Sanctum’s New Creator Coins Attract 1.8k SOL Since Launch

Three months after announcing its next product at Solana Breakpoint, Sanctum has finally launched its eagerly awaited Creator Coins. 

Built on top of Sanctum’s LST (Liquid Staking Token) liquidity layer, Creator Coins offer Solana’s content creators a sustainable, non-extractive way of monetizing their brand.

How have Creator Coins fared since launch and who are Solana’s favorite creators?

How Do Sanctum Creator Coins Work?

On December 20, Sanctum launched the beta platform for its hotly-anticipated Creator Coins platform. Leveraging Sanctum’s abundant LST protocol, Creator Coins allow network participants to create a personalized Solana LST that their supporters can hold instead of $SOL.

While staking $SOL to Creator Coins, holders earn Seeds. Considered a measure of loyalty, Seeds are a unique currency associated with individual creators that can be redeemed for products, services, or insights. Holders earn 100 Seeds for every $1 worth of staking rewards pledged to a Creator, and accumulate over time.

In return, Creators earn staking rewards from any $SOL pledged by their supporters. Supporters can exchange Creator Coins for $SOL anytime at a 1:1 ratio. This dynamic enables Solana’s wealth of Content Creators to generate revenue through their services and issue ‘unruggable’ coins for their supporters.

Who Are Solana’s Most Popular Creators?

Sanctum partnered with 17 Creators to kickstart the platform’s beta launch. Within three days of the protocol’s debut, Creators have attracted over 1,800 $SOL. The protocol welcomed a variety of Creators for its initial launch, from Flojo’s Productivity Drinks and Raposa Coffee to accounts offering crypto tax advice and market analysis.

Pathfinders SOL, or pathSOL, is officially the largest Creator Coin with over 28k $SOL staked. However, Pathfinders has enjoyed a considerable headstart over other Creators, courtesy of its NFT launch earlier this year.

PathSOL aside, the platform’s most popular Creator is Joe Takayama, a crypto Youtuber based in Japan. Takayama’s Creator Coin, $joeSOL, currently boasts 196 holders, who have pledged over 576 SOL to the Creator, based on Flipside Data.

Creator Coin deployment is currently limited to select accounts and ecosystem participants. SolanaFloor engaged Sanctum for comment on whether Creator Coin launches would be permissionless in the future, but did not receive a response. 

While nothing has been confirmed by the Sanctum team, engagement with the Creator Coin platform could make users eligible for rewards in Sanctum’s future Wonderland seasons and incentive campaigns.

Bullish For $CLOUD?

Despite network participants’ positive reaction to the launch of Creator Coins, markets didn’t share in the enthusiasm. 

$CLOUD, the Sanctum ecosystem’s native token, barely reacted to the announcement, trading sideways since the launch of Creator Coins. At press time, $CLOUD is exchanging hands at $0.17 based on Step Finance data.

Read More on SolanaFloor

Solana’s OG DePIN protocol launches flagship product

$SHDW Leads Solana DePIN as GenesysGO Launches shdwDrive v2

Dive Deeper into Solana DeFi