Sanctum Announces Launch of $CLOUD and Airdrop Supported by Strong Community Involvement and Rejection of Traditional Venture Capital
Sanctum has announced the introduction of their new token, $CLOUD, along with a 10% airdrop for users. The founder of Sanctum expressed gratitude to the community for their engagement and revealed that $CLOUD was chosen as the favorite ticker for the new token.
Introducing $CLOUD, the @sanctumso token
Thank you all for the outpouring of comments and suggestions on my first tokenomics proposal. I am floored by the power of our community. There are dozens of forum posts, hundreds of comments, and thousands of thoughtful Discord messages.… pic.twitter.com/1xabYEg9P3
— FP Lee (@soleconomist) June 5, 2024
What is Sanctum?
Sanctum is the first stability protocol on Solana, designed to enhance liquidity depth and stability for the entire DeFi ecosystem on Solana. Its key functions include unlocking staked SOL for use in DeFi and maintaining solvency of borrowing and lending protocols.
End of Wonderland Season 1 and Plans for Season 2
The Wonderland project by Sanctum has concluded ahead of schedule, having achieved its goals of entertainment and user engagement. The founder expressed the intention to take the necessary time to develop an even more impressive Season 2 rather than rush new content.
Commitment to a Public and Fair Token Launch
The $CLOUD token launch aims to set a standard for transparency and fairness, rejecting common practices of VC fundraising. Sanctum emphasizes a decentralized approach to distribute $CLOUD, ensuring equal access for all, regardless of status or wealth, right from the initial launch. This approach is in response to the practices of centralized exchanges that charge high listing fees for new tokens, coupled with questionable marketing plans proposed by investors and KOLs.
$CLOUD Distribution Strategy and Use
Sanctum has detailed the distribution structure of $CLOUD, with 18% of the total supply available at launch, aiming to combat the recent trend of highly diluted market capitalization and low circulation. The community reserve, representing 30%, will support initiatives beneficial to the Sanctum ecosystem based on community decisions. The strategic reserve, comprising 13% of the total, will be allocated for strategic acquisitions and partner support.
Sanctum Refuses to Pay CEX Listing Fees
In taking a firm stance against industry practices, Sanctum declared that it will not pay any listing fees to centralized exchanges (CEX), criticizing the loss of control and transparency it entails. This decision underscores Sanctum’s commitment to fostering a native Solana economy and promoting a more decentralized and fair market environment.
