crypto_bcc

Crypto enthusiast. To the moon?

[DeFi^2 @DefiSquared]

Dropping my most extensive research piece on Worldcoin to date. With insider unlocks just 8 days away, I encourage you all to give it a read and stay informed.

[Sanctum ☁️ @sanctumso]

Part 1 : Explaining the $CLOUD Airdrop

[Sanctum ☁️ @sanctumso]

Should be a fun roundtable discussion with some of the LST operators from @SuperteamJapan!

2nd July, 8am EST, if you're free!

[Tom Wan @tomwanhh]

1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 - Q1 2024

Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, building the foundation of a Cambrian explosion of the Liquid Staking sector on Solana

[Sanctum ☁️ @sanctumso]

only fools repeat the same things, over and over, expecting to obtain different results.

reimagining liquid staking.

[Sanctum ☁️ @sanctumso]

3 more hours!

[Sanctum ☁️ @sanctumso]

Important Notice to All Users

All Profiles have been locked temporarily.

You won’t be able to:
> Create a new profile
> Manage your existing profile (including editing linked wallets and socials)
> However, if you have an existing profile, you will still be able to log into your profile at https://t.co/6UV493KTLJ to view them.

We apologize for any inconvenience this may cause and appreciate your understanding. Please stay tuned to our X and Discord channels for updates on when profiles will be unlocked again.

Thanks for your cooperation and support!

LFG ☁️

[Sanctum ☁️ @sanctumso]

a quick reminder, after profiles are locked, there will be no token launch, airdrop claimer, checker or token drop.

please stay patient and just wait for official announcements over this week, do not press any random links and stay safe!

[cw @cwchanchan]

Profiles may be locked but we not sleeping on anything 🌚👀 promise it'll be slick af with @sanctumso. Coming soon.

[Sanctum ☁️ @sanctumso]

f i n a l l y

[Sanctum ☁️ @sanctumso]

You can now stake with any Sanctum LST right on your 𝕏 feed with @saydialect and @solana's Actions and Blinks

Enable Solana Actions on your browser wallet, and try your first Sanctum Blink and stake with INF now!

https://t.co/U3kYf6QKfL

[jaye | sanctum ☁️ @eggpanned]

Please spend the time reading @soleconomist's outline of the long-term vision of Profiles with his usual eloquence.

On the practical side of things, to answer the most common FAQ related to upcoming launch:

1) With regard to $CLOUD, how do Profiles work?
For our launch, we care primarily about two things:
a) making sure we reward humans, not bots
b) learning about your contributions to our community, especially non-monetary ones.

Catching sybils is a no-brainer; every protocol should do that and have done that. For the latter, most activities happen on Twitter and Discord and hence why we encourage you to link them for our internal visibility.

2) Do i need to create a Profile for $CLOUD?
No, we are not forcing you to create a profile for $CLOUD. i.e. You will still be eligible for our $CLOUD launch without a profile.

3) If i do not connect my socials, will I be penalised?
No, you will not be penalised.

However, what we are interested in is learning about your participation and contribution to our community – connecting your socials will allow us to accurately assess this, and reward you based on your contribution.

At the end of the day, it is ultimately up to you to decide whether you want to link your social profiles.

4) Do i really need to link all my wallets, will I be penalised if I don't?
No, you will not be penalised.

However, linking your relevant wallets tells us that you are likely a genuine human.

At the end of the day, it is ultimately up to you to decide whether you want to link your wallets.

5) Will I be punished for linking multiple wallets?
No, we will honestly treat you as a individual human with multiple wallets, not a sybil.

[Tim Craig @TimInCrypto]

Solana staking project @sanctumso wants to ditch the "low float high FDV" tactics that have marred other recent token launches.

My latest for @DLNewsInfo:

https://t.co/zAvPWcByDA

[Mango @mangomarkets]

Trade $INF on Mango this week for Rewards!

