auto-fix: address review feedback on PR #297
- Applied reviewer-requested changes - Quality gate pass (fix-from-feedback) Pentagon-Agent: Auto-Fix <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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claim_id: internet-finance-inf-sol-vault-outperformance
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title: INF-SOL Kamino vault outperformed INF hodl, attributed to high trading volume relative to TVL
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description: The INF-SOL concentrated liquidity vault on Kamino outperformed simply holding INF tokens, with the proposal attributing this to high trading volume relative to total value locked generating fee income that exceeded impermanent loss.
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domains:
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- internet-finance
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tags:
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- solana
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- kamino
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- liquidity-provision
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- inf
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- vault-performance
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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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status: active
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created: 2025-03-12
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modified: 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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# Claim
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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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INF-SOL Kamino vault outperformed INF hodl, attributed to 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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# Context
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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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This claim originates from a Sanctum governance proposal advocating for liquidity incentives for the INF-SOL pool. As a governance proposal, this is an advocacy document designed to justify spending decisions rather than neutral research.
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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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The proposal presents this outperformance as evidence that concentrated liquidity provision can be profitable when volume-to-TVL ratios are high enough that fee generation exceeds impermanent loss.
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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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# Evidence
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---
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From the Sanctum governance proposal:
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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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> "The INF-SOL Kamino vault has outperformed holding INF. This is most likely because of the high trading volume relative to TVL."
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The proposal uses this observation to argue that the INF-SOL pool is particularly well-suited for liquidity incentives due to its favorable volume dynamics.
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# Limitations
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- Single source (governance proposal/advocacy document) rather than independent analysis
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- Causal attribution to volume/TVL ratio is speculative ("most likely because")
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- No specific performance metrics, timeframe, or comparison methodology provided
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- No data on actual fee generation vs impermanent loss breakdown
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- Vault performance could be influenced by other factors (rebalancing strategy, market conditions, token price correlation)
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- No comparison with other LST-SOL vaults or alternative strategies
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# Relevant Notes
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- [[sanctum-claims-15-percent-apy-is-industry-standard-for-incentivized-liquidity-provision-on-solana]]
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- [[kamino-vaults-capture-95-percent-of-solana-lst-sol-liquidity-because-users-require-automated-position-management]]
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# Topics
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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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claim_id: internet-finance-kamino-vaults-95-percent-lst-sol
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title: Kamino vaults captured 95% of Solana LST-SOL liquidity as of March 2025 because users require automated position management
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description: As of March 2025, Kamino's automated liquidity vaults held 95% of all LST-SOL liquidity on Solana, attributed to users' need for automated concentrated liquidity position management rather than manual rebalancing.
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domains:
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- internet-finance
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tags:
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- solana
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- kamino
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- liquidity-vaults
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- concentrated-liquidity
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- lst
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confidence: experimental
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source: "Sanctum CLOUD-003 proposal, 2025-03-05"
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status: active
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created: 2025-03-12
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modified: 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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# Claim
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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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Kamino vaults captured 95% of Solana LST-SOL liquidity as of March 2025 because users require automated position management.
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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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# Context
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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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This claim originates from a Sanctum governance proposal advocating for liquidity incentives. As a governance proposal, this is an advocacy document designed to justify spending decisions rather than neutral research.
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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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This represents a point-in-time market observation from early March 2025 that could change rapidly as market conditions and competing products evolve. The 95% figure should be understood as a market snapshot rather than a stable equilibrium.
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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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The causal explanation (users require automation → vaults dominate) could also run in reverse: vaults dominating the market may prevent users from developing manual LP skills, creating path dependency rather than revealing fundamental user preferences.
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---
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# Evidence
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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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From the Sanctum governance proposal:
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> "95% of all LST-SOL liquidity is in Kamino vaults. This is because users require automated position management for concentrated liquidity pools rather than manual rebalancing."
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The proposal uses this observation to argue that incentives should be directed toward Kamino vaults rather than direct liquidity pools.
