rio: extract claims from 2025-03-05-futardio-proposal-should-sanctum-use-up-to-25m-cloud-to-incentivise-inf-sol-li.md
- Source: inbox/archive/2025-03-05-futardio-proposal-should-sanctum-use-up-to-25m-cloud-to-incentivise-inf-sol-li.md - Domain: internet-finance - Extracted by: headless extraction cron Pentagon-Agent: Rio <HEADLESS>
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---
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type: claim
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domain: internet-finance
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description: "Solana DeFi protocols converge on 15% combined yield for LP incentives"
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confidence: experimental
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source: "Sanctum CLOUD-003 proposal, 2025-03-05"
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created: 2025-03-12
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---
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# 15 percent APY is industry standard for incentivized liquidity provision on Solana
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The Sanctum proposal asserts that "The industry standard is to offer LPs a 15% combined (fees + incentives combined) annual yield" when designing liquidity incentive programs.
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This suggests market convergence on a specific yield target that balances:
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1. Attracting sufficient liquidity to meet protocol needs
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2. Sustainable token emission rates that don't over-dilute
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3. Competitive positioning relative to other yield opportunities
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The proposal uses 20% APY for the first month as an above-market rate to bootstrap initial liquidity, then drops to the 15% "standard" for ongoing incentives.
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## Evidence
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- Sanctum CLOUD-003 explicitly states: "The industry standard is to offer LPs a 15% combined (fees + incentives combined) annual yield"
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- Proposal structure: 20% APY month 1, then 15% thereafter
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- Target: up to $2.5M TVL with 2.5M CLOUD budget
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- Expected duration: "at least 6 months" at $2.5M TVL cap
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- Proposal rationale: Kamino team will "guarantee a 15% APY on up to $2.5M TVL, or until 2.5M CLOUD is exhausted"
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## Limitations
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- No citation provided for what constitutes "industry standard" or sample size of protocols
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- Single protocol's assertion, not independently verified across multiple Solana DeFi protocols
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- Market conditions (March 2025) may not generalize to other periods or market regimes
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- "Combined" yield (fees + incentives) conflates two different mechanisms
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- No data on whether 15% is actually achievable or sustainable long-term
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---
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Topics:
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- [[liquidity-incentives]]
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- [[token-emissions]]
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- [[solana]]
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---
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type: claim
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domain: internet-finance
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description: "Active liquidity provision in INF-SOL generated alpha over passive holding"
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confidence: experimental
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source: "Sanctum CLOUD-003 proposal citing Kamino vault data, 2025-03-05"
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created: 2025-03-12
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---
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# INF-SOL Kamino vault outperformed INF HODL through high trading volume relative to TVL
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The INF-SOL Kamino vault has outperformed a 100% INF HODL strategy, most likely because of very high capital velocity (high trading volume relative to TVL).
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This suggests that for assets with sufficient trading activity, providing concentrated liquidity can generate returns that exceed the underlying asset's appreciation through fee capture, even accounting for impermanent loss.
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The mechanism appears to be that high volume-to-TVL ratios generate fee income that compensates liquidity providers beyond what they would earn from simply holding the appreciating asset.
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## Evidence
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- Sanctum proposal states: "The INF-SOL Kamino vault strategy has been a great place to park your INF. In fact, the INF-SOL vault has outperformed a 100% INF HODL strategy"
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- Attribution: "most likely because of the very high capital velocity (high trading volume relative to TVL)"
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- Source: Kamino INF-SOL vault data (app.kamino.finance/liquidity/Eud3oi6ibDdYyE5UoeaSWH3vttsuSU4ikHc5oY2E9831)
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- Proposal notes this outperformance as evidence for why Kamino vaults are the preferred vehicle for LST-SOL liquidity
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## Limitations
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- Single vault example, not tested across multiple assets or market conditions
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- No quantification of outperformance magnitude or time period
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- Attribution to capital velocity is speculative (proposal uses "most likely")
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- Impermanent loss impact not explicitly addressed
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- Historical performance does not guarantee future results
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---
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Topics:
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- [[liquidity-provision]]
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- [[yield-strategies]]
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- [[solana]]
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---
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type: claim
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domain: internet-finance
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description: "Kamino's automated rebalancing dominates LST-SOL liquidity provision on Solana"
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confidence: experimental
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source: "Sanctum CLOUD-003 proposal, 2025-03-05"
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created: 2025-03-12
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---
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# Kamino vaults capture 95 percent of Solana LST-SOL liquidity because users require automated position management
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More than 95% of existing xSOL-SOL liquidity on AMMs comes from Kamino managed vaults, suggesting that users aren't willing to provide liquidity unless their positions are managed by a third-party and automatically rebalanced.
