Today, Sanctum launched creator coins, a primitive that is aimed at growing the liquid stake ecosystem on the Solana network.
Sanctum’s Creator Coins are Solana liquid stake tokens. They give the yield back to the creators. Creator coins can be used to give out rewards and fans can get loyalty points by holding them. Sanctum believes that launching more creators who are crypto-native can boost adoption.
Sanctum was a brand new startup, which emerged from the Solana Foundation’s incubator in this spring. It promised to create an “infinite LST future” Solana. Its initial flagship product was called INF — a token that helps provide liquidity to a pool of Solana LSTs.
The airdrop was a huge success. “earnestness” That sparked some controversy during the summer. Sanctum’s activity has decreased since then.
Creator coins are a concept Sanctum has seemingly toyed with for a while as well — co-founder FP Lee created the fpSOL liquid staking token as a “personal LST” experiment in May.
Holders of Creator coins forego their SOL stake yield in order to help creators. Sanctum, according to Sanctum co-founder J who is anonymous, takes a tiny cut. J told me that Sanctum takes a small cut of this as well.
The users can earn rewards in return “seeds,” These points can be used to track the investment of fans and allow creators to offer rewards.
J responded that the reward for creators should go to them. “makes economic sense for now,” But this may change in the future.
One obvious target audience for creator coins is celebrities who — like the “Hawk Tuah” girl — seem to keep launching volatile memecoins that end in lawsuits or reputational damage. Although creator coins offer less upside in the short term, they are also safer.
Sanctum hasn’t been the only one to lure creators by offering crypto-based reward programs. Jack Harlow signed up for a loyalty system called MITH, last year. However, it appears that other creators are hesitant to use the platform. Sanctum has responded by limiting the creator coin program to only crypto-creators for now.
“A lot of previous attempts often failed because there’s a certain disconnect between the creator and their supporters,” J. “This is why we didn’t necessarily want to get the biggest creators for the beta launch. We wanted Solana folks who were really dialed in and connected to their fanbase.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
