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Sanctum Financial Report Analysis: Revenue Declines but Collateral Stays Surge, What Is the Solana Ecosystem Brewing?
The Solana ecosystem LST protocol Sanctum released its Q1 2026 report, showing a "hot-cold" divergence:
Protocol revenue of $1.46 million, down 15.3% month-over-month
SOL staking amount reached 15.6 million tokens, up 8.6% month-over-month
CLOUD market cap of $20.7 million, down 47.6% month-over-month
Market cap / annualized revenue (MC:ARR) dropped to 3.55, down 38.6% month-over-month
In simple terms: users are increasing, funds are being locked up, but market valuation is pulling back.
This usually indicates that the market is shifting from "storytelling" to "data-driven" analysis,
valuation bubbles are being squeezed, but underlying demand for usage is still growing.