Ever wondered how some of the biggest players in the crypto world got their start? It's often not through massive VC funding rounds but through gritty hackathons, quick decisions, and a bit of luck. That's exactly the case with Marinade Finance, a leading liquid staking protocol on Solana that's now valued at over $2 billion. In a recent thread on X, Marinade's chef (that's crypto speak for a key team member) @repetny shared the untold story of how it all began with an 'accidental' $30,000 grant. Let's dive into this inspiring journey that's perfect for anyone interested in Solana's DeFi scene or building in blockchain.

From Hackathon Chaos to Team Assembly

Back in late 2020, the crypto world was buzzing with innovation, especially around decentralized finance (DeFi). @repetny thought he was joining a team from the ETHGlobal hackathon focused on Tenderize.me, a project aimed at liquid staking on Ethereum. Liquid staking, by the way, lets users stake their tokens to secure a network while still using them in other DeFi activities—think earning rewards without locking up your assets.

But surprise: the 'team' was down to just one person. That lone founder introduced @repetny to Solana's DeFi hackathon, with applications closing in just seven days. Solana, a high-speed blockchain known for its low fees and fast transactions, was gaining traction as an Ethereum alternative, especially for meme tokens and DeFi apps.

They hustled to build a team through Discord chats and personal networks, whipped up a proof-of-concept (POC) for liquid staking on Solana, and submitted it. Not only did they win a prize, but they also scored mentorship from Kyle Samani, a big name in crypto investing. Suddenly, venture capitalists (VCs) were sliding into their DMs every day. Talk about a whirlwind!

Vision Clashes and Pivotal Moments

Success brought challenges. The co-founder wanted to raise VC money right away or even

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get acquired—Lido, a major Ethereum staking player, showed interest. Meanwhile, original Tenderize members popped back up, pushing to pivot back to Ethereum.

@repetny had a different vision: stay focused on Solana, dive deep into web3 tech, and build with the community. Web3 refers to the decentralized internet built on blockchains, where users control their data and assets.

The turning point came during a call with the Serum Foundation. Serum was a decentralized exchange (DEX) on Solana, and they were discussing a $30K ecosystem grant to support promising projects. The rep casually said, "Send your SRM address when ready," and ended the call. SRM is Serum's native token.

In a flash, @repetny copied his address from FTX (a now-defunct exchange) and pasted it into Telegram. Grant received in minutes. But this quick action upset his partner, who wanted the funds in his address. They put it to a team vote on leadership, and the team chose @repetny.

That 'accidental' grant—really just a speedy decision—became the seed for Marinade Finance. They rebranded from the hackathon project and set out to build what seemed impossible: a massive protocol bootstrapped from a community grant, without traditional fundraising.

Key Lessons from Marinade's Bootstrap Journey

@repetny wrapped up the thread with some golden nuggets of wisdom that resonate whether you're launching a meme token or a DeFi protocol:

• Decisions in Seconds Matter: The most impactful choices often happen fast, like that Telegram paste.
• Vision Alignment Over Early Wins: Initial success is great, but if the team isn't aligned on goals, it won't last.
• Community-First Beats VC Backing: A grassroots approach can rival well-funded competitors by fostering loyalty and innovation.
• Bootstrap DNA: Starting lean creates a resilient, focused culture that's hard to replicate.

This story shows how Solana's ecosystem, with its emphasis on speed and community, enables bootstrapped successes. Marinade Finance now helps users stake SOL (Solana's native token) and earn mSOL, a

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liquid version they can trade or use in DeFi, all while securing the network.

If you're in the meme token space on Solana, stories like this highlight why the chain is a hotbed for innovation. Tools like liquid staking can even supercharge meme projects by providing liquidity and yield. For more on Solana's latest, check out our guides on top Solana meme tokens or DeFi strategies.

What do you think—could your next big idea start with a hackathon? Share your thoughts in the comments!