On September 7, 2026, CoinGecko's daily snapshot priced Marinade staked SOL (mSOL) at $149.30, with a market cap of about $245.6 million. By October 25, 2026, the price was $142.22, 4.7% lower, and the market cap was about $227 million. Most of that drop came from SOL itself. mSOL is a receipt for staked SOL, so its dollar price is roughly the SOL price multiplied by an exchange rate that only goes up. On October 25, one mSOL redeemed for about 1.414 SOL.
Time left until October 25, 2026 · end of day UTC
Where mSOL stands now (October 25, 2026)
| Metric | Value | Source, date |
|---|---|---|
| mSOL price | $142.22 | CoinGecko, 25 Oct 2026 |
| Market cap | $227.01M | CoinGecko, 25 Oct 2026 |
| SOL price | $100.82 | CoinGecko, 25 Oct 2026 |
| mSOL/SOL rate | 1.4141 SOL per mSOL | Marinade API, 25 Oct 2026 |
| 30-day staking APY | 4.99% | Marinade API, 25 Sep–25 Oct 2026 |
| Marinade liquid staking TVL | about $229.8M | DefiLlama, 25 Oct 2026 |
| All-time high | $363.77 | CoinGecko, 19 Jan 2025 |
The numbers agree with each other. 1.4141 × $100.82 comes to about $142.6, close to the quoted mSOL price. At $142.22, mSOL is about 61% below its all-time high.
The week of September 7, 2026
- Price: $149.30 in CoinGecko's daily data for 7 September 2026.
- Market cap and volume: CoinGecko recorded a market cap of about $245.6M and 24-hour volume of about $4.14M for 7 September.
- TVL: DefiLlama put Marinade liquid staking at about $249.5M on 7 September 2026. By 25 October it was about $20M lower in dollar terms, in line with the lower SOL price.
What Delayed Unstake pays you
Enter how much mSOL you hold to see roughly how much SOL Delayed Unstake returns after Marinade's 0.2% fee.
| Your mSOL amount | SOL per mSOL | Delayed Unstake protocol fee | SOL received after the delayed fee |
|---|---|---|---|
| 10 mSOL | 1.4141 SOL | 0.2 % | 14.1127 SOL |
| 100 mSOL | 1.4141 SOL | 0.2 % | 141.1272 SOL |
| 1 mSOL | 1.4141 SOL | 0.2 % | 1.4113 SOL |
- The rate and fee defaults are the figures stated in the article for 25 October 2026; the rate goes up each epoch, so today's payout will be slightly higher.
- The result is in SOL, not dollars: its dollar value moves with the SOL price.
This is arithmetic on your inputs only: it does not apply the 1.0043 SOL minimum, does not quote the Instant Unstake swap rate or its price impact, and does not account for the wait of about one epoch (or until epoch n+2).
Why mSOL follows SOL but slowly gains on it
Marinade describes mSOL as "a liquid staking token that you receive when you stake SOL on the Marinade protocol." It works as a receipt for SOL held in Marinade's stake pool.
- No rebasing. Marinade's docs say "Your mSOL balance never changes." Rewards show up in the exchange rate instead, so the same mSOL converts to more SOL over time.
- The rate formula. Marinade gives the price of mSOL as
total_staked / tokens_minted, recalculated every epoch (about one day). The docs say the price "is going up each epoch relative to SOL as long as staking rewards are distributed." - What this means in practice. In SOL terms, mSOL's value rises steadily. Over the 30 days to 25 October 2026 the APY was 4.99%. In dollar terms it moves almost entirely with SOL, and over any short period a fall in SOL outweighs the staking yield.
Getting out: two ways to unstake
Marinade's documentation and fee page describe two routes:
| Route | How it works | Cost | Timing |
|---|---|---|---|
| Instant Unstake | A swap from mSOL to SOL through a decentralised exchange route | No Marinade fee; you pay the route's fees, spread and price impact | Same transaction; no minimum |
| Delayed Unstake | You get a claim ticket and receive SOL from the stake pool | 0.2% protocol fee, minimum 1.0043 SOL | About one epoch later; requests made in an epoch's last 2 hours are paid at the start of epoch n+2 |
According to Marinade's help page, the protocol takes no performance fee on Marinade Liquid. On a large Instant Unstake, price impact can cost more than the 0.2% delayed fee. Before you choose, compare the quoted swap rate with the delayed route.
What to watch
- The SOL price. It drives almost all of mSOL's dollar moves.
- The mSOL/SOL rate. It should rise every epoch. If it stays flat or falls, something is wrong with reward distribution.
- The mSOL discount on the open market. When liquidity is thin, the swap price can fall below the redemption rate. Delayed Unstake lets you exit at the full rate, less 0.2%.
- Marinade governance. Proposal MIP.8 (January 2025) would have changed Delayed Unstake to issue stake accounts and charge a fee. According to the forum, it went to a vote and was later re-proposed. The current docs, not older summaries, describe how unstaking works today.
Crypto assets are volatile and you can lose your capital. Nothing here is investment advice.
