In less than 30 minutes, the price of Marinade Finance’s Solana-based liquid staking derivative m skyrocketed. brush
-2.55%
The mSOL token fell below $67 at 12:35 PM ET after trading at around $77 just a few minutes ago, according to The Block pricing data. Overall, mSOL bounced back quickly after falling as much as 18% on Tuesday, soaring above $77 as of 1:57 PM ET.
One large holder, or whale, appears to have driven the sharp decline by exchanging more than $5 million worth of mSOL derivatives for SOL, according to data from The Block Research.
Solana-based derivative mSOL price movement. Image: The Block
Introduction of incentive program
At the beginning of this year Marinade Finance has launched a new token incentive. This is a program that rewards users who deposit Solana (SOL) coins in exchange for a liquid staking derivative called mSOL. dubbing ‘Open Doors’ planned to offer up to 160 million Marinade tokens as rewards to users throughout the year.
The goal was to increase the amount of Solana locked on the Marinade platform by 40 million SOL. said On Twitter at the time.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.