Marinade $MNDE

Risks (4)

• HighPool liquidity is neither burned nor lockedliquidityDeterministic

  Only 0% of the Orca Whirlpool pool's LP is burned or locked. Whoever holds the LP tokens can withdraw the liquidity ("rug pull") at any time.

  Evidence

  • on-chainpool E662YnSzFiQWPvkJfQWXrXjHyh8nStFVpYfY9jfBFWW2 (Orca Whirlpool): lpBurnedPct=0, lpLockedPct=0

  Confirmed by: facts

• MediumToken name, symbol and image can still be changedownershipDeterministic

  The token metadata is mutable (update authority AqH29mZfQFgRpfwaPoTMWSKJ5kqauoc1FwVBRksZyQrt). The holder can rename the token or swap its logo/links later — used in impersonation and bait-and-switch scams.

  Evidence

  • on-chainmetadata.mutable = true; updateAuthority = AqH29mZfQFgRpfwaPoTMWSKJ5kqauoc1FwVBRksZyQrt
  • on-chainmetadata name="Marinade" symbol="MNDE" mutable=true updateAuthority=AqH29mZfQFgRpfwaPoTMWSKJ5kqauoc1FwVBRksZyQrt source=metaplex
  • on-chainAUTHORITY update = AqH29mZfQFgRpfwaPoTMWSKJ5kqauoc1FwVBRksZyQrt (wallet)

  Confirmed by: facts, claude-opus-5.5, grok-4.7, gpt-5.6-sol

• LowOrca pool program is upgradeable by a multisig, build unverifiedproxy-upgradeAI

  The Orca Whirlpool program, which holds the main pool's funds, can be upgraded by a Squads v4 multisig (GwH3Hiv5mACLX3ufTw1pFsrhSPon5tdw252DBs4Rx4PV). OtterSec reports the on-chain build as not verified. This is a trust assumption on Orca's multisig, not on the MNDE team.

  Evidence

  • on-chainupgrade authority GwH3Hiv5mACLX3ufTw1pFsrhSPon5tdw252DBs4Rx4PV: multisig (Squads v4 multisig vault (PDA))
  • on-chainOtterSec: On chain program not verified

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• LowSite's '100% uptime protection' overstates the staking guaranteeclaims-mismatchAI

  The homepage markets native staking as having no smart-contract risk and 100% uptime protection. Marinade's own posts say a compromised validator cannot move delegated SOL, but downtime still means missed rewards, and Protected Staking Rewards will not charge validator bonds for a current Agave client bug. Holders should not treat the slogan as a guarantee that rewards never drop.

  Evidence

  • webhttps://marinade.finance/
    Show source

    no smart contract risk, 100% uptime protection.

  • Xhttps://x.com/MarinadeFinance/status/2117182440896655511
    Show source

    delegated SOL stays in your own stake account, and a compromised validator server can't move it. The real cost is downtime and missed rewards until the fix lands.

  • Xhttps://x.com/MarinadeFinance/status/2115021040472432654
    Show source

    Until it ships, Protected Staking Rewards (PSR) won't charge validator bonds for those slots

  Confirmed by: grok-4.7, gpt-5.6-sol

Positive signals (8)

• PositiveMint authority revoked, so supply can never growmintAI

  No one can create new MNDE. Supply is fixed at about 699,996,875 tokens, so holders cannot be diluted by new printing.

  Evidence

  • on-chainmintAuthority = null (revoked)
  • on-chainsupply = 699996875081607331 (699,996,875.081607331)

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• PositiveFreeze authority revoked, so no holder can be frozenblacklistAI

  No one can freeze a holder's MNDE token account. This rules out the classic Solana honeypot where sellers get frozen.

  Evidence

  • on-chainfreezeAuthority = null (revoked)

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• PositiveClassic SPL token with no risky Token-2022 extensionsotherAI

  MNDE runs on the classic SPL Token program, not Token-2022. That means no permanent delegate, no transfer hook, no transfer fee and no pausing are possible at the token level.

  Evidence

  • on-chaintokenProgram = SPL Token (TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA)

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• PositiveBuying and selling both work with no taxhoneypotAI

  A Jupiter round-trip of 0.1 SOL lost only 0.67%, which is price impact and pool fees. A read-only sell simulation from an existing holder succeeded. No buy or sell tax was observed.

  Evidence

  • forksell quote: 397141273961 tokens → 0.09933245 SOL; round-trip loss 0.67%
  • forksimulateTransaction: SELL of 397141273961 raw tokens by existing holder 8PrhRaSgggvyfx23H2QHGiuYqZjTwVPCkPtCrq3aqp9n succeeds

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• PositiveToken live since 2021; deployer made only this mintdeployer-historyAI

  The mint was created on 2021-09-30. The website domain dates from March 2021, with Wayback snapshots from 2021 onward. The deployer created only this one mint, holds 0% now and never held tokens in the analysed history.

