rio: Sanctum decision records — 4 full text backfills + 2 new records

- What: Added full proposal text to 4 existing Sanctum records
  + created 2 new records (Logo Change CLOUD-0, Mobile App Wonder)
- Records updated: implement-cloud-staking-active-rewards (2025-02-06),
  incentivise-inf-sol-liquidity (2025-03-05), offer-defiance-capital-cloud-acquisition
  (2025-10-22), offer-investors-early-unlocks-cloud (2025-08-20)
- New: sanctum-change-logo-on-website-and-socials.md (CLOUD-0, Passed 2025-02-06)
- New: sanctum-build-mobile-app-wonder.md (Failed 2025-03-31)
- Gap: HCHkdhiPh2q9LTyvUpfyfuybPHW7qg1T2v — empty proposal, skipped per user
- Coverage: 6/7 Sanctum proposals documented (1 empty proposal excluded)
- Source: futard.io archives + Sanctum governance forum

Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>

decisions/internet-finance/sanctum-build-mobile-app-wonder.md

@@ -0,0 +1,113 @@
+---
+type: decision
+entity_type: decision_market
+name: "Sanctum: Should Sanctum build a Sanctum Mobile App (Wonder)?"
+domain: internet-finance
+status: failed
+parent_entity: "[[sanctum]]"
+platform: "futardio"
+proposer: "Sanctum team"
+proposal_url: "https://www.futard.io/proposal/2frDGSg1frwBeh3bc6R7XKR2wckyMTt6pGXLGLPgoota"
+proposal_date: 2025-03-28
+resolution_date: 2025-03-31
+category: "strategy"
+summary: "Sanctum proposed building mobile app 'Wonder' as crypto consumer onboarding product — team reserved discretion but put strategic direction to futarchy vote. Failed."
+tracked_by: rio
+created: 2026-03-24
+---
+
+# Sanctum: Should Sanctum build a Sanctum Mobile App (Wonder)?
+
+## Summary
+Sanctum proposed building a mobile app codenamed "Wonder" — a consumer-facing crypto onboarding product targeting non-speculative users who want yield, community, and a delightful UX. Despite not involving community CLOUD funds, the team put this product direction to futarchy vote as "the largest product decision ever made by the Sanctum team." Core features: automatic yield on assets, gasless trades, fiat offramps, curated project discovery (including potential MetaDAO launchpad integration). Revenue models: AUM fees, swap fees, subscription fees. The proposal failed, suggesting the market preferred the team focus on core B2B staking infrastructure.
+
+## Market Data
+- **Outcome:** Failed
+- **Proposer:** Sanctum team
+- **Proposal Account:** 2frDGSg1frwBeh3bc6R7XKR2wckyMTt6pGXLGLPgoota
+- **Duration:** 2025-03-28 to ~2025-03-31
+
+## Strategic Context
+- **Opportunity cost acknowledged:** Building mobile app diverts resources from core B2B staking business and institutional liquid staking
+- **Competitive reference:** Phantom ($3B valuation), Jupiter ($1.7B market cap / $6.2B FDV), MetaMask ($320M swap fees, Consensys $2.3B secondary)
+- **Target users:** "Good (agentic, integrous, open-minded, earnest) people" — not memecoin traders
+- **Go-to-market:** Closed beta with top CLOUD stakers (by staking score), invite codes, iterate to find killer feature
+- **Team reserved discretion** to modify features and go-to-market
+
+## Significance
+This is the most consequential use of futarchy for strategic product direction rather than treasury allocation. The team explicitly chose to put a major strategic pivot to market vote despite having no obligation to do so ("this is not a proposal that involves community CLOUD funds"). The failure demonstrates futarchy's ability to override team preferences on strategic direction — the market effectively told the team to stay focused on core infrastructure. This supports the claim that [[coin price is the fairest objective function for asset futarchy]] since token holders optimized for protocol value by rejecting a risky pivot.
+
+The "curate the best, most aligned projects — MetaDAO launchpad integration?" bullet is particularly notable as an early signal of Sanctum exploring the MetaDAO ecosystem as a distribution channel.
+
+## Relationship to KB
+- [[sanctum]] — product strategy governance decision
+- [[coin price is the fairest objective function for asset futarchy]] — market rejected team's strategic preference
+- [[futarchy-markets-can-reject-solutions-to-acknowledged-problems-when-the-proposed-solution-creates-worse-second-order-effects-than-the-problem-it-solves]] — opportunity cost of pivot outweighed potential
+- [[sanctum-wonder-mobile-app-proposal-failed-futarchy-vote-march-2025]] — existing claim about this event
+
+## Full Proposal Text
+
+*Source: futard.io, tabled 2025-03-28*
