Sanctum has released its Q2 2026 edition of Sanctum Quarterly, giving investors a detailed look at the company’s financial performance, product progress, and long-term strategy around Solana liquid staking.
The update, published on July 17, frames the quarter as one of mixed conditions. Sanctum’s dollar-denominated revenue declined alongside the price of SOL, but the company continued to grow in SOL terms, reaching 16.64 million SOL in TVL across its LSTs and Infinity. That marks the company’s 11th consecutive quarter of SOL TVL growth.
Get the report: https://files.sanctum.so/2026q2.pdf
In his letter to investors, Sanctum CEO and Co-Founder FP Lee emphasized that the company remains focused on Solana despite market weakness.
“Despite the bear market, Solana has never been stronger,” FP wrote, pointing to growth in network activity, DEX volumes, tokenized real-world assets, and institutional interest in SOL.
Sanctum reported $880,107 in protocol revenue for Q2, down 39.7% quarter-over-quarter from $1.46 million in Q1. In SOL terms, however, protocol revenue was far more stable, declining only 1.1% from 11,408 SOL in Q1 to 11,287 SOL in Q2. The company attributed the larger dollar-denominated decline primarily to SOL price action, noting that SOL traded around $78 during the quarter.
The company also reported a total treasury of $5.84 million, excluding CLOUD tokens and loans to market makers, split between $3.69 million in stablecoins and $2.16 million in SOL and LSTs.
Sanctum’s core staking business remained its largest revenue contributor, generating $675,008 in Q2. Reserve and Router revenue fell sharply to $74,630 as lower market activity reduced volume-driven revenue, while Infinity revenue increased to $130,469, up 180.4% quarter-over-quarter.
On the staking side, Sanctum said its LSTs gained roughly 1.17 million SOL during Q2, while competitors Jito and Marinade saw outflows of roughly 2.61 million SOL and 400,000 SOL, respectively.
Sanctum also added two new LST partners during the quarter: Raiku, through rkuSOL, and Dawn Labs, through dawnSOL.
Bart
The report also highlighted Infinity, Sanctum’s liquid staking index token. INF V2 launched in March 2026 with streamed yield every 0.4 seconds and cheaper swap rates for users swapping from Sanctum Partner LSTs. While INF’s TVL declined slightly during Q2, Sanctum said INF averaged 6.22% APY during the quarter, 11% higher than its benchmark.
Bart Hillerich
A major focus of the update was the Sanctum App, which went live in March 2026 and is now available on iOS and Android. As of July, Sanctum said its Solana Seeker integration had onboarded at least 8,465 users organically without token incentives. The app has attracted roughly 38,000 SOL in deposits, with its largest user depositing more than 2,500 SOL.
Bart Hillerich
FP described the app as part of Sanctum’s broader effort to build products for users who want to hold and grow high-quality assets over time, rather than speculate.
“We want to build a compounding business, not a leaky bucket,” FP wrote.
The update acknowledged that the app has not yet reached true product-market fit. FP said the largest bottleneck is the drop-off from registration to first deposit, with fewer than 20% of users depositing after signup. However, once users do deposit, retention appears stronger, with recent cohorts showing close to 40% of users maintaining or increasing balances month-to-month.
Sanctum also addressed two key risks looking ahead: the SOL bear market and SIMD-550, a proposal that would accelerate Solana’s disinflation schedule. Because Sanctum takes a percentage of staking yield, faster yield compression could pressure staking revenue. The company said it is not overly concerned, arguing that a stronger SOL monetary profile could support SOL price appreciation and TVL growth over time, while Sanctum continues to diversify through the app and other products.
FP closed the investor letter by returning to the company’s long-term orientation, arguing that Sanctum’s focus on fundamentals may not always translate into short-term token performance but remains central to the company’s strategy.
“We believe that Solana will become a global financial ledger,” FP wrote. “And because staked SOL sits at the heart of it all, that Sanctum will benefit from Solana’s success.”
