Solana
Getting started with Sanctum on Solana
Okay, so you have SOL in your portfolio – what’s there to do with that?
Liquid staking is becoming an increasingly popular option; this involves staking your SOL on a staking pool rather than directly on the Solana network. In doing so, you receive a token representing your staked SOL, i.e. a Liquid Staking Token (LST).
The beauty of this approach? Liquidity and passive income. With an LST, you maintain a liquid version of the staked SOL, which you can borrow or trade against as you wish, while continuing to earn Solana staking rewards from your underlying pool position.
And just like on Ethereum, there is now a wide range of LST offerings on Solana, like Jupiter’s jupSOL, BONK’s bonkSOL, Helium’s hSOL and beyond. The APY of these Solana LSTs has been hovering around 7-10% lately, which is attractive in itself.
Sanctuary has gained attention for its Wonderland rewards initiative that goes even further, allowing you to use your SOL LSTs in an additional rewards program for a potential airdrop with just a few clicks.
Sanctum is a liquid staking platform on Solana that is fast becoming a staple order for SOL LST users. Currently, the main products of the Sanctum web application include:
- Infinity — To deposit LST or SOL in Sanctum’s premium offer, the Overflowing swimming poolto receive yield-bearing Infinity (INF) tokens
- Trade – To quickly switch in or out of any of Sanctum’s authorized LSTs
- Participating Accounts — To transform regular SOL participation accounts into LST
- LST — To find and learn more about LSTs supported by Sanctum
This is all useful in its own right, but where things really get interesting is with Sanctum. new Wonderland rewards program.
The name of the game with Sanctum is collecting pets, which you acquire and upgrade with EXP points by holding allowed-listed LSTs, each with their own unique pet.
Once you join Wonderland, you acquire a pet simply by owning at least 0.1 value of LST associated with it, and you gain 10 EXP every minute for every 1 SOL of supported LST you hold.
Evolutions will be launched soon and each animal will be able to undergo three evolutions to reach the maximum possible level of 999. It will also be possible to earn EXP multipliers by completing the next evolutions. Community Quests.
That said, Wonderland is a light and fun way to get involved in SOL LSTs, and it can be assumed that participation will factor into a future airdrop if Sanctum ever launches a native governance token.
Want to dive? It’s super simple: go to app.sanctum.so/wonderlandConnect the Solana wallet of your choice and follow the instructions in the next pop-up to finish.
That’s all it takes!
But remember that you will need to hold at least 0.1 SOL of an eligible LST to start accumulating points. If you still need to acquire some, the quickest way is from Sanctum. Trade hub. After redeeming the token of your choice, you will automatically start accumulating EXP.
Also remember that once enrolled in Wonderland, you will receive a referral code and you will earn 5% of any EXP earned by the people you refer. You can also earn referral cupcakes, which can later be exchanged for bonus EXP.
Looking ahead, Sanctum aims to run the Wonderland campaign long-term across multiple seasons, constantly adding new partnerships and quests. As such, Season 1 is a chance to be eligible early on in what could prove to be a lucrative Solana airdrop!