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>
This commit is contained in:
Teleo Agents
parent
97f04351fd
commit
340fa15650
4 changed files with 127 additions and 1 deletions
|
|
@ -0,0 +1,40 @@
|
||||||
|
---
|
||||||
|
type: claim
|
||||||
|
domain: internet-finance
|
||||||
|
description: "Solana DeFi protocols converge on 15% combined yield for LP incentives"
|
||||||
|
confidence: experimental
|
||||||
|
source: "Sanctum CLOUD-003 proposal, 2025-03-05"
|
||||||
|
created: 2025-03-12
|
||||||
|
---
|
||||||
|
|
||||||
|
# 15 percent APY is industry standard for incentivized liquidity provision on Solana
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
This suggests market convergence on a specific yield target that balances:
|
||||||
|
1. Attracting sufficient liquidity to meet protocol needs
|
||||||
|
2. Sustainable token emission rates that don't over-dilute
|
||||||
|
3. Competitive positioning relative to other yield opportunities
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
## Evidence
|
||||||
|
- Sanctum CLOUD-003 explicitly states: "The industry standard is to offer LPs a 15% combined (fees + incentives combined) annual yield"
|
||||||
|
- Proposal structure: 20% APY month 1, then 15% thereafter
|
||||||
|
- Target: up to $2.5M TVL with 2.5M CLOUD budget
|
||||||
|
- Expected duration: "at least 6 months" at $2.5M TVL cap
|
||||||
|
- Proposal rationale: Kamino team will "guarantee a 15% APY on up to $2.5M TVL, or until 2.5M CLOUD is exhausted"
|
||||||
|
|
||||||
|
## Limitations
|
||||||
|
- No citation provided for what constitutes "industry standard" or sample size of protocols
|
||||||
|
- Single protocol's assertion, not independently verified across multiple Solana DeFi protocols
|
||||||
|
- Market conditions (March 2025) may not generalize to other periods or market regimes
|
||||||
|
- "Combined" yield (fees + incentives) conflates two different mechanisms
|
||||||
|
- No data on whether 15% is actually achievable or sustainable long-term
|
||||||
|
|
||||||
|
---
|
||||||
|
|
||||||
|
Topics:
|
||||||
|
- [[liquidity-incentives]]
|
||||||
|
- [[token-emissions]]
|
||||||
|
- [[solana]]
|
||||||
|
|
@ -0,0 +1,36 @@
|
||||||
|
---
|
||||||
|
type: claim
|
||||||
|
domain: internet-finance
|
||||||
|
description: "Active liquidity provision in INF-SOL generated alpha over passive holding"
|
||||||
|
confidence: experimental
|
||||||
|
source: "Sanctum CLOUD-003 proposal citing Kamino vault data, 2025-03-05"
|
||||||
|
created: 2025-03-12
|
||||||
|
---
|
||||||
|
|
||||||
|
# INF-SOL Kamino vault outperformed INF HODL through high trading volume relative to TVL
|
||||||
|
|
||||||
|
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).
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
## Evidence
|
||||||
|
- 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"
|
||||||
|
- Attribution: "most likely because of the very high capital velocity (high trading volume relative to TVL)"
|
||||||
|
- Source: Kamino INF-SOL vault data (app.kamino.finance/liquidity/Eud3oi6ibDdYyE5UoeaSWH3vttsuSU4ikHc5oY2E9831)
|
||||||
|
- Proposal notes this outperformance as evidence for why Kamino vaults are the preferred vehicle for LST-SOL liquidity
|
||||||
|
|
||||||
|
## Limitations
|
||||||
|
- Single vault example, not tested across multiple assets or market conditions
|
||||||
|
- No quantification of outperformance magnitude or time period
|
||||||
|
- Attribution to capital velocity is speculative (proposal uses "most likely")
|
||||||
|
- Impermanent loss impact not explicitly addressed
|
||||||
|
- Historical performance does not guarantee future results
|
||||||
|
|
||||||
|
---
|
||||||
|
|
||||||
|
Topics:
|
||||||
|
- [[liquidity-provision]]
|
||||||
|
- [[yield-strategies]]
|
||||||
|
- [[solana]]
|
||||||
|
|
@ -0,0 +1,34 @@
|
||||||
|
---
|
||||||
|
type: claim
|
||||||
|
domain: internet-finance
|
||||||
|
description: "Kamino's automated rebalancing dominates LST-SOL liquidity provision on Solana"
|
||||||
|
confidence: experimental
|
||||||
|
source: "Sanctum CLOUD-003 proposal, 2025-03-05"
|
||||||
|
created: 2025-03-12
|
||||||
|
---
|
||||||
|
|
||||||
|
# Kamino vaults capture 95 percent of Solana LST-SOL liquidity because users require automated position management
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
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.