+
+### tl;dr
+
+This proposal would empower the Sanctum team to build a Sanctum mobile app, codenamed "Wonder".
+Even though this is not a proposal that involves community CLOUD funds, this is going to be the largest product decision ever made by the Sanctum team, so we want to put it up to governance vote. We're excited about this direction but still want to gut check with the community.
+
+### what
+
+Our goal is to onboard more good (agentic, integrous, open-minded, earnest) people onto the magical new world of crypto. Wonder would be a mobile app that maximally serves these users.
+
+Why would these users want to be on chain? They are unlikely to want to trade memecoins. But they would be interested in earning/raising money on crypto to fund their ambitions, holding assets with long-term real yield, and participating, belonging, and interacting with other like-minded people.
+
+Core goals of Wonder:
+
+* to make the new user UX safe and easy (no seed phrases)
+* to put people first (profiles, not wallet addresses), and
+* to maximise love, fun, and delight
+
+(potential) core product features:
+
+* automatically gives you great yields on your assets
+* shows you how much money you've made from your yield-bearing assets (SOL, JUP, CLOUD, USDC)
+* gasless trades/transfers
+* lets you spend and offramp your money via card or bank transfer
+* curates the best, most aligned projects so you can participate or invest in them
+  * MetaDAO launchpad integration?
+
+potential monetisation models:
+
+* AUM fees on deposits
+* swap fees
+* subscription fees
+
+### why
+
+The Business Case:
+
+* There's immense value in products that touch the end-user. Google, Netflix, Amazon, Zillow, and Expedia all capture substantial value through being "the place the user comes to when they want to explore." Wonder would do the same for crypto.
+* Abnormal profits come from pricing power. And pricing power comes from consumers having a reason not to switch to alternatives. Consumers, especially in financial services, are sticky and prefer to stick to what they already know.
+* The market has recognized this opportunity. Phantom recently raised at a $3B valuation. Jupiter trades at a $1.7B market cap and $6.2B FDV. MetaMask made $320M in swap fees and is one of the reasons why Consensys is worth $2.3B in secondary markets.
+
+Team:
+We have a track record of making things fun, building delightful products, simplifying very complex concepts. We made futarchy fun and accessible. I mean we made liquid staking fun for gods sake.
+At the same time, we have a reputation for competence and safety — today, Sanctum safeguards over 1B in funds.
+
+Personal:
+A month ago I saw my 17 year old cousin open up his phone. He was trading TRUMP on Moonshot, looking at his portfolio go from $6 to $4.60 (lol). I was really happy that crypto has conclusively come to the mainstream, but also sad that that was his first experience with crypto.
+Crypto has a lot more to offer than trading memecoins, but it seems like everyone is focused on building apps for that. I want to build the right introduction to crypto: the app we all deserve, but no one is building.
+
+### go-to-market
+
+The goal is to build out a minimally delightful product with just one killer feature — but some iteration will be required to find that feature.
+To get our first users, we'll run a very intimate, high-touch closed beta with our best cloudmen (probably initiated by staking score) — each of them would have some small numbers of invite codes. We'll use that to iterate on the product and find that killer feature.
+Once we are sure we have a compelling product and hook, we'll look to distribute to the broader crypto audience.
+
+### considerations
+
+The largest consideration here is opportunity cost. Building this mobile app will require significant resources and will affect to some degree our focus on scale the core business. The alternative is to stay the course and focus solely on growing Sanctum as a B2B staking business or going into institutional liquid staking (more CEXes, building out custodial products, locked SOL, etc.)
+Other considerations include: building mobile consumer apps is notoriously hard, and value capture is not completely clear, especially if we don't focus on capturing the users which have max trading volumes.
+
+### discretion
+
+The Sanctum core team reserves the right to change details of the prospective features or go-to-market if we deem it better for the product.

