Sanctum financial report analysis: revenue declines but collateral staking soars, what is brewing in the Solana ecosystem? The Solana ecosystem LST protocol Sanctum released its Q1 2026 report, showing a "hot and cold" divergence: protocol revenue of $1.46 million, down 15.3% quarter-over-quarter; SOL staking volume reached 15.6 million tokens, up 8.6% quarter-over-quarter; CLOUD market cap was $20.7 million, down 47.6% quarter-over-quarter; market cap/annualized revenue (MC:ARR) fell to 3.55, down 38.6% quarter-over-quarter. In simple terms: users are increasing, funds are being locked, but market valuation is retreating. This usually indicates that the market is shifting from "storytelling" to "data-driven," with valuation bubbles being squeezed, but underlying demand for usage still growing.

CLOUD-0,13%
SOL0,01%
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