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cofounder @sanctumso // lisan al gaib of gongtaos
NYC
Joined February 2021
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most tiring week of my life but with lots of learning experiences
i want to thank everyone who supports
@sanctumso
from the bottom of my heart- we hear all your feedback and criticism, we also feel your support.
we're not perfect, we make some mistakes, and we hear every
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no token allocation checker no airdrop claimer
DONT PRESS LINKS
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a very important clarification of most common questions re the checker
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hey folks a quick reminder to create your Profiles, and if you have, please do add your Deisgnated Claim Wallet
you have about 13.5 hours left
if you need an extension for a valid reason - pls fill this form
Remember to set your Profile and Designated Claim Wallet over the weekend!
Deadline is 1 July EST 0000.
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we take every piece of user feedback seriously at
@sanctumso
some feedback we got
> unclear on the composition of Infinity
> requests for more stats on INF
> better user flow
a better user experience is coming soon!
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there will be no airdrop allocation checker or claimer or launch of token etc during or after the Jup Planetary Call
please don't press any random links
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1/ Market crashes means a test of liquidity - a real busy day for the team
i mainly got two questions from
@sanctumso
users that i want to take time to properly explain here
(1) why was there "no liquidity" to withdraw SOL from Infinity?
(2) "depegging"?
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I know everyone rushed to check the Airdrop Checker, but i really wanted to emphasise two things that people may have missed in the airdrop post
1. We have set aside CLOUD for accounts we identified as earnest but did not connect to Profiles
2. Together with that, there will be
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we are making a public commitment here to pay no CEX listing fees
Introducing $CLOUD, the
@sanctumso
token
Thank you all for the outpouring of comments and suggestions on my first tokenomics proposal. I am floored by the power of our community. There are dozens of forum posts, hundreds of comments, and thousands of thoughtful Discord messages.
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I think we should extend Week 1's quest to run concurrently to last for the whole season.
Whatya think Wonderers?
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in case you missed this
@JupiterExchange
staked 100k SOL on their validator
and they’re giving all their yield for that stake to jupSOL holders
on top of 0% fees
CRAZY
Announcing JupSOL – the highest yield LST on Solana, with trustless delegation to Jupiter’s Validator.
This validator has 0% fees and 100% MEV kickback and currently has an additional 100K SOL delegated to increase the yield on JupSOL.
This will likely make JupSOL the highest
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start of last month we weren't even in the top 15, now we're top 5 😲
little wins, back to work
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quick suggestions to any celebs that aren’t out to completely exploit crypto users:
why not launch a celebrity LST instead?
let people buy your LST, 100% staking APY goes to you
good for network, sustainable, no one gets hurt, proves you’re bullish on SOL, educational
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Our commitment has never wavered: no fees whatsoever in whatever form for CEX listing.
Amazingly, this has served as a great opportunity for CEXes to show that the days of old have past - many are completely aligned with this new vision we have.
Grateful for
@Backpack
’s
A reminder that
@sanctumso
said they wouldnt pay for listing.
In my mind, this was a big test.
@Backpack
passed.
Who else will pass, take note.
Super bullish
@Backpack
. Thank you for this.
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What does this mean?
When you do LST-LST swaps, Infinity now is one of the potential routes which should give you some of the best possible prices through the INF multi LST pool.
With the withdraw and deposit function now integrated, you can now also swap between INF and any
Sanctum Infinity is now integrated into Jupiter Routing.
Sanctum’s INF is a basket of LSTs, used to provide liquidity between various LSTs, to bootstrap the infinite LST world and earn trading fees without giving up on staking yields.
Now, Sanctum Infinity is integrated into
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Please spend the time reading
@soleconomist
's outline of the long-term vision of Profiles with his usual eloquence.
On the practical side of things, to answer the most common FAQ related to upcoming launch:
1) With regard to $CLOUD, how do Profiles work?
For our launch, we care
On
@sanctumso
Profiles
We are building a composable social and loyalty layer for all projects on Solana. We want to build a new paradigm where the user, not the wallet, is the atomic unit that is recognised and rewarded.