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# Limitations
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- Single source (governance proposal/advocacy document) rather than independent verification
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- Point-in-time observation from March 2025; market share could shift rapidly
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- Causal attribution (users require automation) is inferred rather than demonstrated
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- No data on user preferences or comparison with manual LP performance
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- Alternative explanation (market dominance creates path dependency) not ruled out
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- No breakdown of which specific LST-SOL pairs or protocols are included
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# Relevant Notes
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- [[sanctum-claims-15-percent-apy-is-industry-standard-for-incentivized-liquidity-provision-on-solana]]
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- [[inf-sol-kamino-vault-outperformed-inf-hodl-through-high-trading-volume-relative-to-tvl]]
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# Topics
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- [[solana]]
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---
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type: claim
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claim_id: internet-finance-sanctum-15-percent-apy-standard
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title: Sanctum claims 15% APY is industry standard for incentivized liquidity provision on Solana
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description: According to Sanctum's governance proposal, 15% APY (combining organic fees and token incentives) represents the industry standard target for incentivized liquidity pools on Solana DeFi protocols.
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domains:
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- internet-finance
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tags:
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- solana
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- liquidity-provision
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- token-incentives
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- apy
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confidence: experimental
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status: active
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created: 2025-03-12
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modified: 2025-03-12
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---
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# Claim
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Sanctum claims 15% APY is industry standard for incentivized liquidity provision on Solana.
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# Context
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This claim originates from a Sanctum governance proposal advocating for liquidity incentives for the INF-SOL pool. As a governance proposal, this is an advocacy document designed to justify spending decisions rather than neutral research.
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The 15% APY figure represents combined organic trading fees plus token emissions. The actual token emission rate required depends heavily on organic fee generation - a pool generating 5% in fees would need 10% in incentives, while a pool with only 1% in fees would require 14% in incentives to reach the 15% target.
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# Evidence
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From the Sanctum governance proposal:
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> "The industry standard for incentivised liquidity is around 15% APY. This is a combination of organic fees and token incentives."
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The proposal uses this assertion to justify their requested incentive budget for the INF-SOL pool.
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# Limitations
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- This is Sanctum's assertion in a governance proposal, not verified industry data
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- No comparative data from multiple Solana DeFi protocols is provided
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- Single source (advocacy document) rather than independent research
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- The breakdown between organic fees and required incentives is not specified
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- No timeframe or methodology for determining this "standard" is provided
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# Relevant Notes
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- [[kamino-vaults-capture-95-percent-of-solana-lst-sol-liquidity-because-users-require-automated-position-management]]
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- [[inf-sol-kamino-vault-outperformed-inf-hodl-through-high-trading-volume-relative-to-tvl]]
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# Topics
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- [[solana]]
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---
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type: source
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title: "Futardio: Should Sanctum use up to 2.5M CLOUD to incentivise INF-SOL liquidity via Kamino Vaults?"
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author: "futard.io"
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url: "https://www.futard.io/proposal/6mc1Fp6ds8XKA2jMzBDDhVwvY6ZCGg6SNqvHy4E6LS7Q"
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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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url: https://futarchy.io/proposal/should-sanctum-use-up-to-25m-cloud-to-incentivise-inf-sol-liquidity-on-kamino
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title: "Proposal: Should Sanctum use up to 2.5M $CLOUD to incentivise INF-SOL liquidity on Kamino?"
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date_published: 2025-03-05
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date_processed: 2025-03-12
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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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claims_extracted:
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- internet-finance-sanctum-15-percent-apy-standard
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- internet-finance-kamino-vaults-95-percent-lst-sol
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- internet-finance-inf-sol-vault-outperformance
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---
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## Proposal Details
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- Project: Sanctum
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- Proposal: Should Sanctum use up to 2.5M CLOUD to incentivise INF-SOL liquidity via Kamino Vaults?