decisions/internet-finance/sanctum-change-logo-on-website-and-socials.md

@@ -0,0 +1,50 @@
+---
+type: decision
+entity_type: decision_market
+name: "Sanctum: Should Sanctum change its logo on its website and socials?"
+domain: internet-finance
+status: passed
+parent_entity: "[[sanctum]]"
+platform: "futardio"
+proposer: "Sanctum team"
+proposal_url: "https://www.futard.io/proposal/7FY4dgYDX8xxwCczrgstUwuNEC9NMV1DWXz31rMnGNTv"
+proposal_date: 2025-02-03
+resolution_date: 2025-02-06
+autocrat_version: "0.3"
+category: "community"
+summary: "Fun governance experiment — temporarily change Sanctum logo for one week to familiarize community with futarchy voting UI"
+tracked_by: rio
+created: 2026-03-24
+---
+
+# Sanctum: Should Sanctum change its logo on its website and socials?
+
+## Summary
+Sanctum's inaugural futarchy proposal (CLOUD-0) — explicitly framed as a "fun proposal" to onboard the community to futarchy governance mechanics. If passed, Sanctum would temporarily change its logo on website and socials to a community-edited version for one week. The proposal passed on 2025-02-06, serving as a low-stakes test of the governance UI before higher-stakes proposals.
+
+## Market Data
+- **Outcome:** Passed
+- **Proposal Account:** 7FY4dgYDX8xxwCczrgstUwuNEC9NMV1DWXz31rMnGNTv
+- **Proposal Number:** CLOUD-0 (Sanctum's zeroth governance proposal)
+- **Duration:** 2025-02-03 to 2025-02-06 (3 days deliberation + 3 days voting)
+
+## Significance
+This proposal is the futarchy equivalent of a "hello world" — a deliberately low-stakes decision designed to teach the community how the governance UI works before real treasury decisions are tabled. The explicit framing ("This is a fun proposal, meant to get people familiar with the Governance UI") demonstrates Sanctum's staged adoption strategy: start with trivial decisions to build muscle memory, then escalate to consequential ones. This mirrors the pattern seen in [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]].
+
+## Relationship to KB
+- [[sanctum]] — first governance decision (CLOUD-0)
+- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — deliberate low-stakes onboarding to reduce adoption friction
+- [[futardio]] — governance platform
+
+## Full Proposal Text
+
+*Source: Sanctum governance forum, tabled 2025-02-03*
+
+This is a fun proposal, meant to get people familiar with the Governance UI and how Sanctum Governance will work. All proposals have a deliberation process before officially tabled up to governance. This proposal has the following timeline:
+
+- 3 days deliberation
+- 3 days voting
+
+CLOUD-0: Should Sanctum change its logo on its website and socials?
+
+This proposal would approve the temporary change of the Sanctum logo on its website and socials to the following logo for one week after the successful conclusion of the vote.

