In "Game of Thrones", the Iron Throne symbolizes the ultimate vesting of power. Countless families have assassinated, allied, and bled for it, only to realize in the end that the one who sits on the Iron Throne is not the craziest person, but the player who simultaneously holds resources, alliances, and systems.

@MarinadeFinance is following a similar path of royalty in the Solana ecosystem, like a family steadily accumulating chips and quietly gathering an army.

1/ Resources - Cash flow is the military salary.

While other DeFi projects are still telling stories, Marinade has turned stories into real money, with an annual income exceeding ten million dollars. Its market value is only 45 million, and the P/S ratio is absurdly low.

Income is military pay, which can continuously buy the army—this is also the MNDE buyback in the agreement.

The buyback mechanism has been launched. Starting from September, the team will use 50% of the protocol's revenue each month to buy back tokens in the market, along with a 5% token burn. This is equivalent to continuously "supplying reinforcements + depleting enemy troops," creating a positively spiraling effect that feels like a cheat.

2/ Alliance - ETF and BitGo endorsement

In Game of Thrones, a family fighting alone will eventually be liquidated. To break out and survive well, it is crucial to ally with strong allies.

Marinade has become the official staking partner of the first Solana ETF in the United States and has partnered with BitGo for custody. What does this mean?

——means external real money may enter the market at any time. Just like Winterfell is backed by the Vale and Daenerys, once the allies arrive, the situation will be completely rewritten.

3/ System — The law of supply and demand is the rule.

The Iron Throne ultimately falls into the hands of those who rule the rules, and this is the bloody reality depicted in Game of Thrones. Whoever controls the rules is the king.

Marinade has written the income - repurchase - destruction into the protocol, locking the value transmission through mechanisms, without relying on emotional support. This is a strong moat; as long as the mechanism continues to operate, the competitiveness remains.

I have to say, every failing project has its own way of failing, while excellent projects share common traits—this buyback mechanism reminds me of the familiar $HOME.

Summary

Currently, the MNDE's TVL has exceeded 2 billion dollars, but the price remains in a low point. It's like those families who have stockpiled supplies and sharpened their swords early—everything is ready, just waiting for the battle.

Once the market identifies a valuation mismatch, the price of MNDE may not just rebound, but enter a "Shura field mode" directly.