How Tos

Getting Started with Sanctum on Solana

Solana DeFi's buzziest LST protocol catches some eyeballs.
May 7, 20243 min read

Okay, so you’ve got some SOL in your wallet – what is there to do with it?

Liquid staking is becoming a more popular option; this entails staking your SOL to a staking pool rather than directly to the Solana network. In doing so, you receive a token representing your staked SOL, i.e. a Liquid Staking Token (LST).

The beauty of this approach? Liquidity and passive income. With an LST you retain a liquid version of staked SOL, which you can borrow against or trade with as you please, while still earning Solana staking rewards from your underlying pool position. 

And just like on Ethereum, there is now a wide range of LST offerings on Solana, like Jupiter’s jupSOL, BONK’s bonkSOL, Helium’s hSOL, and beyond. The APY of these Solana LSTs has been in the ballpark of 7-10% lately, which is attractive on its own. 

Sanctum has been garnering attention for its Wonderland rewards initiative which takes things a step further, letting you put your SOL LSTs to work in an additional rewards program for a potential airdrop with just a few clicks.

Sanctum is a liquid staking platform on Solana that’s gunning to become base command for users of SOL LSTs. Currently, the Sanctum web app’s main products include:

  • Infinity — For depositing LSTs or SOL into Sanctum’s premier offering, the Infinity Pool, to receive yield-bearing Infinity (INF) tokens
  • Trade — For quickly swapping into or out of any of Sanctum’s allowlisted LSTs
  • Stake Accounts — For transforming regular SOL stake accounts into LSTs
  • LSTs — For finding and learning more about the LSTs that Sanctum supports

These are all useful in and of themselves, but where things really get interesting is with Sanctum’s new Wonderland rewards program.

The name of the game with Sanctum is collecting Pets, which you acquire and level up with EXP points by holding allowlisted LSTs, each of which has its own unique Pet. 

Once you join Wonderland, you acquire a Pet simply by owning a minimum of 0.1 worth of the associated LST, and you earn 10 EXP every minute per 1 SOL’s worth of supported LSTs that you hold. 

Evolutions will launch soon, and each Pet can undergo three evolutions on the road to the maximum possible level of 999. It will also be possible to earn EXP multipliers by completing upcoming Community Quests.

All that said, Wonderland is a light and fun way to get involved with SOL LSTs, and it’s safe to assume that participation will factor into a future airdrop if Sanctum ever launches a native governance token. 

Interested in diving in? It’s super easy: head to app.sanctum.so/wonderland, connect your Solana wallet of choice, and follow through with the instructions in the ensuing pop-up to finish up. 

That’s all it takes!

But remember, you’ll need to hold at least 0.1 SOL’s worth of an eligible LST to start racking up points. If you still need to acquire some, the fastest avenue is Sanctum’s Trade hub. After you swap into your token of choice, you’ll automatically start accruing EXP. 

Also, keep in mind that once enlisted in Wonderland you’ll be given a referral code and you’ll earn 5% of any EXP earned by people you refer. You can also earn Referral Cupcakes, which will be exchangeable for bonus EXP later. 

Looking ahead, Sanctum is aiming to run the Wonderland campaign for the long-term across multiple seasons, adding new partnerships and quests all the while. As such, Season 1 is a chance to get eligibility in early on what may pan out to be a lucrative Solana airdrop!

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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