Some of the cool things you'll be able to do with
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wonderland is a closed beta atm
it’s purely to test bugs
testing the UI/UX, no special benefit to early testers
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building a special group to evangelise the mission of
@sanctumso
i'll be slowly reaching out individually. if you think i missed out and you belong to this group - reach out to me
long live the cloudchasers
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infinity is truly insane level tech
one of the most common criticism levied at the Solana ecosystem over the years by folks outside were that "solana dapps have no innovation lah just copy ethereum dapps."
well, screw that, we did it. we created a primitive that was built from
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Profiles are your identity in the Sanctum universe.
Individuals, not wallets.
Our goal is to make sure users, not wallets get rewarded for walking with us in this journey together.
1/ We just launched Sanctum Profiles (in beta), and this is the thread that gives you everything you need to know: 🧵
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oh?
Who are the cool cats with the new Solana validator? Jupiter! They’ve got it all: zero % commission, 100% MEV kickback, LSTs. Your delegations will also help make their awesome platform more awesome. Congrats to the
@JupiterExchange
team!
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the past week at
@sanctumso
has been wild
> 🔝 g
@alkineee
joining the team
> Sanctum ecosystem surpassing $150m
> 43% ⬆️ in TVL
> Infinity > 600k SOL + > $100m in TVL
>Sanctum LSTs: 4k SOL to 100k SOL
> 21k followers (2x last week)
> growing rascal community of cloudmen
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the solana channel of the lido discord is a mess
stSOL holders trying to unstake completely lost and abandoned, CLI tooling broken.
there is over $24m of SOL stuck in stSOL.
i know stSOL is depreciated, but i don't think this the right way to treat your users
@LidoFinance
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Validator LSTs: Stronger Together, Only Possible On Solana
From the below picture, you can see that you can easily liquidate $1.3m worth of laineSOL in 1 transaction on
@JupiterExchange
.
As such, you'd probably assume that laineSOL has at least millions of liquidity in the
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it genuinely surprises me that takes like this still exist even among established builders, and reminds me how much work we have to do to educate and change the mindset of folks on SOL
virtually all LSTs on Solana use the exact same smart contract. there are notable exceptions -
This bull market's black swan is going to be an LST smart contract getting exploited.
LSTs are fun and useful but make sure you don't have all your eggs in one basket.
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the people want tensorSOL
let's do it
@tensor_hq
Flare DAO currently has a 2,500 SOL bid on Tensor for its own collection.
If this SOL was staked, the staking yield could buy back a Flare every 12 days.
This strongly incentivizes Flare DAO to remove most of its liquidity from Tensor.
Please make this a priority
@tensor_hq
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here’s the tldr for upcoming LFG launch for
@sanctumso
> Deposit into Vault for super cheap if you’re bullish on CLOUD but significant lockup length (months)
> Curve will start at 1M FDV (or lower)
> Curve will stop at 500M FDV, aka highest price anyone will pay is $0.5.
How we're making $CLOUD the greatest launch yet
I wanted to talk about how we're working to design the LFG launch to make the $CLOUD launch truly great: as liquid, fair and aligned as possible for everybody.
A great launch must be liquid. The baseline of any great launch is
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my full tldr of the whole stSOL situation
> stSOL sunset, front-end wound down
> Stakers who missed it now have to use Lido's CLI build to unstake (because stSOL uses a fork version of SPL stake pool program)
> withdraw through CLI broken because of Solana feature gate back in
Broken code traps $24m of Lido staked SOL — and holders want their tokens back
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a great launch is important - which is why the team at
@sanctumso
are putting in 200% for the past few weeks to ensure it makes waves!
but what's being built post launch is even more critical - take a peek at our long term vision 🔮
liquid staking. reimagined!
Sanctum Week isn't just about the $CLOUD launch, it's also what comes after!