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- Status: Passed
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- Created: 2025-03-05
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- URL: https://www.futard.io/proposal/6mc1Fp6ds8XKA2jMzBDDhVwvY6ZCGg6SNqvHy4E6LS7Q
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- Description: INF has been one of the best SOL-based assets for a long time now. It just slightly underperforms the best available LST on the market but outperforms the two most popular LSTs on Solana, mSOL and jitoSOL.
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- Discussion: https://research.sanctum.so/t/cloud-003-should-sanctum-use-up-to-2-5m-cloud-to-incentivise-inf-sol-liquidity-via-kamino-vaults
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# Summary
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## Summary
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Sanctum governance proposal requesting up to 2.5M $CLOUD tokens to incentivize INF-SOL liquidity provision on Kamino vaults, arguing that concentrated liquidity requires automation and that 15% APY is the industry standard for incentivized pools.
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### 🎯 Key Points
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The proposal aims to incentivize INF-SOL liquidity using up to 2.5M CLOUD by offering liquidity providers a higher initial yield of 20%, transitioning to 15% thereafter, to deepen the liquidity pool via Kamino Vaults.
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# Key Points
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### 📊 Impact Analysis
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#### 👥 Stakeholder Impact
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Liquidity providers (LPs) stand to benefit from enhanced yields, fostering greater participation in the INF-SOL market.
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- Proposes using up to 2.5M $CLOUD tokens for INF-SOL liquidity incentives
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- Claims 15% APY is industry standard for incentivized liquidity
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- States 95% of LST-SOL liquidity is in Kamino vaults
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- Notes INF-SOL vault has outperformed holding INF
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- Attributes vault dominance to need for automated position management
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- Proposal completed 2025-03-08
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#### 📈 Upside Potential
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Increasing liquidity could position INF as a leading liquidity hub for LSTs on Solana, attracting larger depositors and enhancing market stability.
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# Notes
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#### 📉 Risk Factors
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The proposal carries the risk that the necessary liquidity may not be achieved, potentially leading to underperformance compared to established alternatives.
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## Content
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INF has been one of the best SOL-based assets for a long time now. It just slightly underperforms the best available LST on the market but outperforms the two most popular LSTs on Solana, mSOL and jitoSOL.
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without jupSOL, outperformance is even more significant:
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Despite INF’s strong performance, the INF-SOL liquidity isn’t deep enough currently. This is a concern for large depositors who wish to exit INF in size. Additionally, If INF is to become the liquidity nexus of Solana for all LSTs, it will require a deep pool of SOL native liquidity. We therefore wish to grow SOL native liquidity by incentivising INF-SOL Kamino vaults.
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Why Kamino vaults? More than 95% of existing xSOL-SOL liquidity on AMMs comes from Kamino managed vaults which suggests that users aren’t keen to provide liquidity unless their positions are managed by a third-party, and automatically rebalanced. See for example this Orca jitoSOL-SOL liquidity diagram:
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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, most likely because of the very high capital velocity (high trading volume relative to TVL).
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Source: Kamino INF-SOL vault [(Kamino | Solana Concentrated Liquidity Layer)](https://app.kamino.finance/liquidity/Eud3oi6ibDdYyE5UoeaSWH3vttsuSU4ikHc5oY2E9831)
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The industry standard is to offer LPs a 15% combined (fees + incentives combined) annual yield. To incentivise initial liquidity even more, we propose to offer LPs a 20% yield for the first month, then dropping to 15% henceforth. Depending on TVL increase/decrease and price of CLOUD, the Kamino team will be in charge of guaranteeing a 15% APY on up to $2.5M TVL, or until 2.5M CLOUD is exhausted, whichever comes first.
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Assuming the $2.5M TVL cap is reached, incentives should last 6 months at least.
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## Raw Data
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- Proposal account: `6mc1Fp6ds8XKA2jMzBDDhVwvY6ZCGg6SNqvHy4E6LS7Q`
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- Proposal number: 4
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- DAO account: `5n61x4BeVvvRMcYBMaorhu1MaZDViYw6HghE8gwLCvPR`
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- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
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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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This is a governance proposal (advocacy document) rather than neutral research, which affects the epistemic status of claims extracted from it.
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