hey guys, sorry I missed this. appreciate the questions: @jason I agree the SOL backdrop with unlocks, optics etc. is probably the biggest thing suppressing price action other than macro. The optionality here IMV is really apps leveraging their distribution and using sanctum's tech under the hood. Binance SOL and ByBit sol are both huge and I think we will see a lot more coming, and actually neither are counted in Sanctum's DeFillama TVL I realized @yoitsyoung Inflation is actually quite minimal atm and must pass governance, right now the only liquidity emissions are in INF-SOL on kamino (you can track proposals here: https://vote.sanctum.so/). There will likely be future emissions for CLOUD stakers Many dapps run solana validators on the side because its a good revenue source, launching an LST is a way to leverage your existing distribution to get stake in your own validator. I think the interesting thing about Solana is that it's evidently not an oligopoly, as staking revenue is derived from many different sources, often including offchain agreements with searchers/relays, many of that revenue is retained by validators and not passed onto stakers, and sanctum offers an in-protocol way to juice that up to differentiate.

Thanks sir for the writeup -- wild you have a sense/track of the inflation/incentive subsidy from $CLOUD (i.e ongoing share based cost?) noticed that they've offered up near 700K in CLOUD in the next 6 months for Kamino liquidity. wondering if there was other cost economics to take note of On a second, what is the fundamental incentive for dapps/parties to offer up an LST in the first place and then use a white-label soln like Sanctum in the second? Intuitively speaking feels like an oligopoly market when the parameters of competition are so limited (distribution + yield margin as you mentioned).

Thank you sir -- while it looks cheap it's a lil unclear to me whether the staking fees could grow meaningfully (except for maybe some cyclicality on SOL prices + more uptake) - I kind of still see a case of vesting / unlock + cyclical downturn of the space working together negatively to the business. Do you foresee any long-term optionality similar to what Eigenlayer did to Pendle manifesting for Cloud?