Solana staking protocol Marinade's staking volume for SOL increased to 7.94 million coins in the third quarter

Marinade, the Solana staking service protocol, released its Q3 2026 report. As of September 30, the amount of SOL staked was 7.94 million, a quarter-over-quarter increase of 21.2%, mainly driven by the non-custodial native staking product Native and the institutional-focused Select. The amount staked in Native increased by 47.3% quarter-over-quarter to approximately 3.77 million, while Select grew by 38.7% to about 1.68 million, and mSOL decreased by 6.8% to around 2.27 million.

Revenue for the third quarter was approximately $1 million, corresponding to 10,918 SOL, a quarter-over-quarter increase of 25.9%, primarily from validator margin settlement income, which grew by 38.1% quarter-over-quarter. 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 before Marinade fees of 5.93%, compared to 5.67% for the index during the same period.

In governance, since the implementation of MIP-22 in July, Marinade has used 10% of auction fees to repurchase MNDE on the open market. In the third quarter, a total of 4.2 million MNDE was repurchased with 906.6 SOL, and the first distribution opened on October 1. The report also disclosed that on September 25, attackers exploited a vulnerability in the DAO voting process to submit two malicious proposals, one of which involved transferring DAO treasury assets; the council vetoed both proposals within about 6 hours, and the fix was completed that night, with no funds being transferred.