Sanctum, a prominent liquid staking protocol on the Solana blockchain, has made waves with the launch of its governance token, $CLOUD. Here are the key details:
- Initial Airdrop to the Community:
- Sanctum allocated 10% of the $CLOUD token supply for an initial airdrop to the community.
- This move follows the successful completion of Season 1 of Sanctum’s Wonderland loyalty program, which attracted 300,000 users and boosted the protocol’s Total Value Locked (TVL) beyond $1 billion.
- Avoiding the “Low Float High FDV” Trend:
- Sanctum is committed to fair distribution and transparency.
- The $CLOUD token launched at a $50 million Fully Diluted Valuation (FDV) to avoid the pitfalls of the “low float high FDV” strategies seen in the industry.
- This approach ensures that the token enters the market with a balanced valuation.
- Token Utility and Governance:
- $CLOUD serves multiple functions within the Sanctum ecosystem:
- Governance rights: Token holders can actively participate in decision-making.
- Exclusive access to the Sanctum Verified Partner program.
- $CLOUD serves multiple functions within the Sanctum ecosystem:
- Token Allocation and Vesting:
- The total supply of $CLOUD is 1 billion tokens.
- Allocations include a community reserve, strategic reserve, team, investors, and the Jupiter LFG launchpad.
- Team and investor tokens will vest over three years.
- The token launch occurred on the Jupiter LFG launchpad, ensuring fairness and transparency.
- Rewarding True Believers:
- Sanctum aims to reward long-term believers in the project, rather than airdrop farmers.
- Details on eligibility criteria, including the role of Wonderland EXP earned during Season 1, will be announced soon.
Sanctum’s commitment to decentralization, purposeful distribution, and meaningful token utility sets it apart. As the project gears up for Season 2, expect further innovation and growth in the Solana ecosystem.
References:
https://solanafloor.com/news/sanctum-unveils-cloud-governance-token-with-10-airdrop-for-community
