# Why Ketju rejected Marinade Native

- URL: https://riadefi.com/rejections/marinade-native/
- Exposure: staking
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-11-19

## 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

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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