|
||||||
|
|
||||||
|
## Evidence
|
||||||
|
- Sanctum CLOUD-003 proposal states: "More than 95% of existing xSOL-SOL liquidity on AMMs comes from Kamino managed vaults"
|
||||||
|
- Orca jitoSOL-SOL pool cited as example showing vault dominance
|
||||||
|
- INF-SOL Kamino vault outperformed 100% INF HODL strategy, attributed to high capital velocity
|
||||||
|
- Proposal notes: "users aren't keen to provide liquidity unless their positions are managed by a third-party, and automatically rebalanced"
|
||||||
|
|
||||||
|
## Limitations
|
||||||
|
- Single data point (95% figure) from one proposal, not independently verified
|
||||||
|
- Sample limited to Solana LST-SOL pairs; may not generalize to other asset classes or chains
|
||||||
|
- Causation (users require management → vaults dominate) is inferred, not directly measured
|
||||||
|
|
||||||
|
---
|
||||||
|
|
||||||
|
Topics:
|
||||||
|
- [[solana]]
|
||||||
|
- [[liquidity-provision]]
|
||||||
|
- [[automated-market-making]]
|
||||||
|
|
@ -6,9 +6,15 @@ url: "https://www.futard.io/proposal/6mc1Fp6ds8XKA2jMzBDDhVwvY6ZCGg6SNqvHy4E6LS7
|
||||||
date: 2025-03-05
|
date: 2025-03-05
|
||||||
domain: internet-finance
|
domain: internet-finance
|
||||||
format: data
|
format: data
|
||||||
status: unprocessed
|
status: processed
|
||||||
tags: [futardio, metadao, futarchy, solana, governance]
|
tags: [futardio, metadao, futarchy, solana, governance]
|
||||||
event_type: proposal
|
event_type: proposal
|
||||||
|
processed_by: rio
|
||||||
|
processed_date: 2025-03-05
|
||||||
|
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"]
|
||||||
|
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"]
|
||||||
|
extraction_model: "anthropic/claude-sonnet-4.5"
|
||||||
|
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."
|
||||||
---
|
---
|
||||||
|
|
||||||
## Proposal Details
|
## Proposal Details
|
||||||
|
|
@ -75,3 +81,13 @@ Assuming the $2.5M TVL cap is reached, incentives should last 6 months at least.
|
||||||
- Autocrat version: 0.3
|
- Autocrat version: 0.3
|
||||||
- Completed: 2025-03-08
|
- Completed: 2025-03-08
|
||||||
- Ended: 2025-03-08
|
- Ended: 2025-03-08
|
||||||
|
|
||||||
|
|
||||||
|
## Key Facts
|
||||||
|
- INF outperforms mSOL and jitoSOL but slightly underperforms best available LST (2025-03-05)
|
||||||
|
- Sanctum CLOUD-003 proposal passed 2025-03-08
|
||||||
|
- Proposal budget: up to 2.5M CLOUD tokens
|
||||||
|
- Target TVL: $2.5M
|
||||||
|
- Incentive structure: 20% APY month 1, then 15% APY
|
||||||
|
- Expected duration: at least 6 months at TVL cap
|
||||||
|
- Kamino manages INF-SOL vault positions with automated rebalancing
|
||||||
|
|
|
||||||
Loading…
Reference in a new issue