After Solana ETF was approved, this project was shut down Fidelity, Grayscale VanEck、Fidelity、Bitwise、 Canary, Franklin Templeton, and CoinShares, eight asset managers, resubmitted their Solana spot ETF applications on the last day of July. The core of the new application is pledging, but this project is really undervalued. Let's sneak in! ⬇️ I have been cultivating Solana ecology for so long, and I rarely see anyone in Chinese sharing @ MarinadeFinance, but it is indeed a very impressive existence. Hey, pull the sheep? First of all, it is highly likely that the SEC will approve the Solana spot ETF with a new gameplay of staking rights. For example, Canary Capital has chosen to establish an exclusive partnership with Marinade, pledging liquidity through Marinade. The proceeds from the pledge can be used to purchase more SOL assets or distributed to shareholders. Returning to the fundamentals, a few numbers can provide a visual understanding of Marinade 2.1 billion: 1100 SOL pledged TVL 10 million: Annual cumulative income 45 million: ultra-low market value Is it surprising that the market value is so low with such a high TVL and so much income? The project team is not doing anything? Here we go. Starting from September this year, Marinade will allocate 50% of the transaction fee to repurchase the MNDE token and establish a 5% token destruction mechanism. Additionally, the project team has set up 25 million MNDEs for governance incentives. What is the concept of 50%? At the current level, it is 5 million US dollars, 500/4500, which can buy 11% of the circulating market value... Looking at it from another perspective, TVL is severely imbalanced in terms of market value and revenue ratio, and static observation shows a clear underestimation. The first pledged Solana spot ETF custodian, repurchasing, destroying, and incentivizing, this should be doing something, right? However, ultimately it depends on whether the market pays. Once the logic is established, if Marinade can truly deliver on the magic of change and add external innovation, this canary will take off. This is a soft core science popularization article, through which you can have a partial understanding of the following knowledge: What is Solana Spot ETF How the underestimated Marinade seeks change ▰ Sell more shanzhai to Americans (not Author: Anymose | A Soft Core Science Popularization Writer <End of Full Text>