[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  ql [@quant_larp](/creator/twitter/quant_larp) on x XXX followers Created: 2025-07-16 09:45:43 UTC completely missed this at the time, but DeFi Development Corp (who currently hold XXXXXXX SOL and have a $5b credit line with RK Capital to accumulate more) recently launched their own solana LST, dfdvSOL, using sanctum this makes sense because these digital asset treasury companies exist for X main reasons: X. mandate arbitrage for traditional institutions that want exposure to crypto but can't get it directly X. leveraging traditional capital market dynamics to generate yield / outperformance on underlying crypto holdings (if stock trades at a premium to NAV -> sell equity to accumulate more crypto and vice versa) focusing on the latter: as more of these DAT vehicles (and maybe staking ETFs) are launched, it will be harder for the companies to differentiate themselves and attract more financing this will lead new companies to explore different ways to optimise the yield / growth in NAV per share, as seen already with SOL Strategies launching their own validator one pathway to this is to try to attract more SOL delegations and to keep a portion of the staking yield generated on this additional solana - these delegates will likely demand composability in defi and access to liquidity -> LSTs sanctum is the easiest way to bootstrap liquidity and launch an LST for this purpose, particularly for companies with limited technical expertise or connections in the ecosystem - it will likely be the de facto platform for entities pursuing this strategy (as evidenced by DFDV) sanctum keeps a portion of yield on staked SOL in their LSTs in perpetuity, as well as setup fees and swap fees between LSTs, meaning they directly benefit from more demand to launch LSTs coming from DATs essentially, sanctum's revenue is a function of: TVL, number of new LST launches, swap volume and staking yields - all which are set to trend upwards with this being said $CLOUD price has been crushed over the last month (-45%) - I think this can be attributed to: > huge % of supply unlocking each month / low float > lack of clear value accrual to token currently > lack of liquidity / mindshare > market generally overlooking potential downstream benefits of solana DATs $2b TVL, $13m MC, $76m FDV... not directionally clear on this just yet but thought it would be worth calling out some overlooked datapoints @sequoia & @dragonfly_xyz pls stop dumping  XXX engagements  **Related Topics** [bnsol](/topic/bnsol) [fund manager](/topic/fund-manager) [staking](/topic/staking) [$127m](/topic/$127m) [$18b](/topic/$18b) [coded](/topic/coded) [$cloud](/topic/$cloud) [$5b](/topic/$5b) [Post Link](https://x.com/quant_larp/status/1945419566039085073)
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ql @quant_larp on x XXX followers
Created: 2025-07-16 09:45:43 UTC
completely missed this at the time, but DeFi Development Corp (who currently hold XXXXXXX SOL and have a $5b credit line with RK Capital to accumulate more) recently launched their own solana LST, dfdvSOL, using sanctum
this makes sense because these digital asset treasury companies exist for X main reasons:
X. mandate arbitrage for traditional institutions that want exposure to crypto but can't get it directly
X. leveraging traditional capital market dynamics to generate yield / outperformance on underlying crypto holdings (if stock trades at a premium to NAV -> sell equity to accumulate more crypto and vice versa)
focusing on the latter: as more of these DAT vehicles (and maybe staking ETFs) are launched, it will be harder for the companies to differentiate themselves and attract more financing
this will lead new companies to explore different ways to optimise the yield / growth in NAV per share, as seen already with SOL Strategies launching their own validator
one pathway to this is to try to attract more SOL delegations and to keep a portion of the staking yield generated on this additional solana - these delegates will likely demand composability in defi and access to liquidity -> LSTs
sanctum is the easiest way to bootstrap liquidity and launch an LST for this purpose, particularly for companies with limited technical expertise or connections in the ecosystem - it will likely be the de facto platform for entities pursuing this strategy (as evidenced by DFDV)
sanctum keeps a portion of yield on staked SOL in their LSTs in perpetuity, as well as setup fees and swap fees between LSTs, meaning they directly benefit from more demand to launch LSTs coming from DATs
essentially, sanctum's revenue is a function of: TVL, number of new LST launches, swap volume and staking yields - all which are set to trend upwards
with this being said $CLOUD price has been crushed over the last month (-45%) - I think this can be attributed to:
huge % of supply unlocking each month / low float lack of clear value accrual to token currently lack of liquidity / mindshare market generally overlooking potential downstream benefits of solana DATs
$2b TVL, $13m MC, $76m FDV... not directionally clear on this just yet but thought it would be worth calling out some overlooked datapoints
@sequoia & @dragonfly_xyz pls stop dumping
XXX engagements
Related Topics bnsol fund manager staking $127m $18b coded $cloud $5b