In less than half an hour, the price of Marinade Finance’s Solana-based liquid staking derivative will increase m SOL
-2.74%
The mSOL token fell below $67 at 12:35 PM ET after trading around $77 minutes earlier, according to The Block’s price data. Overall, mSOL fell as much as 18% on Tuesday before quickly recovering and rising back above $77 as of 1:57 PM ET.
According to data from The Block Research, one large holder, or whale, appears to have caused the sharp decline by exchanging more than $5 million worth of mSOL derivative for SOL.
Solana-based derived mSOL price movement. Image: The block
Introduction of an incentive program
At the beginning of this year Marinade Finance has launched a new token incentive program to reward users who deposit their solana (SOL) coins in exchange for the liquid staking derivative called mSOL. Dubbed ‘Open Doors’, the program aimed to distribute up to 160 million marinade tokens as rewards to users this year.
The goal was to grow the amount of solana on the Marinade platform by 40 million SOL, the team said said on Twitter at the time.
About the author
RT Watson is a senior reporter at The Block covering a wide range of topics including US-based companies, blockchain gaming and NFTs. Previously, he covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creative economy, while he mainly focused on technological disruption in the media. Previously, he reported on business, economic and political news in Brazil at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, workers, drug traffickers and convicted criminals. Obtained a master’s degree in digital sociology.
