A Quick Overview of Sanctum Token and the Latest Airdrop Information

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Original | Odaily Planet Daily

Author | Azuma

On June 5th, Beijing time, the Solana ecosystem LST staking protocol Sanctum officially announced the basic information about the token economic model, and explained some detailed plans about the point activities and airdrop schemes through subsequent community AMA sessions.

As the top project in the second phase of the Jupiter LFG Launchpad voting, Sanctum has always attracted high attention in the Solana community. In the past one or two months, Sanctum has made rapid progress in terms of data, especially with the help of the first season points activity Sanctum Wonderland S1. As of the time of writing, the TVL is temporarily reported to be $10.3 billion, making it the fourth-ranked DeFi protocol in the Solana ecosystem.

一文速览Sanctum代币及空投最新信息

Project Analysis

In April, Sanctum announced the completion of its seed round extension financing, with Dragonfly leading the investment and participation from Sequoia, Solana Ventures, CMS Holdings, DeFiance Capital, Genblock Capital, Jump Capital, Marin Digital Ventures, etc. Although the amount of this round of financing has not been disclosed, Sanctum revealed that the total amount of financing for the project has reached 6.1 million US dollars.

Unlike conventional liquidity staking protocols, what Sanctum does is more like helping Solana build a more unified liquidity staking paradigm to address the liquidity fragmentation issue of major staking tokens (LST, such as Sanctum's own INF, as well as jitoSOL, mSOL, bSOL, and other tokens) within the current Solana ecosystem.

By building a unified liquidity layer around the liquidity pledging scenario, Sanctum can help users achieve instant and lossless redemption, or interconvert between major LST with minimal wear and tear, through multiple modules such as Reserve (which supports instant unpledging services for all LST), Router (which supports the mutual conversion of two LST that usually have no trading path), and Infinity (which supports mutual conversion between all LST).

Token Economy Model

Last night, Sanctum's founder FP Lee disclosed the token economic model of the project.

The protocol token of Sanctum will be named CLOUD. In addition to having basic governance utility, FP Lee also mentioned that potential partners may need CLOUD to qualify for Sanctum's validation program, which also adds some practical value to CLOUD.

一文速览Sanctum代币及空投最新信息

The total supply of CLOUD will be 1 billion, and the specific allocation is as follows:

  • Community Reserve 30%: The community reserve should be strategically used to expand Sanctum's market share, and the community will ultimately decide how to use this reserve;
  • Strategic Reserve 13%: The team will use this reserve to develop the Sanctum ecosystem, such as for future acquisitions, strategic investments, ecological partnerships, donation plans, liquidity provision, and so on.
  • Team 25%: Lock-up position for one year, followed by linear release over 24 months.
  • Investors 13%: Sanctum has previously sold some tokens at valuations of 50 million and 60 million, most of which were sold in 2021. This portion of tokens will also be locked up for one year and then released linearly over 24 months.
  • Initial Airdrop 10%: Will be distributed to the community during the CLOUD TGE.
  • LFG Launch 8%:Used to inject initial Liquidity for CLOUD on Jupiter's Launchpad.
  • LFG Donation 1%: This portion will be donated to Jupiter LFG, as is the usual practice, Jupiter will usually airdrop it to LFG voters.

From the circulation perspective, CLOUD can achieve a maximum initial circulation rate of 18% during the TGE, which includes 10% of the initial airdrop share and 8% of the LFG Launch share, but the unsold tokens in the Jupiter Launchpad will be transferred back to the strategic reserve.

Points Activity

Currently, the first season of Sanctum's points activity has officially ended, attracting participation from over 300,000 addresses in total for this season.

However, there are still some details to be confirmed about the first season's points event, including information about the effectiveness of 'cupcakes' and the final points situation for users —— Sanctum indicates that the final statistical data is still being determined, so the scores displayed on the front end may vary slightly.

As for the second season event, FP Lee's original plan was to launch it immediately after the first season event ended. However, in order to provide users with a different participation experience, it was decided to postpone the launch in order to carry out a more rich design. As for the specific launch time of the second season, there is currently no specific information, but it can be confirmed that it will be after TGE.

一文速览Sanctum代币及空投最新信息

Airdrop Plan

Currently, the confirmed information about the airdrop is that 10% of the CLOUD tokens (100 million) will be distributed to the participants of the first season's activities, FP Lee also revealed that a certain witch screening will be conducted to distinguish between 'farmer' and 'true believers'.

As for the timing of TGE and airdrops, there is currently no specific timeline. The official statement only mentioned that the eligibility for the airdrop will be disclosed and open for claiming in the coming weeks.

一文速览Sanctum代币及空投最新信息

It's worth mentioning that although the 10% CLOUD used for the initial airdrop is included in the initial circulation range, FP Lee also mentioned that there may be additional rules for the specific receiving design to ensure that 'true believers' can have certain liquidity advantages - such as setting 50% of the airdrop share to be unlocked immediately, and the remaining part will be unlocked within 7 days - but the plan is still to be determined.

一文速览Sanctum代币及空投最新信息

Where to trade?

In addition to Airdrop, another direct way to get CLOUD is to participate in Jupiter's LFG Launchpad.

A total of 8% of CLOUD will be invested as initial liquidity in Jupiter's Launchpad pool, and FP Lee mentioned that the initial price curve of CLOUD will be launched with an FDV of $50 million, which is still quite attractive.

一文速览Sanctum代币及空投最新信息

In addition, FP Lee also emphasized that he will not pay listing fees to any Centralized Exchange (CEX) because he would rather give the money to the community.

In short, FP Lee welcomes CEX's active choice to list CLOUD, but will not force a fee. This may result in CLOUD temporarily unable to log in to more mainstream CEX during the TGE period, so the on-chain market may be the main battlefield for CLOUD.

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