Marinade staked SOL (MSOL)

SOL is Solana's native coin; mSOL is the token you receive when you stake SOL through Marinade. Each mSOL stands for your staked SOL plus the rewards it accrues, so its redemption rate in SOL rises over time. The key difference is that directly staked SOL is locked, while mSOL stays liquid and usable in DeFi.

Marinade is a non-custodial protocol that pools users' SOL and delegates it to a large, diversified set of Solana validators, which secure the network under Solana's Proof-of-Stake consensus (with Proof of History helping order transactions). As those validators earn staking rewards, Marinade gradually raises the mSOL-to-SOL exchange rate, so each mSOL redeems for more SOL. When you unstake, your mSOL is burned and the underlying SOL is returned to you.

There is no fixed maximum supply — mSOL is minted only when someone stakes SOL through Marinade and burned when they unstake, so the supply simply tracks how much SOL is liquid-staked. Value grows through the exchange rate instead: each mSOL becomes redeemable for more SOL as rewards accumulate. It's an elastic-supply design rather than a capped coin.

mSOL lives on Solana, so any Solana-compatible wallet works — Phantom, Solflare, or a Ledger hardware wallet. You can simply hold it, or put it to work: swap it for SOL on DEXs, lend it, add it to liquidity pools, or use it as collateral across Solana DeFi. To get your SOL back, either swap mSOL on an exchange or unstake through Marinade, which takes a little time to process.