Sanctum Unveils stepSOL And Prepares To Roll Out STEP-Incentivized Pools
In Brief
Sanctum announced the launch of the stepSOL liquid staking token in collaboration with Solana-based platform Step Finance.
Liquid staking platform on Solana, Sanctum (CLOUD) announced the launch of the stepSOL liquid staking token (LST) in collaboration with Solana-based portfolio tracking services platform Step Finance (STEP).
With the introduction of stepSOL, users can now anticipate future integrations and applications of stepSOL within the Step Dashboard as well as analytics products. Additionally, shortly after the launch, several STEP-incentivized pools will be introduced to reward liquidity providers (LPs) and enhance liquidity for stepSOL within the ecosystem.
Step Finance offers its main product as the largest portfolio dashboard on Solana, sharing data insights into users’ wallets as well as the broader ecosystem. Moreover, it manages several sub-projects and brands, encompassing SolanaFloor, Solana Allstars, Solana Crossroads, as well as the Step Validator.
Step Finance streamlines the monitoring of portfolio token balances, automated market maker (AMM) LPs, yield farms, non-fungible tokens (NFTs), and other aspects, covering approximately 95% of the Solana ecosystem.
Step Finance has been operating a Solana Validator since 2023. Individuals who delegate SOL tokens directly to the Step Validator or hold stepSOL are eligible to get free STEP call options airdropped every five days. These can be claimed on the Step Dashboard when they are In The Money (ITM).
In cases when options contract is In The Money (ITM), it means the current market price is above the Strike Price, which is the price at which users are allowed to buy the underlying asset. Consequently, if individuals select to exercise the option and purchase the asset at the Strike Price, they will be acquiring it at a lower cost compared to its current market value, according to Step Finance.
Sanctum: What Is It?
This project focuses on LSTs on Solana, providing tools for their creation, trading, and management. Key features include the “Infinity” protocol, which aims to improve staking rewards and liquidity, and Validator LSTs, designed to boost validator performance through tokenization. Additionally, Sanctum offers a Reserve Pool for liquidity support and a Router for managing staking activities.
Recently, it introduced its native token, CLOUD, enabling community members to claim the airdrop and begin trading CLOUD. The token has also been listed on several cryptocurrency exchanges, including Bybit, Kraken, Gate.io, and others.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
