Here’s a longer breakdown on $MNDE as promised and why it’s the more slept-on Sol staking play. $1.74B TVL, trading at just $62M market cap → Same league as Jito in usage, priced like it’s irrelevant → Jito: $2.73B TVL | $756M mcap vs MNDE: $1.74B | $62M mcap First staking provider named in a U.S. ETF filing → Marinade Select powers CanaryFunds Solana ETF proposal → Likely default for future ETF issuers? - narrative window opens into July/August Protocol rev Q1 2025: $3.6M → $14.4M annualized → 40% of revenue going to buybacks = ~$5.8M/year → At $62M mcap, that’s ~9% of supply bought back annually → No other protocol matches that buyback/mcap ratio Clean Tokenomics → FDV = Circulating → No VC unlocks, no team overhang Versus Jito: → Jito: $15M annual rev, $756M mcap → MNDE: $14.4M projected rev, $62M mcap → Same revenue, 12x cheaper - and MNDE gaining TVL while Jito leaks (looking at the current month) Why it’s been slept on: → No perps, no T1 CEXs (yet). Available only via Coinbase spot + Onchain → Most people didn’t do the math, and ETF mention flew under radar