The memo
REJECTED, ON THE SAME VALIDATOR-SELECTION FINDING THIS REGISTRY ALREADY REACHED FOR MSOL. Marinade Native is not a liquid staking token — it issues no token at all. A client's SOL stays in an ordinary native stake account under their own wallet's withdraw authority at all times; Marinade's only power is to choose which validators to delegate that stake to. That non-custodial structure is a genuine improvement over a pooled-contract liquid staking token, and this review credits it. But Native delegates through the same Stake Auction Marketplace mechanism this registry's existing mSOL memo already found insufficient — a yield-ranked validator auction that has previously produced a sandwich-attacking validator winning delegation (the episode behind Marinade's own MIP-9 governance response). Using the same allocation mechanism for a non-tokenized product does not cure that finding. Separately, no source discloses whether any admin or pause authority exists over the delegation program itself, or who would hold it.
What would reopen the file
- The SAM validator-selection process demonstrates sustained exclusion of low-quality or MEV-abusive validators, resolving the finding already documented in the mSOL entry
- Admin or pause authority over the Native delegation program is disclosed, including who holds it
- This entry is reopened only once the linked mSOL entry's own reopen conditions are also met, since both share the same allocation mechanism
Facts on file
- Verdict
- Rejected
- Exposure
- staking
- Chains examined
- Solana
- Memo version
- v1
- Reviewed
- Next review