Cloud

• Sanctum is a liquid staking infrastructure protocol on Solana supporting many different staking tokens.

• Its shared liquidity pool lets any liquid staking token trade without building its own market.

• CLOUD is the governance token.

• Supply allocated across community, ecosystem and contributors.

• Governs pool parameters and validator standards.

Pros:

• Shared liquidity solves the bootstrapping problem for new liquid staking tokens.

• Supports many tokens rather than promoting one, which avoids centralising Solana staking.

• Genuine infrastructure position rather than competing for deposits.

Cons:

• Solana ecosystem concentration.

• Infrastructure position means limited direct fee capture.

• Depends on liquid staking tokens choosing to integrate.

• Exposure to Solana liquid staking infrastructure.

• Supporting many tokens rather than one is better for the ecosystem and for the protocol's position.

• Weigh the limited direct fee capture.

• Shared liquidity across every liquid staking token on Solana, so a new one launches with instant tradeability.

• Each new liquid staking token must bootstrap its own liquidity, which favours incumbents and centralises staking.

• A shared pool removes that barrier and keeps the validator set distributed.

• Founded by FP Lee and Julian Mak.

• Backed by Dragonfly and Solana ecosystem investors.

• No public ICO. Distributed through airdrop and ecosystem allocations in 2024.

• Solana ecosystem dependency.

• Limited direct fee capture from an infrastructure position.

• Integration dependency on other protocols.

• Competition from dominant single-token liquid staking providers.