Token

Solana

Jito

<ul>
 <li><strong>Three major exchanges, Binance, Bybit, and Bitget, announce plans to launch their own Solana Liquid Stake Tokens (LST), driving interest in Sanctum’s governance CLOUD token.</strong></li>
 <li><strong>Sanctum, the leading platform for Solana LSTs, experiences a 47% rise in its CLOUD token as new listings signal increased use of its infrastructure by top exchanges.</strong></li>
</ul>
<p>Recently, the <a href="https://www.ethnews.com/top-three-altcoins-to-watch-in-2024-is-cybro-poised-to-outshine-solana-sol-toncoin-ton-and-ripple-xrp/" rel="noopener noreferrer nofollow">Solana</a> Liquid Stake Token (LST) ecosystem witnessed a significant development as three major global cryptocurrency exchanges, Binance, Bybit, and Bitget, revealed their plans to introduce their own Solana LSTs. These exchanges will launch three new tokens: BNSOL, bbSOL, and BGSOL. The announcements have fueled substantial interest in Solana’s LST market, particularly in the Sanctum platform, which plays a pivotal role in this expanding landscape.</p>
<p>On August 29, Binance publicly disclosed its intention to list its proprietary Solana LST, followed closely by Bybit and Bitget. In response, Sanctum’s official X account (formerly Twitter) posted a handshake emoji, hinting at a strategic collaboration. Given that Sanctum controls a significant share of the <a href="https://www.ethnews.com/how-solana-outpaced-ethereum-in-the-stablecoin-stakes-pyusds-meteoric-rise/" rel="noopener noreferrer nofollow">Solana</a> LST market, it is highly likely that these exchanges will leverage Sanctum’s platform to issue their tokens. This association has led to a remarkable 47% surge in the value of Sanctum’s governance token, CLOUD, underscoring the market’s positive reaction to these developments.</p>
<p>Sanctum’s pivotal role in the Solana LST ecosystem is rooted in its innovative infrastructure, which allows developers to create their own staking applications on the Solana blockchain. The platform is particularly notable for offering a diverse range of staking tokens, such as MSOL, JITOSOL, and others, and facilitating trading of all <a href="https://www.ethnews.com/can-solana-and-ethereum-be-overtaken-analysts-predict-3000-gains-for-this-new-altcoin/" rel="noopener noreferrer nofollow">SOL</a>-based LSTs. This comprehensive approach has positioned Sanctum as a critical player, ranking third in terms of total value locked (TVL) within the Solana ecosystem, closely trailing other prominent platforms like Jito and Marinade.</p>
<p>Liquid Staking Tokens (LSTs) represent a breakthrough solution within the staking landscape, allowing users to deposit assets and earn staking rewards while maintaining liquidity through the issuance of alternative tokens. This dual benefit—earning staking rewards without sacrificing asset liquidity—enhances users’ ability to deploy their funds in other yield-generating opportunities. The emergence of new LSTs like BNSOL, bbSOL, and BGSOL on <a href="https://www.ethnews.com/could-solana-and-xrp-investors-be-the-top-performers-in-2024/" rel="noopener noreferrer nofollow">Solana</a> aims to further optimize staking convenience and expand liquidity options for SOL holders, enhancing the overall appeal of Solana’s blockchain.</p>
<p>The recent surge in Sanctum’s CLOUD token, following Binance’s announcement and echoed by other leading exchanges, <a href="https://www.ethnews.com/secs-scrutiny-delays-solana-spot-etf-as-security-concerns-loom/" rel="noopener noreferrer nofollow">reflects</a> the growing confidence in the Sanctum platform’s capabilities and its role in the broader Solana staking ecosystem. As more exchanges integrate with Sanctum to launch their Solana LSTs, the demand for the platform’s governance token, CLOUD, is expected to rise, further cementing its status as a key infrastructure provider in the world of decentralized finance (DeFi).</p>
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<p>The post <a href="https://www.ethnews.com/solana-lst-sanctum-cloud-surges-over-45-following-major-exchange-announcements/" rel="noopener noreferrer nofollow">Solana LST Sanctum (CLOUD) Surges Over 45% Following Major Exchange Announcements</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Solana LST Sanctum (CLOUD) Surges Over 45% Following Major Exchange Announcements

ETHNews

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