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The Solana ecosystem has intensified the attention of investors who have turned their eyes on it in 2024 with the launch of new tokens. During this period, major tokens such as Marinade (MNDE), Raydium (RAY), and Jupiter (JUP) attracted attention, recording strong trades using Solana's layer-1 infrastructure. According to data from DefiLlama, this growth in the Solana ecosystem is noticeable. With tokens such as Marinade (MNDE), Raydium (RAY), and Jupiter (JUP), the total value locked (TVL) has risen to $4.17 billion, an impressive increase since the beginning of the year. This represents almost three times the initial TVL of $1.53 billion#HotTopicDiscussion#

BTC completed the Halving, the market fluctuated widely; the Meme section showed strong market momentum; Merlin Chain launched the Token MERL...

In "Game of Thrones", the Iron Throne symbolizes the ultimate vesting of power. Countless families have assassinated, allied, and bled for it, only to realize in the end that the one who sits on the Iron Throne is not the craziest person, but the player who simultaneously holds resources, alliances, and systems. @MarinadeFinance is following a similar path of royalty in the Solana ecosystem, like a family steadily accumulating chips and quietly gathering an army. 1/ Resources - Cash flow is the military salary. While other DeFi projects are still telling stories, Marinade has turned stories into real money, with an annual income exceeding ten million dollars. Its market value is only 45 million, and the P/S ratio is absurdly low. Income is military pay, which can continuously buy the army—this is also the MNDE buyback in the agreement. The buyback mechanism has been launched. Starting from September, the team will use 50% of the protocol's revenue each month to buy back tokens in the market, along with a 5% token burn. This is equivalent to continuously "supplying reinforcements + depleting enemy troops," creating a positively spiraling effect that feels like a cheat. 2/ Alliance - ETF and BitGo endorsement In Game of Thrones, a family fighting alone will eventually be liquidated. To break out and survive well, it is crucial to ally with strong allies. Marinade has become the official staking partner of the first Solana ETF in the United States and has partnered with BitGo for custody. What does this mean? ——means external real money may enter the market at any time. Just like Winterfell is backed by the Vale and Daenerys, once the allies arrive, the situation will be completely rewritten. 3/ System — The law of supply and demand is the rule. The Iron Throne ultimately falls into the hands of those who rule the rules, and this is the bloody reality depicted in Game of Thrones. Whoever controls the rules is the king. Marinade has written the income - repurchase - destruction into the protocol, locking the value transmission through mechanisms, without relying on emotional support. This is a strong moat; as long as the mechanism continues to operate, the competitiveness remains. I have to say, every failing project has its own way of failing, while excellent projects share common traits—this buyback mechanism reminds me of the familiar $HOME. Summary Currently, the MNDE's TVL has exceeded 2 billion dollars, but the price remains in a low point. It's like those families who have stockpiled supplies and sharpened their swords early—everything is ready, just waiting for the battle. Once the market identifies a valuation mismatch, the price of MNDE may not just rebound, but enter a "Shura field mode" directly.

Recently, I took some time to study some projects in the Solana ecosystem and noticed a phenomenon where a protocol has an annual revenue of over ten million dollars, but its token market capitalization is still less than fifty million. In the Solana ecosystem, @MarinadeFinance is such a relatively unnoticed entity, so out of curiosity, I did some research and just happened to share it with everyone. Why is there such a mismatch? Let's start by discussing staking itself. On Solana, staking is not only a way to earn rewards but also a key to ensuring network security and decentralization. The PoS (Proof of Stake) mechanism of Solana requires a large amount of SOL to be staked to reliable validators in order to ensure network security and decentralization. In other words, the more you stake and the more stable the validators, the safer the entire network becomes, and the rewards you receive will be more substantial. @MarinadeFinance ($MNDE) was created to solve this problem by automatically selecting high-performance validators and allocating its SOL to them, allowing users to earn rewards steadily without worrying about node downtime or poor performance. ✅Revenue vs Valuation: Why It Matters After discussing staking, let's take a look at the price of $MNDE. The Marinade protocol generated over $10 million in revenue in a year, but the market capitalization of $MNDE is only about $46 million, with a revenue multiple of only 1.8x, far below the Ethereum DeFi average of 23x+ Does this feel a bit off? The protocol is making money, but the token price has not reflected this at all, which has become the biggest opportunity for MNDE. After all, many DeFi projects can be hyped to a market capitalization of hundreds of millions with almost no revenue, while MNDE has solid fundamentals yet is still undervalued. Once the market discovers this mismatch, the price could potentially double from the start. Perhaps some people wonder, "If the protocol is making money, why hasn't the price followed suit?" The core reason is actually the previous lack of value capture. The current buyback + governance + burning mechanism is gradually bridging this gap. These mechanisms are transforming it step by step from a [governance Token] into an [asset supported by income]. After discussing the coin price, let's talk about their background and advantages: 1⃣Institutional recognition and support Marinade is not just a community project, but also backed by institutions: ⚪️Canary Solana ETF: Exclusive staking provider, the staking yield of the ETF is executed through Marinade. ⚪️Franklin Templeton: Clearly pointed out that $MNDE is undervalued, managing assets of over $1.5 trillion. Institutional recognition means that the technology is reliable, and it also increases the long-term value credibility of $MNDE. 2⃣Value capture mechanism is being implemented. ⚪️Repurchase: Starting from September 2025, 50% of the protocol revenue will be used to repurchase $MNDE each month, creating actual buying pressure. I believe this means there will be stable demand supporting the coin price in the market, no longer relying entirely on speculation. ⚪️Governance Rewards: Users participating in governance in 2025 can receive an airdrop of $MNDE at the end of the year, which not only encourages everyone to hold long-term but also makes the governance itself more active. ⚪️Burning Plan: 5% of the total supply will be destroyed, increasing scarcity, which is a positive signal for the price in the long run. In my opinion, these mechanisms have transformed $MNDE from just a governance token into a real asset logic supported by income, and the reasons for buying have become increasingly clear. Overall, @MarinadeFinance is not the kind of Token that is hyped up for no reason; it has real income behind it, institutional recognition, and a mechanism for gradually realizing value. For ordinary users, steady staking to earn rewards, along with the long-term value brought by buybacks and burnings, is actually quite reassuring. #MarinadeFinance

🚨 SEC acknowledges an amendment filing for the Grayscale spot $SOL ETF and delays decisions on four other spot Solana ETF applications including VanEck, Canary Marinade Solana ETF, Bitwise, and 21Shares.