Sanctum Summer - a Sneak Peek 👀
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pretty cool that during the market volatility over the past few days,
@sanctumso
proved its mettle
> serviced over $90m worth of LST-LST swaps through the router
> dispensed over 100k SOL from the Reserve
on top of that, in terms of growth
> INF growth trend in terms of SOL
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@FabianoSolana
hey, we'll have a process post TGE for missed earnest users - CLOUD was set aside specifically for this
i promise you that if you were earnest, you won't be left behind
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@BlurCrypto
hey i get this is a joke, but it really just isn't true
we were extremely stringent with the criteria for Earnestness for the top four categories
there is no way this could have happened
also, we didn't reward "pro-sanctum" users, we also rewarded constructive criticism and
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remember the days where a big price drop for SOL could result in the price depeg of even some of the biggest LSTs?
remember the panic the lack of liquidity in the market for LSTs would cause in terms of liquidations on the biggest lending protocols?
want to experience it for
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interlude part 1
s a n c t u m s u m m e r
== On the $CLOUD airdrop, part 1 ==
There is a rot in crypto: the scams, the ponzis, the memecoin rugs. The bigger we grow, the more grifters show up -- like centipedes slithering out of the floorboards -- and the more polluted this space gets.
But strip away the rotten
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besides the big $100m TVL milestone, the Sanctum Reserve also crossed the 2M mark for total SOL dispensed today!
a cornerstone of the ecosystem.
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From 0 to $8.5m in less than 30 days. Who says LSTs are for big boys only?
At
@sanctumso
, we work with some amazing validator LST operators - one of which I want to highlight today is the fantastic
@pico__sol
validator team.
>started with 0 TVL in picoSOL
> not a massive
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LSTs aren't just a way to generate yield for the individual, but it's a fantastic way to generate revenue for a good cause
excited to see how this goes, rooting hard for the
@_cubik
team!
1/ We are so excited to announce that we have partnered with
@_cubik
to launch their very own LST.
This is a first of its kind initiative where the staking returns will go entirely to fund public goods on Solana.
Introducing iceSOL!
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top 6 pool provider on
@jupiterexchange
is wild to me
@sanctumso
's not even a DEX and only facilitates LST related swaps
Jup routing of Infinity is gonna be massive
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I've received a lot of tags requesting Wonderland EXP in
@sanctumso
's Wonderland for deposits in new protocols recently.
This is the team's final and official response:
Only the original 5 integrations listed at the start of Wonderland S1 for INF - Armada & Meteora Specific LP
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Backpack is now usable again on
@sanctumso
Thanks a lot
@Backpack
team for helping with a fix!
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ok that's out of the way
i think it's about freaking time we launch
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give me one valid reason why you aren't staking with 1 of
@sanctumso
LSTs.
double the APY of normal staking, and it's pure yield from validator revenue, not token boosted.
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hiring at
@sanctumso
for multiple roles - bd, marketing and comms. no need for experience, degrees or resumes.
in these candidates, we're looking for 4 things: 1) a clear understanding of sanctum's vision, 2) strong language skills, 3) hard work with a passion to learn and 4)
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ok I can breathe a bit now
hope everyone’s having fun with wonderland
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In her latest Weverse stream in preparation for the group's comeback "Armaggedon", Aespa's Winter reveals her obsession with
@sanctumso
's Wonderland.
"OMG in between dance practice, all I do is watch my EXP go up. I love Solana. I LOVE BLOBS. Look at my blobs. I love blobs."
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important changes and previously unannounced edits
Increase of 2% to total LFG sale from 8% to 10%
> The Vault will sell up to 5%. If fully subscribed, the max price users will pay for 1 $CLOUD is $0.15 - this is even lower than the original $0.18 we initially announced
> The
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please remember to set your Designated Claim Wallet if you have multiple wallets
1/ Important information about your Designated Claim Wallet for our upcoming $CLOUD
Introducing Designated Claim Wallets!🧵
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super proud of every team in the Solana ecosystem and how we successfully handled liquidity and risk
a far cry from the last big price crash we had after FTX’s collapse
mature ecosystem that were well prepared from building in the bear
onwards
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we've been super busy with Wonderland at
@sanctumso
but it's about ready to go
there's also gonna be a LOT more new LSTs.
in particular, a special LST that's been in the works for a while that i'm personally super excited about. it won't appear like the sexiest thing - but
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study stake weighted quality of service.
study how projects are setting up validators.
study how they need stake.
study how they will attract stake.
study.
