Marinade Announces Launch of On-Chain DAO Governance NFTs

The minting of the 3,333 Limited Edition Octopus Chefs will take place on the upcoming Monday, April 4.

By
Soumen Datta
on
April 3, 2022
Category:
NFT

On-chain Governance for Marinade DAO

Marinade Finance has begun to implement on-chain governance for Marinade DAO through Marinade Chef NFTs, where NFT holders can create proposal drafts, publish them in the Marinade forum for discussion, and vote on them.

The announcement article from April 1 mentions that you can use your MNDE tokens to mint your Marinade Chef NFTs. Marinators must hold at least 1,000 MNDE  to mint governance NFT. The minting will take place on Monday, April 4th, and 3,333 Limited Edition Octopus Chefs will be available as a first batch. After that, any new NFT minted will feature a regular edition shark chef. Every chef NFT has a unique set of attributes, some rarer than others. 

“Sharing your NFT chef as your profile picture signals your support for not just Marinade, but for the decentralization and prosperity of Solana throughout the metaverse and beyond! Also, the Marinator role in Marinade’s Discord server will be switched from token verification to NFT verification,”. Marinade Finance explains in their article. “Verified Marinators are eligible for exclusive community events and channels.”

Your MNDE token amount will impact the level of the chef as follow:  

Level 1 NFT: 1,000–4,999 MNDE

Level 2 NFT: 5,000–24,999 MNDE

Level 3 NFT: 25,000–99,999 MNDE

Level 4 NFT: 100,000–249,999 MNDE

Level 5 NFT: 250,000 MNDE and up

Source

However, the rarity traits are entirely random and have no bearing on the amount of tokens you have.  

The final step in governance is proposals and voting, initiated by a forum post. Accordingly, this opens up a discussion with the DAO, and may then be withdrawn or submitted to an on-chain vote. In addition, 15 NFTs can vote from one wallet because of technical limitations. Therefore, as you mint or accumulate more NFTs, you must move them to a new wallet for voting eligibility.

Marinade Forum already has the first on-chain proposal, and you may already participate and reply to those who have already provided feedback. 

Learn more about Marinade Finance’s on-chain DAO governance here.

What is Marinade Finance?

Marinade. Finance is Solana's first non-custodial liquid staking protocol. Stake your SOL tokens with Marinade to receive mSOL ("marinated SOL") tokens for use in decentralized finance (DeFi). The most widely used collateralized version of SOL is mSOL. Each epoch, the price of mSOL rises relative to SOL, with rewards accruing to your stake account.

Marinade's delegation strategy assigns stakes to 400+ validators who are chosen automatically based on performance, commission, and decentralization using an open-source, fair formula.

Marinade includes a mSOL->SOL swap, so you can "Unstake Now" and receive your SOL for a small fee right away. You can also exchange mSOL for SOL at the current rate on secondary markets. Finally, by waiting 2–3 days for the Solana cool-down period, you can unstake your SOL for free (Delayed Unstake).

Learn more about Marinade Finance:

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Soumen Datta

Soumen is an experienced writer with a background in Laser Physics. He has a passion for learning and is mainly interested in Defi, P2E gaming, and NFTs. His largest crypto holdings are BTC, ETH, SOL and DOT token.

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