DeFiPunk'd

Marinade

3 deployments · $550.3M aggregate TVL · Liquid Staking

Deployments

Each deployment is rated independently. Pick one to see its rating, risk analysis, and stage.

TVL $247.6M
Type Liquid Staking
Chain Solana
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty immunefi.com Governance forum forum.marinade.finance Docs docs.marinade.finance
About

Marinade is a non-custodial liquid staking protocol on Solana that enables users to stake SOL and receive mSOL—a liquid receipt token accruing staking rewards. The protocol automates validator delegation across 100+ curated validators, supports both native and liquid staking modes, and implements protected staking rewards (PSR) to shield users from validator underperformance. The core program and mSOL token are governed by a 13-party community multisig requiring 6 signatures, with upgrade authority held by Marinade Council (4-of-7 multisig).

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 0 addresses on file · 1 run ⚑ Run first Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 7 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
  2. Autonomy tentative
    Validator set reduces autonomy

    Liquid staking and restaking protocols hand solvency to an external validator set with slashing dynamics they do not control. At Phase 0 this is a category-level heuristic; a real Autonomy assessment (oracles, fallbacks, governance-mutable dependencies) arrives with onchain review.

    Run your own prompt Submit run ↗
3 dimensions not yet assessed (Control, Ability to exit, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

Marinade Liquid Staking has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 38addresses
  • 5verified source
  • 0proxies
  • 2of 5 owners are Safes

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-04-26.

arbitrumAnyswapV5ERC200xfea7…6c2aTVL0xf46b…5aea5/10 Safe
bobaBUSD0x461d…4eb5TVL
dogechainBUSD0x3327…41ffTVL
dogechainMATIC0xdc42…1f98TVL
ethereumFantomToken0x4e15…7870TVL0xb5c4…3f702/4 Safe
eulerTokenseulerTokens0x1b80…dc1dTVL
eulerTokenseulerTokens0x3c66…62d0TVL
eulerTokenseulerTokens0x4169…d264TVL
eulerTokenseulerTokens0x4d19…85d2TVL
eulerTokenseulerTokens0x5484…054eTVL
eulerTokenseulerTokens0x6089…c527TVL
eulerTokenseulerTokens0x64ad…ee82TVL
eulerTokenseulerTokens0xbd1b…d593TVL
eulerTokenseulerTokens0xe025…d9dcTVL
eulerTokenseulerTokens0xeb91…a716TVL
fantomanyUSDC0x95bf…d605TVL
fantomDAI0x8d11…bf3eTVL
fantomfUSDT0x049d…3c7aTVL
fantomMIM0x82f0…29c1TVL
fantomnICE0x7f62…e443TVL
fantomUSDC0x0406…5b75TVL
harmonyAVAX0xb12c…1358TVL
kccDAI0xc9ba…2055TVL
kccWBTC0x218c…a4c0TVL
moonriverAnyswapV5ERC200x639a…2c5cTVL0x10c6…7e23
moonriverAnyswapV5ERC200xe3f5…ad7dTVL0x10c6…7e23
moonriverAnyswapV5ERC200xb44a…663cTVL0x10c6…7e23
nullAddressnull0x0000…0000TVL
shidenBUSD0x65e6…d97aTVL
shidenETH0x7652…9c61TVL
shidenJPYC0x735a…7b0fTVL
syscoinETH0x7c59…227dTVL
syscoinUSDC0x2bf9…c45cTVL
syscoinUSDT0x922d…12e1TVL
telosETH0xfa93…a40fTVL
telosUSDC0x818e…dc0bTVL
telosUSDT0xefae…0d73TVL
telosWBTC0xf390…cbc2TVL

Protocol Info

Security

[:] Source: DEFI@home quorum
Audits
6 audits
  • Neodyme — 2021-09 — marinade-liquid-staking
  • Ackee Blockchain — 2021-09 — marinade-liquid-staking
  • Kudelski Security — 2021-10 — marinade-liquid-staking
  • Neodyme — 2023-11 — marinade-liquid-staking
  • Sec3 — 2023-11 — marinade-liquid-staking
  • Neodyme — 2021-08 — marinade-native
Security contact
unknown

Technical

[:] Source: DEFI@home quorum
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-06-01 11:27 UTC

Hallmarks

  1. Nov '22FTX collapse