Sanctum plans to launch staking for its governance token, CLOUD, later this month, according to an official announcement.
The Solana (SOL) ecosystem liquid staking token protocol announced the upcoming support for CLOUD staking via X, noting that the crypto service will go live this month.
Sanctum has become one of Solana’s largest protocols and is gaining popularity as investors farm its tokens. The platform launched its governance token, CLOUD, in July 2024, with a total supply of 1 billion tokens.
Sanctum powers Solana’s liquid staking ecosystem by allowing users to stake SOL natively to access the ecosystem’s unified liquidity layer. According to DeFiLlamathe total value in Sanctum’s infrastructure stack currently stands at $1.58 billion.
The protocol expanded its decentralized finance offering in 2024 with the launch of two key products: Sanctum LSTs and Infinity. The Infinity product enables LST to LST swaps, allowing users to deposit SOL or any other LST and earn on both trading fees and aggregated stake rewards across the ecosystem.
Sanctum has secured $6.1 million in funding, including from an expansion round. The round attracted top venture capital firms such as Dragonfly, Sequoia, Solana Ventures and DeFiance Capital. In addition, prominent founders and angels from the Solana ecosystem participated, including BOOGLE Syndicate, Drift Protocol, Squads and MRGN.
