Marinade Q3 Report: SOL Staking Volume Grows 21.2% to 7.94 Million, Revenue Approximately $1 Million

As of September 30, Marinade, a Solana staking service protocol, released its Q3 2026 report, showing a SOL staking volume of 7.94 million, an increase of 21.2% quarter-over-quarter. The growth primarily came from the non-custodial native staking product Native and the institutional-focused Select, with Native staking volume increasing by 47.3% to approximately 3.77 million, and Select growing by 38.7% to about 1.68 million, while mSOL saw a quarter-over-quarter decline of 6.8% to around 2.27 million. The revenue for the third quarter was approximately $1 million (10,918 SOL), reflecting a quarter-over-quarter growth of 25.9%, mainly due to a 38.1% increase in validator margin settlement revenue. In the staking auction market, 48 out of 51 epochs in the quarter had yields higher than the Solana staking index, with an average yield of 5.93% before Marinade fees, compared to 5.67% for the index during the same period. In governance, since MIP-22 took effect in July, Marinade has allocated 10% of auction fees to repurchase MNDE in the open market, repurchasing 4.2 million MNDE with 906.6 SOL in the third quarter, with the first distribution opening on October 1. The report also disclosed that on September 25, attackers exploited a vulnerability in the DAO voting procedure to submit two malicious proposals, which were rejected by the council within about 6 hours, with no funds being transferred.

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