We've got 5x leverage for @sanctumso enthusiasts. Celebrate the end of Wonderland Season 1 by grabbing up more in time for Season 2!

[Sanctum ☁️ @sanctumso]

Come listen to @soleconomist and @0xSoju from @JupiterExchange again this week on Friday, 14 June, 2pm UTC!

This time, they'll go over the specific mechanics of the upcoming Jupiter LFG Launch of CLOUD - the fairest launch yet!

Grab your snacks, drinks and mark your calendars!

[Drift @DriftProtocol]

Last Week @DriftProtocol <> @sanctumso hosted a spaces!

@davijlu, @cindyleowtt and @soleconomist deep dived into $CLOUD, pre-launch markets, and Sanctum's vision.

Only have a few minutes?

Here's is a guide to help you navigate the spaces and find the hidden alpha 👇

1) Why $CLOUD? - 6:30
2) Why token? Why now? - 9:00
3) What are the tokenomics? - 16:30
4) What is the airdrop mechanism? - 24:30
5) Discussion around low FDV ideas - 27:30
6) Why Sanctum refused to pay listing fees? - 33:00
7) What is a pre-launch market and why use it? - 44:30
8) What is Sanctums mission? - 49:30
9) What is dSOL's utility? - 53:30
10) Why did it take so long for LSTs to propagate? - 54:30
11) Why Wonderland? - 58:30

Link to the recording
https://t.co/LCGALAz8x5

You can also trade CLOUD-PERP ahead of the launch, only on Drift:
https://t.co/cTdEnNJzMg

[Sanctum ☁️ @sanctumso]

4/ Is lifSOL safe? 🔒

lifSOL is powered by the SPL stake pool program.

It is
> one of the safest programs in the world
> audited 9 times
> used by the largest LSTs on Solana
> secured over $2.5B of staked SOL over more than two years without an issue!

[Sanctum ☁️ @sanctumso]

5/ You can stake with lifSOL today!

https://t.co/Gv7pCumSht

[Sanctum ☁️ @sanctumso]

1/ Introducing lifSOL!

The official LST for @Lifinity_io.

Stake with lifSOL to earn staking rewards while supporting Lifinity!

[fp 🌱 @soleconomist]

How we're making $CLOUD the greatest launch yet

I wanted to talk about how we're working to design the LFG launch to make the $CLOUD launch truly great: as liquid, fair and aligned as possible for everybody.

A great launch must be liquid. The baseline of any great launch is that it must facilitate robust price discovery. There must be thick liquidity on both sides, so that everyone who wants to ape in can ape in and everyone who wants to dump can dump without incurring large price impact. At the end of the process, all buyers and sellers have been sorted out and are happy with what they have.

A great launch must also be fair. What is a fair launch? A fair launch is where everybody gets the same opportunity to buy, regardless of how technically savvy, how rich, or how famous you are. That means VCs, KOLs, CEXes etc., should all have to come in at the same terms as your average retail investor. This way, everybody gets an equally good entry, and retail does not end up becoming exit liquidity.

A fair launch is very hard to do. Let's think about the basic version of the LFG launch pool. It starts off with all the $CLOUD and no USDC. It starts selling $CLOUD at a very low price and as more people buy in, the price goes higher and higher.

After lots of buying and selling, the pool reaches an equilibrium, with thick liquidity at both ends. We have achieved robust price discovery.

Great! Is this a fair launch? Sadly not. The reason is simple: bots. Everyone knows the start of the curve is a very good deal. Therefore there will be many, many bots jostling to buy the first few tokens and flip them immediately to retail at a higher price. Instead of retail getting a good price, now it's the people running the bots who are making millions. This is unfair.

To prevent bot sniping, we will be using @MeteoraAG's "Alpha Vault". Instead of being first-come-first-serve, the Alpha Vault opens a few days before trading actually begins. Anyone can deposit and withdraw any amount of USDC at any time until two hours before the launch. When it closes, everybody who deposits into the vault gets filled proportional to the USDC they put in. The price they pay will be a discount to the market price, since the initial tokens are sold at a very low price. In return for this discount, the people who enter the vault are locked up for a period.

