below its all-time high of $1.64. Recovering that level is a 90.9x move, not a 98.9% one, which is the arithmetic most drawdown charts hide.
The framework score gained 119 points against the previous pass (0 to 119). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Solana staking growth & mSOL adoption; upcoming dual-governance upgrade
Principal risk
Competition from JitoSOL & liquid staking protocols; Solana network risk
Market and supply
| Price | $0.0186 |
| Market cap | $10.2Mrank 1132 |
| All-time high | $1.648 Oct 2021 |
| Circulating supply | 546,399,977 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1.83x |
| Listed on | Bybit, MEXC, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to MNDE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Common questions
- What is the Early Thunder score for Marinade (MNDE)?
- MNDE scores 119 out of 250 on the 25-variable framework, ranking 71st of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are MNDE's strongest fundamentals?
- MNDE ranks highest on Team Execution 6/10, 30th of 251, TVL Trend 5/10, 30th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much MNDE supply is still to enter circulation?
- 54.6% of eventual MNDE supply is circulating today, leaving 1.83x the current float still to arrive. At a flat price per token that is 45.4% of fully diluted value ahead of current holders.
- How far is MNDE from its all-time high?
- MNDE trades 98.9% below its all-time high of $1.64. Returning to that high requires a 90.9x move from the level used in this scoring pass.
- Which tokens have a similar profile to MNDE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MNDE are SHDW (103), JOE (117), SLND (106) and LPT (123). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MNDE?
- Solana staking growth & mSOL adoption; upcoming dual-governance upgrade
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.