Liquid Staking · MNDE · $0.56B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy A, Growth B. SOL staking pioneer; institutional push.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1.4B | $0.56B |
| 12-month TVL change | -35% | -58% |
| Worst 90-day drawdown | 40% | 42% |
| Drawdown scored | 40% (90-day only, v1.0) | 58% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 67.8 | BBB · 67.8 |
| Growth | B · 38.3 | B · 33 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (67.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 42% and 12-month TVL change is -58%. TVL stability is scored on the 12-month decline of 58%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (3%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (71 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (33 / 100), unchanged from the July 27, 2026 screen. TVL is $0.56B, -58% over twelve months (it was -35% at the previous screen). Category share (8%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is A and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Marinade survive stress and pay its users back. Legitimacy (A) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Marinade (this page) | BBB | A | B |
| Lido | A | AA | BB |
| Jito | BBB | A | B |
| Rocket Pool | BBB | AA | CCC |
| Sanctum | BBB | BBB | BB |
| mETH Protocol | BBB | BBB | B |
| StakeWise | BBB | BBB | CCC |
Marinade pioneered Solana liquid staking and has repositioned itself as the institutional on-ramp for SOL staking — native staking products, compliance tooling, and validator delegation strategies aimed at treasuries and funds rather than yield farmers.
Solvency screens at BBB. Fee coverage (~2x) is sound, unlock pressure is low on a mature token, and the risk record is clean across years of operation. The 40% drawdown is the main deduction — SOL beta, the category's universal tax.
Legitimacy screens at A: strong audits, a public long-tenured team, and steady delivery including the institutional product line. Governance (5/10) is functional but low-participation.
Growth screens at B. Share (~8%) sits behind Jito's MEV-fueled rise, TVL is down ~35%, and momentum is fair — the institutional push is a sensible differentiation that hasn't yet bent the curve.
Composite B. A solid, seasoned operator that lost category leadership to a better economic engine. The institutional channel is its route back; a full rating would assess how real that pipeline is.