Launching like this is fair, but we can do better. The last thing a great launch must be is aligned. That means that the tokens should end up mostly in the hands of long-term aligned believers in the protocol. Ergo, only those who are long-term bullish and patient should get a discount.

Therefore, we are introducing a long lockup period on vault buyers. This is to chase away short-term people out of the vault, so that those who remain can get a larger discount and better price.

Basically, we are tweaking the lockup period so entering the vault becomes a difficult choice, not a no-brainer. If the lockup period is very short, both short-term and long-term people will choose the vault. If the lockup period is too long, even long-term people will have a hard time justifying their entry. We must design to create a separating equilibrium.

What is the lockup period? We haven't decided yet. We are currently thinking of a 2 month cliff and 6 month vest, but this may change based on community sentiment (e.g. 1 month cliff/3 month vest, 3 month cliff/9 month vest). But it's important to me that the maximum lockup period is less than 12 months: I want vault buyers to fully unlock before the team and VCs, not the other way round.

Please feel free to dump on us :)

== What this means for you ==

What should you do if you're planning to participate in Sanctum's token launch? As a buyer, you have a simple choice to make. Are you long-term bullish on the protocol? If yes, then choose the vault. Otherwise, buy using regular LFG instead.

Both can be good; there is no right answer. Before you enter the vault, please think carefully: if a bear market comes in the next few months, are you really going to be able to stomach a big drawdown without being able to exit? Think long and hard about this before you make your decision.

Previously I said that we will start the curve at $0.05. I am happy to announce that we are instead going to start the curve at $0.001 (1M FDV). I want to add more zeroes in front but I will need to check with Meteora if that is possible. Needless to say, this is lower than any price we have sold or will ever sell the token at. We want to give LFG participants as good an entry as possible.

The LFG curve will end at $0.50. That means that the maximum price any LFG participant will pay is $0.50 (500M FDV). We think that this will allow room for price discovery while preserving good upside for LFG participants.

The vault will be capped at $10M, 50% of the total USDC amount. That means the maximum price any vault buyer will pay is $0.18 (180M FDV), no matter how many people deposit into the vault. If the vault is oversubscribed, you will get a prorata allocation and the remainder will be refunded to you.

Vault buyers will always get a ~50% discount on the initial starting spot price. The actual discount may end up larger or smaller depending on subsequent market demand. If you are not confident, you may want to hold off on the vault and see if you can grab the tokens at a lower price. But of course you may also miss the opportunity if the price immediately shoots to e.g. $1. In that case vault buyers will have got at least a 82% discount.

If you take one thing away from my post, remember 50-50-50:
1. The max price any LFG buyer will pay is $0.50.
2. If you enter the vault, you get a 50% discount but are locked for 6 months (tbc). This is meant for long-term buyers.
3. The vault is capped at 50% of the total LFG curve amount. The max price vault buyers will pay for $CLOUD is ~$0.18 (180M FDV).

Our North Star at @sanctumso is delighting our users. And one way to delight our users is to do a great launch: to give all our users a good entry into $CLOUD so we can all happily grow together.

We are making several very big bets with this launch. No CEX listing fees. Close collaboration with @JupiterExchange LFG. And everything you read above. VCs, protocols, and CEXes are all watching very closely; we will set the tenor of all future launches. Will they think of the $CLOUD launch as a smashing success? Or a cautionary tale?

If you want to see the paradigm shift to the decentralised meta, for @solana to be the birthplace of truly great launches, lend me your support. Spread the word, tell your friends, and let's make this a launch for the history books.

Thanks for reading! As usual, I will hold a technical deep dive/AMA with @0xSoju from @JupiterExchange on 14th June 2024, 2pm UTC.