Liquid Staking · CLOUD · $1.7B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth BB. Solana LST infrastructure play.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $1.7B |
| 12-month TVL change | -30% | -13% |
| Worst 90-day drawdown | 45% | 27% |
| Drawdown scored | 45% (90-day only, v1.0) | 27% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 58 | BBB · 64.3 |
| Growth | B · 38.3 | BB · 45.3 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (64.3 / 100), previously BB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 27% and 12-month TVL change is -13%. TVL stability is scored on the 90-day drawdown, which is the worse of the two. Sustainability ratio (2x), unlock pressure (10%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (65.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (45.3 / 100), previously B in the July 27, 2026 screen. TVL is $1.7B, -13% over twelve months (it was -30% at the previous screen). Category share (6%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB and the Growth outlook is BB; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Sanctum survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Sanctum (this page) | BBB | BBB | BB |
| Lido | A | AA | BB |
| Jito | BBB | A | B |
| Rocket Pool | BBB | AA | CCC |
| Marinade | BBB | A | B |
| mETH Protocol | BBB | BBB | B |
| StakeWise | BBB | BBB | CCC |
Sanctum is infrastructure rather than product: it powers the long tail of Solana LSTs — validator-specific and app-specific staking tokens — with shared liquidity through its Infinity pool, betting that Solana staking fragments into thousands of tokens all needing a common backbone.
Solvency screens at BB. Fee coverage (~2x) is decent and the pooled-liquidity design is elegant, but the 45% drawdown and 10% unlock schedule weigh, and the risk score (6/10) reflects the aggregation surface: Sanctum inherits some risk from every LST it connects.
Legitimacy screens at BBB on a sharp, public team with strong shipping cadence. Audits are adequate; governance (4/10) is early-stage, with CLOUD's role still being defined.
Growth screens at B: a 6% share of liquid staking with fair momentum — the infinite-LST thesis is directionally right but SOL-beta dominates the twelve-month numbers (-30%).
Composite B. The most interesting architecture bet on Solana staking. A full rating hinges on whether LST fragmentation actually happens at the scale the thesis requires.