decisions/internet-finance/sanctum-implement-cloud-staking-active-rewards.md

@@ -58,4 +58,35 @@ The 30M CLOUD allocation (3% of supply) is substantial, indicating Sanctum's com
 - [[MetaDAOs Autocrat program implements futarchy through conditional token markets where proposals create parallel pass and fail universes settled by time-weighted average price over a three-day window]] — uses Autocrat v0.3
 - [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — explicitly acknowledges and manages adoption friction
 - staking-lockups-mitigate-keynesian-beauty-contest-in-futarchy-by-forcing-long-term-holder-participation — mechanism rationale
-- active-staking-rewards-incentivize-futarchy-participation-by-compensating-governance-effort-with-token-distributions — mechanism rationale
+- active-staking-rewards-incentivize-futarchy-participation-by-compensating-governance-effort-with-token-distributions — mechanism rationale
+
+## Full Proposal Text
+
+*Source: Sanctum governance forum, tabled 2025-02-06*
+
+This proposal would approve the implementation of CLOUD staking and 30M CLOUD (3% of total supply) to fund rewards for staked CLOUD, conditional upon active governance participation ("active staking rewards").
+
+### Why staking?
+The primary potential failure mode of futarchy is the "Keynesian beauty contest". There is a danger that traders predict not whether the proposal is net positive, but whether or not other people think the proposal is net positive. This can create a self-reinforcing cycle disconnected from reality — leading to a dangerous outcome where policies are passed based on momentum and narrative, not actual value.
+
+One very promising solution is to use staking; that is, to use staked CLOUD (sCLOUD) as the base asset to participate in the futarchic markets. This staked CLOUD will have a 30 day linearly vesting lockup (linearly vesting means that if you unstake 100 sCLOUD, you will be able to claim ~3.3 CLOUD every day), which will incentivise long-term holders to participate. We believe this will significantly mitigate the Keynesian beauty contest problem.
+
+CLOUD staking could also be used as a separating mechanism to preferentially reward long-term holders in the future. But that's outside the scope of this proposal.
+
+### Why active staking rewards?
+Governance requires time and effort, especially something new like futarchy. By rewarding those who spend their time and effort to participate, we will encourage more participation, which means better decisions overall due to the wisdom of the crowds.
+
+### How would active staking rewards be implemented?
+We propose to use 30M CLOUD to fund rewards for active governance participants over the next six months.
+
+Voters would get a pro rata share of CLOUD equal to your overall staking score (staked CLOUD amount * time) multiplied by the number of votes you participated in after this proposal. To be counted as participating in a proposal, one must have a minimum trading volume of at least 10 USDC in each proposal, regardless of if it passes or fails.
+
+We propose to split this 30M CLOUD into two tranches of 15M each and distribute CLOUD quarterly. We plan to distribute the first tranche ~3 months after the passing of this proposal.
+
+### What will happen if this proposal passes?
+
+If this proposal passes, we will implement staking and start tracking staked CLOUD balances. Starting from CLOUD-2 (the next proposal after this), voting participation will also be tracked for the purposes of ASR.
+
+We will eventually transition voting from CLOUD/USDC to sCLOUD/USDC, but whilst governance is still new and confusing for most, we will hold off on this transition for now. We will take a temperature check after a couple of votes and transition once people are comfortable.
+
+We aim to run new proposals every two weeks, with a one week deliberation period + 3 day voting period.

decisions/internet-finance/sanctum-incentivise-inf-sol-liquidity.md

@@ -45,3 +45,19 @@ Demonstrates futarchy application to treasury-funded growth initiatives where th
 - [[sanctum]] - treasury allocation decision
 - MetaDAOs-Autocrat-program-implements-futarchy-through-conditional-token-markets-where-proposals-create-parallel-pass-and-fail-universes-settled-by-time-weighted-average-price-over-a-three-day-window - mechanism used
 - MetaDAOs-futarchy-implementation-shows-limited-trading-volume-in-uncontested-decisions - exemplifies pattern
+
+## Full Proposal Text
+
+*Source: Sanctum governance forum, tabled 2025-03-05*
+
+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.
+
+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.
+
+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.
+
+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).
+
+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.
+
+Assuming the $2.5M TVL cap is reached, incentives should last 6 months at least.