  Evidence

  • on-chaincreatedAt=2021-09-30T21:06:22.000Z createTx=3YQRoyFRdGnuY1pMeLgfqKUUNF4kXjk7gqufWarCGKEqun2RJ72GY6UCjaNPYXA8QJ1hEDcS2z9i7GgQSFB69tTf
  • on-chaindeployerHistory: scanned the creator's 12 most recent successful txs (full history); found 1 mint(s) created, 0 other than this one
  • on-chainDeployer MRFopyTtS4UTuHJdg5YfTVUfzp2WwWLyJAnB3MXnPmt holds 0% now

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• PositiveVerified X account dating from 2021 posts real product newssocialAI

  The official X account is verified, was created the same day the marinade.finance domain was registered (25 March 2021), and still posts about Marinade staking products. That is consistent with a long-running project, not a newly bought or renamed shill account. Mentions in the sample are ordinary protocol tags, not paid-looking copy-paste shills.

  Evidence

  • Xhttps://x.com/MarinadeFinance/status/2117909754404086032
    Show source

    Validators don't get Marinade stake for being big. They bid for it every epoch in SAM, the Stake Auction Marketplace.

  • webhttps://marinade.finance/
    Show source

    X (Twitter)

  Confirmed by: grok-4.7

• PositiveMarinade docs name this exact mint as the MNDE tokenwebsiteAI

  Marinade's own learn page names this exact mint as MNDE, describes it as a governance token (not a memecoin), and says minting is disabled. Supply figures on the homepage (700M total, about 411M circulating) match that page's 700M total. This is the known Marinade DAO token, not an impersonation of the brand in the material reviewed.

  Evidence

  • webhttps://app.marinade.finance/learn/mnde-token-and-governance/
    Show source

    — MNDEFzGvMt87ueuHvVU9VcTqsAP5b3fTGPsHuuPA5ey

  • webhttps://marinade.finance/
    Show source

    Total supply Circulating supply FDV 700M MNDE 411.36M MNDE $22.41M

  Confirmed by: grok-4.7, claude-opus-5.5, gpt-5.6-sol

• PositiveDocs list third-party audits of staking programs since 2021websiteAI

  Marinade's docs list multiple third-party reviews of the staking programs (Kudelski, Ackee, Neodyme, Sec3), including a May 2026 Neodyme review of liquid-staking changes that the docs say found no issues. Audits reduce, but do not remove, smart-contract risk for mSOL and related programs.

  Evidence

  • webhttps://docs.marinade.finance/marinade-protocol/security/audits/
    Show source

    Neodyme audited two changes to Marinade's on-chain liquid staking program in May 2026

  • webhttps://marinade.finance/
    Show source

    Audited since 2021 The open source code has been audited by 5 security audit companies.

  Confirmed by: grok-4.7

Notes (2)

• LowAbout 72% of supply held by vaults and governance escrowholdersAI

  The top 10 accounts hold 72.3% of supply. The largest two (27.1% and 16.7%) are system-owned PDA vaults (multisig, custody or escrow). Several others are PDAs of the vote/escrow program VoteMBhDCqGLRgYpp9o7DGyq81KNmwjXQRAHStjtJsS, which suggests tokens locked for governance. One ordinary wallet, 8PrhRaSgggvyfx23H2QHGiuYqZjTwVPCkPtCrq3aqp9n, holds 7.15%. Who controls the large vaults is not shown in the facts, so a large unlock or sale cannot be ruled out.

  Evidence

  • on-chaintop10Pct = 72.3099
  • on-chainB56RWQGf9RFw7t8gxPzrRvk5VRmB5DoF94aLoJ25YtvG 27.1024% system-owned PDA (vault: multisig / custody / program escrow)
  • on-chainJ5BEceL5z1EQ7JBqEFu4BfPN4PYCeQaW3GXrzXFfCzhs 16.7425% system-owned PDA (vault: multisig / custody / program escrow)
  • on-chain344jPzUH4mK9iaCtWs7wWAuNwme4RPdTjTpW4PeGZTmm 4.3792% PDA of VoteMBhDCqGLRgYpp9o7DGyq81KNmwjXQRAHStjtJsS
  • on-chaintop10Pct=72.3099
  • webhttps://app.marinade.finance/learn/mnde-token-and-governance/
    Show source

    89.3% 625M MNDE DAO treasury. Governed by MNDE holder proposals. Distribution not complete.

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol

• InfoLiquidity spread over many pools held by third partiesliquidityAI

  Liquidity sits across several Orca and Raydium pools. The largest is the Orca Whirlpool MNDE/mSOL pool at about $224k. Whirlpools use position NFTs, so 'burned LP' mostly does not apply. Positions are held by various wallets, not the deployer (deployer share 0%). Large providers could still withdraw, which would raise slippage, but there is no deployer-controlled rug path visible.

  Evidence

  • on-chainPOOL Orca Whirlpool E662YnSzFiQWPvkJfQWXrXjHyh8nStFVpYfY9jfBFWW2 quote=mSOL liquidityUsd=224323 lpBurnedPct=0 lpLockedPct=0
  • on-chain[pools] Orca Whirlpool E662YnSzFiQWPvkJfQWXrXjHyh8nStFVpYfY9jfBFWW2: 3 live positions; top 3 cover 100% of position liquidity — burned 0%, locked 0%, deployer 0%

  Confirmed by: claude-opus-5.5, grok-4.7, gpt-5.6-sol