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The Sanctum proposal cites Orca jitoSOL-SOL liquidity as evidence, where the overwhelming majority of liquidity is provided through Kamino vaults rather than direct user positions.
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This pattern indicates that concentrated liquidity provision requires active management complexity that most users cannot or will not handle manually, creating a structural advantage for vault protocols that abstract away rebalancing decisions.
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## Evidence
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- Sanctum CLOUD-003 proposal states: "More than 95% of existing xSOL-SOL liquidity on AMMs comes from Kamino managed vaults"
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- Orca jitoSOL-SOL pool cited as example showing vault dominance
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- INF-SOL Kamino vault outperformed 100% INF HODL strategy, attributed to high capital velocity
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- Proposal notes: "users aren't keen to provide liquidity unless their positions are managed by a third-party, and automatically rebalanced"
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## Limitations
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- Single data point (95% figure) from one proposal, not independently verified
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- Sample limited to Solana LST-SOL pairs; may not generalize to other asset classes or chains
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- Causation (users require management → vaults dominate) is inferred, not directly measured
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---
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Topics:
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- [[solana]]
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- [[liquidity-provision]]
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- [[automated-market-making]]
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@ -6,9 +6,15 @@ url: "https://www.futard.io/proposal/6mc1Fp6ds8XKA2jMzBDDhVwvY6ZCGg6SNqvHy4E6LS7
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date: 2025-03-05
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domain: internet-finance
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format: data
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status: unprocessed
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status: processed
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tags: [futardio, metadao, futarchy, solana, governance]
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event_type: proposal
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processed_by: rio
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processed_date: 2025-03-05
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claims_extracted: ["kamino-vaults-capture-95-percent-of-solana-lst-sol-liquidity-because-users-require-automated-position-management.md", "inf-sol-kamino-vault-outperformed-inf-hodl-through-high-trading-volume-relative-to-tvl.md", "15-percent-apy-is-industry-standard-for-incentivized-liquidity-provision-on-solana.md"]
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enrichments_applied: ["stablecoin-flow-velocity-is-a-better-predictor-of-DeFi-protocol-health-than-static-TVL-because-flows-measure-capital-utilization-while-TVL-only-measures-capital-parked.md", "MetaDAO-is-the-futarchy-launchpad-on-Solana-where-projects-raise-capital-through-unruggable-ICOs-governed-by-conditional-markets-creating-the-first-platform-for-ownership-coins-at-scale.md"]
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extraction_model: "anthropic/claude-sonnet-4.5"
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extraction_notes: "Extracted 3 claims about Kamino vault dominance, LP performance through capital velocity, and industry-standard yield rates. Enriched existing claims on TVL vs flow velocity and MetaDAO's role in Solana governance. Source demonstrates futarchy being used for ongoing treasury decisions, not just initial fundraising."
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---
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## Proposal Details
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@ -75,3 +81,13 @@ Assuming the $2.5M TVL cap is reached, incentives should last 6 months at least.
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- Autocrat version: 0.3
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- Completed: 2025-03-08
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- Ended: 2025-03-08
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## Key Facts
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- INF outperforms mSOL and jitoSOL but slightly underperforms best available LST (2025-03-05)
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- Sanctum CLOUD-003 proposal passed 2025-03-08
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- Proposal budget: up to 2.5M CLOUD tokens
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- Target TVL: $2.5M
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- Incentive structure: 20% APY month 1, then 15% APY
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- Expected duration: at least 6 months at TVL cap
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- Kamino manages INF-SOL vault positions with automated rebalancing
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