Here’s a longer breakdown on $MNDE as promised and why it’s the more slept-on Sol staking play.

$1.74B TVL, trading at just $62M market cap

→ Same league as Jito in usage, priced like it’s irrelevant

→ Jito: $2.73B TVL | $756M mcap vs MNDE: $1.74B | $62M mcap

First staking provider named in a U.S. ETF filing

→ Marinade Select powers CanaryFunds Solana ETF proposal

→ Likely default for future ETF issuers? - narrative window opens into July/August

Protocol rev Q1 2025: $3.6M → $14.4M annualized

→ 40% of revenue going to buybacks = ~$5.8M/year

→ At $62M mcap, that’s ~9% of supply bought back annually

→ No other protocol matches that buyback/mcap ratio

Clean Tokenomics

→ FDV = Circulating

→ No VC unlocks, no team overhang

Versus Jito:

→ Jito: $15M annual rev, $756M mcap

→ MNDE: $14.4M projected rev, $62M mcap

→ Same revenue, 12x cheaper - and MNDE gaining TVL while Jito leaks (looking at the current month)

Why it’s been slept on:

→ No perps, no T1 CEXs (yet). Available only via Coinbase spot + Onchain

→ Most people didn’t do the math, and ETF mention flew under radar