marginfi LST

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

marginfi LST is a genuine Solana liquid-staking token backed by mrgn validators, with Jito MEV rewards and liquidity routed through Sanctum. The August 15, 2026 survey reported about $7.48M. The former category rationale is no longer valid: Marinade, the named comparator, is now rejected after its validator-count kill criterion fired. With no approved Solana-LST selection established by the reviewed evidence, marginfi cannot remain rejected merely as the unselected alternate. The shared v1 below-materiality dossier now controls pending a fresh category decision.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days
• A fresh Solana-LST category review establishes a current eligible comparator set and marginfi LST demonstrates a durable advantage in realized validator distribution, governance, fees, operating record, primary redemption or executable exit liquidity

The research file

Applicability to the surveyed record

marginfi documents LST as a transferable claim created when SOL is staked to mrgn’s validator set. Rewards accrue from Solana staking with Jito MEV passed through and no stated validator-income commission or protocol fee. This establishes the product mechanism, but it does not establish a valid selected protocol after the former comparator was rejected.

Current observation and comparison perimeter

The DefiLlama protocol API read on 2026-08-15 reported approximately $7.48M on Solana and classified the record as Liquid Staking. Marinade was subsequently rejected at max allocation zero after its published validator-count criterion fired, so it is not a current selected comparator. The reviewed evidence does not establish another approved Solana LST, and the marginfi survey remains far below the shared $100M materiality floor.

Control, loss and exit applicability

marginfi selects and operates the mrgn validator set and relies on Jito for MEV. The official guide describes instant liquidity through Sanctum, while the FAQ directs holders to unstake.it or Sanctum to swap LST back to SOL. Executable exit therefore depends on secondary routing and depth as well as Solana stake-pool mechanics, and the token retains validator, slashing, contract and liquidity risks.

Why the shared dossier decides

The v1 below-materiality dossier controls because the previous category trigger has already fired and no replacement selection is evidenced. Reopen after marginfi LST sustains at least $100M for 30 days or as part of a fresh Solana-LST comparison; then verify realized validator distribution, governance and authorities, fees, operating record, audits and incidents, primary redemption and executable secondary depth against every eligible candidate without automatically reinstating Marinade.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• marginfi — LST user guide · primary · accessed 2026-08-15
  Supports: SOL liquid staking, mrgn validator set, zero stated fees, Jito MEV, Sanctum liquidity
• marginfi — FAQs · primary · accessed 2026-08-15
  Supports: LST unstaking, unstake.it, Sanctum, SOL exit
• Solana — stake-program documentation · primary · accessed 2026-08-15
  Supports: Solana delegation, stake authority, deactivation, withdrawal mechanics
• Marinade — historical comparator context · primary · accessed 2026-08-15
  Supports: former comparator mechanism, validator delegation, SOL liquidity, unstaking
• DefiLlama — marginfi LST survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Solana perimeter, Liquid Staking category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.