Chief Whiteboard Explainer INF | Generalist at @sanctumso app.sanctum.so/infinity Prev: Drift, KPMG
Australia
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It's not unreasonable to assume that INF might cannibalize our partner LSTs. The counterintuitive reality is that they actually both benefit from one another. And that while INF has been around longer, our partner LSTs have grown 10 times the size of INF.
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The past 12 months have been an interesting one for LSTs on Solana.
In this thread I'll show the performance of various SOL LSTs from Oct 2025 to Oct 2026, all rebased to 1 so you can see the compounding growth over time:
TL;DR:
- INF Averaged 6.4% APY (12.3% above LST average)
- SOL LST Basket averaged 5.7% APY
- JupSOL was consistently strong
- pSOL (6.26%) and HyloSOL (6.57%) were huge standouts, the latter taking the crown with its creative and unique incentive mechanism (see thread)
More below: 🧵
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Interestingly, I dug up the TVL figures and ratio from our Sanctum database and observed a considerable decline in hyloSOL+ TVL.
Note: the smaller its TVL as a percentage of hyloSOL (bottom chart), the more hyloSOL's yield shrinks - this relationship is similar to how when LST swap volumes decline on Solana, INF's outperformance compresses too.
From my napkin math, if either:
- hyloSOL's TVL increases from around 193,000 SOL (today's value) to 264,000 SOL; OR
- hyloSOL+ TVL falls by around 5,000 SOL
then hyloSOL's APY will converge with INF's.
anything beyond these values would cause it to fall below INF's APY.
All of this raises the question of why someone would hold a 0% APY LST (hyloSOL+). The short answer is points. As the holders of this 0% LST get boosted points on hylo.
Full credit to the Hylo team, it's quite a creative mechanism to use points (future token incentive) and a dual LST model to boost the APY of one LST without directly using (or yet needing) a token.
It's great to see another unique mechanism created to give INF's APY (also a unique mechanism) a run for its money.
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All that said, INF had another cracking year despite the massive headwind of network staking rewards declining. It still managed to beat the LST basket average by double-digit percentage and outperform its largest competitor JitoSOL by 13.7% on a relative basis.
Will consolidate some of this into our upcoming Q3 Sanctum Quarterly (@sanctumso).
Stay tuned ☁️
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A small thing but every time I huddle a colleague on slack and they don't pick up right away, I always laugh / smile when the hold music starts playing.
Such a great product decision, @SlackHQ . I actually love it
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Unbeknownst to both of us, Charles posted a selfie with me moments before absolutely ratioing me on twitter 🤣
@IOHK_Charles, I say we both say hi next time and right the wrong
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James Hanley retweeted
Tomorrow in Singapore 🇸🇬
FP (@soleconomist) on where @sanctumso stands, what they built, and what comes next
Sanctum Day is a private gathering for $SANC token holders:
state of Sanctum, app demo, Q&A, then VIP reception
5 pm SGT. Approval required. Sign up link below:
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If you're a SANC holder and in Singapore this Tuesday, don't pass this up.
Our event will be *extremely* intimate.
Get to know our team a little better, our candid thoughts, what we're working on and what's coming.
I'll be there too!
(Sent from the air 🛩)
Sanctum is running a private and intimate invite-only event exclusively for solana:CLoUDKc4Ane7HeQcPpE3YHnznRxhMimJ4MyaUqyHFzAu holders.
Best way to get in is if you own any amount of solana:CLoUDKc4Ane7HeQcPpE3YHnznRxhMimJ4MyaUqyHFzAu in the Sanctum App -- just DM me (or ping me on TG/Discord) and I'll approve your application right away!
luma.com/wgwodhwb
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In the past two months INF outperformed the LST basket average* by +8.72% APY,
+10.70% in August and +6.89% in September.
Across both months, INF averaged 5.65% APY vs 5.31% and 4.92% for mSOL and jitoSOL respectively.
INF remains the best place to compound SOL.
I'll do a full calendar year breakdown soon.
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LST holders are like owners of rental properties.
Stake pool managers and operators like us at @sanctumso are like your property manager.
We manage the tenancies (validators) on your behalf and the house (SOL) keys always belong to you!
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James Hanley retweeted
Lose your phone, lose your crypto.
Get phished once, lose your crypto.
One mistake and it's gone, and nobody can help you. Not for much longer!
@sanctumapp 2.0 coming soon ☁️
After weeks of user conversations, the same problems keep coming up for Sanctum users.
So we're going all in on fixing them, in our biggest update yet.
More details coming soon 👀
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I've watched the App team guys at Sanctum running full steam for months - trying lots of things.
Nobody knows this but FP and the app team meticulously track between 50 and 100 (maybe more?) User metrics on the app.
It would be easy to skip this part, but they are serious about it.
Basically a constant loop of experimenting.
The Sanctum app team operates kind of like an inverse euthanasia coaster.
It will just keep getting better.
Our core users consistently gave us one key piece of feedback: they want to see Sanctum focus more on doing the basics well. so we're going back to basics for App 2.0: we want to give the best security, the best SOL yields, and the best performance for our users. see you soon~
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I think my most redeeming quality is that I have a short memory.
This has driven every girlfriend I've ever had insane but I'm convinced it's the primary reason I'm basically always happy.
Hold onto nothing. Onwards.
So easy to live in the past
Men destroy themselves trying to reclaim hypotheticals that have been marred beyond recognition by the passage of time
Revenge. Lost love. Wasted youth
Freeze frames in your own mind while the world moved on. Throw the broken record player out
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