After the approval of the Solana ETF, this project is incredible. On the last day of July, eight asset management firms, including Fidelity, Grayscale, VanEck, Fidelity, Bitwise, Canary, Franklin Templeton, and CoinShares, resubmitted their applications for a Solana spot ETF. The core of the resubmission is to bring staking into the ETF, and there is a strongly related project that is truly underestimated. Let’s dive in! ⬇️ Having been farming in the Solana ecosystem for so long, I rarely see anyone sharing about @MarinadeFinance in Chinese, but it is indeed a very impressive entity. Feeding sheep? First, the hot topic: the SEC is very likely to approve a Solana spot ETF with a new staking rights model. For example, Canary Capital has chosen to establish an exclusive partnership with Marinade to conduct liquid staking through Marinade, with staking rewards available for purchasing more SOL assets or distributing to shareholders. Let’s return to the fundamentals and look at a few numbers to understand Marinade intuitively: ▰ 2.1 billion: 1,100 SOL staked TVL ▰ 10 million: annual cumulative revenue ▰ 45 million: ultra-low market cap With such a high TVL and so much revenue, how can the market cap be so low? Is the project team not doing anything? Starting from September this year, Marinade will use 50% of the transaction fees to buy back the token $MNDE and set up a 5% token burn mechanism. Additionally, the project team has allocated 25 million $MNDE for governance incentives. What does 50% mean? At the current level, that’s 5 million dollars, 500/4500, which can buy 11% of the circulating market cap… From another perspective, the ratio of TVL to market cap and revenue is severely imbalanced, and static observation shows a clear undervaluation. As the first staking-related Solana spot ETF custodian, buybacks, burns, and incentives, this should indicate that they are taking action, right? However, it ultimately depends on whether the market will accept it. The logic is sound; if Marinade can truly deliver on its transformative techniques and leverage external innovative trends, this canary is set to take off. This is a soft-core popular science article, and through this article, you can gain a basic understanding of the following knowledge: ▰ What is a Solana spot ETF ▰ How the underestimated Marinade seeks change ▰ Selling more altcoins to Americans (not really) Author: anymose | A soft-core popular science writer <End of full text>