Liquid Staking · CLOUD · $1B TVL. 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.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
