# MNDE-USD · catalysts, narrative & risks

**Deep-research report — K3vl4r**  
**Symbols:** MNDE-USD  
**Sources:** 14  
**Published:** 2026-10-31  
**Canonical:** https://app.k3vl4r.com/research/deep-research-mnde-usd-catalysts-narrative-risks-4104

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# MNDE (Marinade) — Asset Profile and Catalyst Review

*As of 2026-10-31. MNDE is a crypto token, not a security: there are no company filings, earnings, or share fundamentals, and MNDE-USD simply means MNDE quoted in USD.*

## What MNDE is
MNDE is the **governance and incentive token of Marinade Finance**, a non-custodial staking protocol built on Solana [DOC-3], [DOC-5]. Marinade lets SOL holders stake **natively** (retaining custody, no smart-contract risk) or via **mSOL**, a liquid staking token redeployable across Solana DeFi [[5]](https://solanacompass.com/projects/marinade), [[11]](https://docs-beta.marinade.finance/). MNDE is explicitly a governance token — it is *not* a staking derivative like mSOL — and governs the DAO that sets treasury policy, validator-delegation rules, and long-term strategy [DOC-3]. It launched via a fair-launch in late 2021 with a **1-billion-token max supply**; circulating supply sits at roughly **546.4M MNDE** after DAO-approved burns [DOC-2], [DOC-3], [[3]](https://coinarbitragebot.com/price-prediction/marinade.html).

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