Sanctum to Launch Staking for CLOUD Governance Token on Solana
Sanctum, a prominent protocol in the Solana ecosystem, has announced its plans to launch staking for its governance token, CLOUD, later this month.
The announcement was made via a post on X, where Sanctum revealed that users will soon be able to stake their CLOUD tokens to participate in the platform’s governance activities. This move comes as Sanctum continues to solidify its position as one of the leading protocols on Solana, attracting investors and users alike.
Since the launch of its governance token, CLOUD, in July 2024, Sanctum has seen significant growth in its user base and adoption. With a total supply of 1 billion tokens, CLOUD has become a key component of the platform’s ecosystem, allowing users to participate in governance decisions and earn rewards.
Solana’s Liquid Staking Ecosystem
Sanctum plays a crucial role in Solana’s liquid staking ecosystem by enabling users to stake SOL natively and access the platform’s unified liquidity layer. According to DeFiLlama, the total value locked in Sanctum’s infrastructure stack currently stands at $1.58 billion, showcasing the platform’s popularity and utility.
In 2024, Sanctum expanded its decentralized finance offerings with the introduction of two key products: Sanctum LSTs and Infinity. The Infinity product allows for LST-to-LST swaps, giving users the ability to deposit SOL or any LST and earn from trading fees and staking rewards across the ecosystem.
Support from Prominent Investors
Sanctum has also received significant support from top venture capital firms and investors in the Solana ecosystem. The platform secured $6.1 million in funding, including from investors such as Dragonfly, Sequoia, Solana Ventures, and DeFiance Capital. Additionally, founders and angels in the Solana ecosystem, including the BOOGLE Syndicate, Drift Protocol, Squads, and MRGN, have also participated in the funding round, highlighting the confidence in Sanctum’s growth and potential.
With the upcoming launch of staking for the CLOUD governance token, Sanctum is poised to further enhance its ecosystem and provide users with more opportunities to engage with the platform. Stay tuned for more updates on this exciting development from Sanctum on Solana.