Ep. 680 The Future of Staking: Marinade Finance CCO on Solana, ETFs & MNDE Token
CRYPTO 101
Bryce Paul & Brendan Viehman
4.6 • 821 Ratings
🗓️ 2 October 2025
⏱️ 23 minutes
🧾️ Download transcript
Summary
In this episode, Bryce Paul interviews Hadley Stern, Chief Commercial Officer of Marinade Finance, a leading Solana staking platform. They discuss how Marinade enables decentralized staking, the evolution of staking in Solana versus Ethereum, the role of the MNDE token, institutional adoption, ETF strategies, and lessons Stern brought from his leadership at Fidelity Digital Assets. The conversation highlights liquid vs. native staking, decentralization benefits, yield sustainability, and the future of staking in both retail and institutional markets.
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Chapters
0:00 Intro
02:27 – Why use a staking provider?
05:13 – The MNDE token explained
06:37 – CCO role & institutional focus
08:26 – ETFs & regulation
10:24 – Yield sustainability
12:07 – Native vs. liquid staking
14:48 – Looping & leverage risks
16:44 – MNDE value accrual
17:49 – Lessons from Fidelity & TradFi
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Transcript
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| 0:00.0 | Welcome to the Crypto 101 podcast presented by Gemini, your bridge to the future of money. |
| 0:10.3 | All right, welcome back. We are joined by another great guest. This is the chief commercial |
| 0:19.5 | officer of Marinate Finance, Hadley Stern. |
| 0:22.8 | Sir, thank you for joining us. And how are you doing today? I'm doing great. Thank you very much. |
| 0:27.0 | Great to be with you here today. Yeah, I'm very, very pleased. And full disclosure, you know, |
| 0:32.5 | we run a hedge fund Tower 18. We are invested in marinade tokens on the secondary. We're really excited about what |
| 0:39.0 | you guys are building. And I'm not going to be the one to tell all about what you guys are up to. |
| 0:44.7 | But that's why I've got you there. So Hadley, tell us high level. What is Marinate finance working on? |
| 0:52.3 | Great question. And thanks for being an investor investor and thanks for having us on today. |
| 0:57.0 | So marinate finance, I like to say, is relatively interesting on podcasts and kind of |
| 1:03.6 | very boring at cocktail parties because Arcon is Salana staking. So let's unpack that a little. We're crypto, we're on one blockchain, |
| 1:14.8 | and within that blockchain, we are experts on everything to do with Salana staking. And so what does |
| 1:20.3 | that mean? That means that we've been in existence for four plus years. I joined over a year ago, |
| 1:26.9 | and the company came out, if you know Salana |
| 1:30.0 | History, Solana is not that old of a chain. So four plus years is very early in the evolution of |
| 1:35.0 | Salana. Maronade started out of a Salana hackathon. And the problem the company solved is how to keep |
| 1:41.4 | the Salana network decentralized by offering people who want to |
| 1:44.7 | stake Salana the highest yield. What that means in normal speak is we don't run any validators |
| 1:51.5 | ourselves. Instead, we're kind of a validator marketplace. So we have about $2 billion of total |
| 1:56.7 | value locked up on our platform, and people stake with us either through MSOL or liquid |
| 2:01.8 | staking token or through Marinate Native, which is native, which we really dived a lot into |
| 2:08.2 | in the past 18 months, and I can talk a little bit more about why. Yeah, no, we definitely want to |
... |
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