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Sanctum to Launch Staking for Governance Token CLOUD
Sanctum, a prominent protocol in the Solana ecosystem, is set to launch staking for its governance token, CLOUD, later this month. The announcement was made official, stating that the staking feature will be supported on X and will go live this month.
Sanctum’s Growth and Popularity
Sanctum has experienced significant growth, becoming one of the largest protocols in the Solana ecosystem. The platform’s popularity can be attributed to its token farming opportunities, which have attracted many investors. Sanctum’s governance token, CLOUD, was launched in July 2024 with a total supply of 1 billion tokens.
Sanctum’s Role in Solana’s Liquid Staking Ecosystem
Sanctum plays a crucial role in powering Solana’s liquid staking ecosystem, allowing users to stake SOL natively and access the ecosystem’s unified liquidity layer. According to recent data, the total value locked in Sanctum’s infrastructure stack stands at $1.58 billion.
Key Products and Funding
In 2024, Sanctum expanded its decentralized finance offerings with the launch of two key products: Sanctum LSTs and Infinity. The Infinity product enables users to deposit SOL or any LST and earn from both trading fees and aggregated staking rewards across the ecosystem.
Sanctum has also secured significant funding, including $6.1 million from a seed extension round. The round attracted top venture capital firms such as Dragonfly, Sequoia, Solana Ventures, and DeFiance Capital, as well as prominent founders and angels in the Solana ecosystem.
For those interested in learning more about liquid staking, governance tokens, and the Solana ecosystem, we recommend exploring more news on Global Crypto News.
“The launch of CLOUD staking is a significant milestone for Sanctum, and we are excited to see the impact it will have on the Solana ecosystem.”
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