1/ @MarinadeFinance recently passed MIP.11, a proposal to initiate MNDE buybacks. The proposal was traded on through futarchy, hosted by @MetaDAOProject Here are the details 🧵

2/ Marinade earns its revenue from SOL inflation, MEV, and the Stake Auction Marketplace (SAM). While 90.5% of this revenue is allocated to stakers, 9.5% accrues to the DAO Treasury. MIP.11 proposed that 40% of the DAO revenue be used to fund MNDE buybacks.

3/ Marinade's DAO revenue has run between $7.2M and $16.4M, annualized. This buyback program could acquire $2.9M-$6.6M in MNDE/yr. This equates to 5.8%-13.2% of MNDE's $50M market cap.

4/ The futarchic market for this proposal passed, with a 5.8% spread between the Fail TWAP and the Pass TWAP. The Fail TWAP settled at $0.0992, and the Pass TWAP settled at $0.105, while the spot MNDE price was trading at $0.096. The market traded $33k in volume across 50

5/ When the proposal passed, the spot MNDE price rose over 50%, and is now trading 16% above the Pass market TWAP. @MarinadeFinance has effectively employed futarchy to make decisions that are accretive to tokenholders.

6/ For more insights into @MarinadeFinance's financials, check out our full dashboard on @blockworksres.