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    Marinade's Non-fungible Chefs

    Marinade Finance officially launched their protocol governance system on April 4, 2022. In order to participate in governance, holders of the protocol's native MNDE token lock their tokens in exchange for an NFT. This NFT, which varies in size based on the total amount of MNDE locked, represents total voting power and is used to vote on proposals. Governance NFT holders will soon have direct control over a portion of the protocol's validator delegation strategy too.

    The following diagram examines minting activity after April 4, 2022, based on which:

    - The most action was performed on April 4, 2022, and since then it has had a downward trend
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    The following diagram shows the minting activity along with the volume after April 4, 2022, based on which:

    - The highest volume was done on April 9, 2022, and has been declining since then
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    The following diagram examines the distribution of Chef NFTs by number
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    The following diagram examines the distribution of Chef NFTs by volume
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    The chart below examines the daily distribution and shows that whales have the largest share
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    The chart below shows the number of whales in level 5

    Conclusion:

    Most mint was done on April 4, 2022 and also the number of whales in level 5 is about 37 and the highest number in level one and the highest in terms of volume as obviously in level 5 which belong to the whales.