Sanctum Unveils $CLOUD Governance Token with 10% Airdrop for Community
The token launch follows the successful completion of Season 1 of Sanctum's Wonderland loyalty program.
- Author: Sheldon Cooper
- Published: June 5, 2024 at 13:57
- Updated: June 5, 2024 at 14:43
Sanctum, a prominent liquid staking protocol on the Solana blockchain, has announced the launch of its governance token, $CLOUD. A significant portion of the token supply, 10%, has been allocated for an initial airdrop to the community. This announcement comes after the successful conclusion of Season 1 of Sanctum's Wonderland loyalty program, which saw participation from 300,000 users and played a key role in propelling the protocol's Total Value Locked (TVL) past $1 billion, solidifying its position as a key player in the Solana ecosystem.
To ensure fair distribution and avoid the "low float high FDV" trend prevalent in the industry, Sanctum has announced that its token will be launching at a $50 million Fully Diluted Valuation (FDV).
According to information released by Sanctum, the $CLOUD token will serve various functions within the Sanctum ecosystem, including governance rights and exclusive access to the Sanctum Verified Partner program. The total supply is 1 billion tokens, with allocations for a community reserve, strategic reserve, team, investors, and the Jupiter LFG launchpad. Team and investor tokens will be subject to a three-year vesting schedule.
The token launch will take place on the Jupiter LFG launchpad, ensuring a fair and transparent distribution process. Details regarding the airdrop eligibility criteria, including the role of Wonderland EXP earned during Season 1, will be announced later this month.
Sanctum, founded in 2021, has been a key contributor to the development of liquid staking infrastructure on Solana. The platform's recent achievements include a successful $6.1 million seed round extension and a decisive victory in the second round of Jupiter's LFG Launchpad voting.
Following the conclusion of Season 1 of Wonderland, Sanctum is gearing up for Season 2, promising further innovation and growth. The platform's user-friendly, zero-fee LSTs and collaborations with DeFi partners have contributed to its rapid expansion.