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just compiled a list of upcoming nft mints for the weekend 2/3rd October, will try and make this a thing! hope it helps :)
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really amazes me how far we've come since 2023.
from one million dollar liquidations to multi-million dollar liquidations possible.
next up, hundred million dollar liquidations.
#OnlyPossibleOnSolana
Liquidity Powered by
@sanctumso
through
@JupiterExchange
™️
Million dollar liquidations for LSTs now possible.
Never ceases to amaze me.
#OnlyPossibleOnSolana
@sanctumso
@JupiterExchange
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whole team's busy shipping something next two weeks so we won't be at Dubai
have a safe and good time everyone!
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if you're having issues please have patience with the site we're trying to deal with the capacity atm
so many sign ups
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if you're not seeing your EXP or pet, please be patient there's a ridiculous inflow right now
it will appear
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$100m TVL’s a nice small milestone for a new month.
just the start, we measure in SOL over here. job’s just begun.
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i've been jetlagged out of my mind living like a zombie sleeping like 3 hours a day the past few days
but today is smacking me a little
big day, i think
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gm
there’s currently a degraded experience for users of
@sanctumso
with
@Backpack
wallet. We’ve informed the Backpack team and hopefully there will be a fix soon.
If you’re having trouble:
1) Turn on Developer Mode on Backpack and choose the Helius RPC
2) Use another wallet
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no sanctum summer without 🌚
Profiles may be locked but we not sleeping on anything 🌚👀 promise it'll be slick af with
@sanctumso
. Coming soon.
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The Golden Path of
@Sanctumso
1. Unified Liquidity Layer - The Consolidation. Build the unified liquidity layer to solve liquidity fragmentation, and to support as many potential LSTs as possible.
people are intrigued but laugh it off. "wow, nice solution. but there's only like
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there is only one person to blame for the delay of Wonderland
please direct all your complaints and ire to
@0xF812
he doesn't want ya'll to go in
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if you've applied to be a Cloudchaser
you'll know your application was successful
when you connect the wallet you indicated for the application to wonderland,
you'll automatically be able to access Wonderland.
no onboarding required.
gl wonderers
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To summarise the
@sanctumso
Unified Liquidity Layer infrastructure stack:
Unlock liquidity that was previously only accessible to each individual LST to be tapped into by all LSTs with the Router
Increase shared liquidity with the Reserve to support all LSTs that previously did
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Sydney Sweeney reveals in an interview that she's a big of Solana liquid staking.
"Sanctum's solved liquid staking with their infrastructure stack. Removing liquidity fragmentation for LSTs allows for innovation and value creation."
She added, "I might launch a sydneySOL."
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7/ In times of massive sell-offs, temporary depegging the price of LSTs will happen.
but one thing is for sure - your SOL is 100% secure and you'll get fair value for your LST by the end of the epoch. there are only 3 risks for you
> a haircut if you want to dump all your LSTs
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this really feels like the day i first found out about defi/metamask/onchain wallets
not just a builder, just as a truly excited participant
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oreSOL
Getting the urge to run a validator that only lands ore txs
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meh, we don’t need another stSOL scenario
don’t get me wrong, pendle and ethena are great
but if Solana wants these type of protocols, isn’t it much better if we have protocols that are built by Solana natives who understand Solana and build it from first principles for Solana?
Do you want Pendle x Ethena on Solana in May?
Genuinely trying to gauge community interest
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restaking seems complicated but at its core it's really simple-
deposit *any asset* into a pool. operators can then come to this pool and request depositers to perform a certain task. it could be validating a roll-up or an L2, but it could also be going to taking a shot with Z
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a little backstory
We first started working on Socean way back in 2021. We were pretty much pioneers - having worked on the SPL stake pool program, and being the 2nd live stake pool on Solana. Things were going quite well, at one stage we exceeded around 700k SOL in deposits.
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racer was too excited for wonderland so he decided to let us go first
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a quick shout to the tech gods
@datascraper69
and
@0xF812
- they've been chewing glass so hard i think they may have broken their jaws
everyone asks wat is wonderland, but no one asks how is wonderland 🥹
show them some love bbs
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the final numbers are out
12.5% PURE APY ON YOUR SOL (or LST)
♾️:
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