decisions/internet-finance/sanctum-offer-defiance-capital-cloud-acquisition.md

@@ -41,4 +41,53 @@ This proposal represents a test case for futarchy-governed treasury management w
 - [[sanctum]] - parent entity governance decision
 - [[defiance-capital]] - proposing entity
 - [[MetaDAOs Autocrat program implements futarchy through conditional token markets where proposals create parallel pass and fail universes settled by time-weighted average price over a three-day window]] - governance mechanism used
-- [[futarchy-governed DAOs converge on traditional corporate governance scaffolding for treasury operations because market mechanisms alone cannot provide operational security and legal compliance]] - treasury management pattern
+- [[futarchy-governed DAOs converge on traditional corporate governance scaffolding for treasury operations because market mechanisms alone cannot provide operational security and legal compliance]] - treasury management pattern
+
+## Full Proposal Text
+
+*Source: futard.io, tabled 2025-10-22*
+
+**TLDR**
+
+DeFiance Capital proposes to purchase 5% (13.7m CLOUD) of the CLOUD community reserve tokens. As a long-term strategic partner since 2021, we aim to deepen our commitment to Sanctum while continuing to provide strategic value through our extensive network in both crypto and TradFi sectors.
+
+**Summary**
+
+This proposal outlines DeFiance Capital's intention to purchase CLOUD tokens directly from the Sanctum community reserve. Our multi-year partnership has consistently delivered value through capital deployment, strategic introductions, and ecosystem development. This acquisition represents a natural progression of our relationship and aligns our interests further with the Sanctum community's long-term success.
+
+**About DeFiance Capital**
+
+Founded by Arthur Cheong (@Arthur_0x), DeFiance Capital is a prominent crypto investment firm with a strong footprint globally. The firm specializes in liquid token investments with high growth potential, driven by a thesis-based, fundamentally grounded approach.
+
+**Background & Partnership History**
+
+DeFiance Capital and Sanctum have maintained a strong strategic partnership since 2021. Our relationship began with our initial investment in Sanctum, where we not only provided capital but also leveraged our network to connect the team with other major funds, helping to establish Sanctum's position in the ecosystem.
+
+**On-going Contributions**
+
+* **LST Partnership Development**: Facilitated key introductions between Sanctum and various Solana DATs (Digital Asset Treasuries), enabling strategic LST partnerships.
+* **Market Exposure**: Actively encouraged the team to present CLOUD at industry events and worked collaboratively to refine their pitch.
+* **Strategic Advisory**: Ongoing guidance on positioning and growth strategy within the Solana ecosystem.
+
+**Future Value Addition**
+
+1. **Institutional Promotion**: Active promotion of Sanctum's products to extensive network of crypto funds and traditional finance institutions.
+2. **DAT Integration**: Facilitate seamless integration with all major DATs.
+3. **Strategic Advisory**: Continue providing strategic guidance on product development, partnerships, and market positioning.
+
+**Acquisition Terms**
+
+* **Amount**: 13.7M CLOUD (5% of Community Reserve supply)
+* **Price**: $0.12 (30-day TWAP at proposal submission)
+* **Payment Currency:** USDC
+* **Payment to**: Sanctum Community Reserve
+
+**Use of Proceeds**
+
+The cash raised will be transferred to Sanctum's Community Reserve to accelerate ecosystem development and strengthen operational capabilities.
+
+**Transparency & Governance**
+
+* All transactions executed fully on-chain
+* Complete transparency of token acquisition and holdings
+* Adherence to all governance processes established by Sanctum

decisions/internet-finance/sanctum-offer-investors-early-unlocks-cloud.md

@@ -37,3 +37,15 @@ This proposal represents an alternative approach to the token vesting hedgeabili
 - [[time-based-token-vesting-is-hedgeable-making-standard-lockups-meaningless-as-alignment-mechanisms-because-investors-can-short-sell-to-neutralize-lockup-exposure-while-appearing-locked]] - alternative mechanism to hedging
 - [[futarchy-adoption-faces-friction-from-token-price-psychology-proposal-complexity-and-liquidity-requirements]] - demonstrates complexity friction
 - [[MetaDAOs-futarchy-implementation-shows-limited-trading-volume-in-uncontested-decisions]] - low volume uncontested decision pattern
+
+## Full Proposal Text
+
+*Source: futard.io, tabled 2025-08-20*
+
+9% of token supply from investors is currently unlocking monthly for next 24 months.
+
+This proposal would empower the Sanctum Team to offer investors immediate unlocks of their vesting CLOUD, forfeiting 35% of their CLOUD to the Team Reserve (which the team undertakes not to redistribute for at least the next 24 months).
+
+The net result would be an increase of up to 27 million additional CLOUD to the Team Reserve & a decreased token overhang.
+
+Read the full proposal here https://research.sanctum.so/t/cloud-005-should-sanctum-offer-investors-early-unlocks-of-their-cloud-under-deliberation/1793