# Why Ketju rejected Sanctum Infinity

- URL: https://riadefi.com/rejections/sanctum-infinity/
- Exposure: staking
- Memo version: v1
- Reviewed: 2026-08-16
- Next review: 2026-11-16

## The memo

REJECTED. This is not an evidence gap anymore; direct on-chain queries turned up an active concern. The Infinity controller's upgrade authority is a single plain keypair, not a multisig — a prior draft's "11-member multisig" claim traced to the wrong Sanctum program. And the audited fee model (a 90/10 reserve/fee-vault split) no longer matches the live V2 fee model (a 5% performance fee) despite an unchanged program ID, which reads as an unaudited logic change deployed by that single key. INF is not a single-validator or single-manager LST. It is the LP token of Sanctum Infinity, a managed pool of SOL and many Solana LSTs that earns the basket's staking return plus swap fees. That genuinely solves fragmented exit liquidity, but it also converts a transparent choice of staking operator into exposure to a changing basket, Sanctum's valuation adapters, and privileged administration. The protocol has operated since 2024, publishes its code and three audits, and handled the 2025-10-10 LST stress without a reported loss. The blocking issue is not whether the mechanism works; it is whether an adviser can underwrite and monitor every material constituent and the humans who can add, disable, reprice, rebalance, pause or upgrade it.

## What would reopen the file

- No allocation until the live Infinity V2 program, every calculator and privileged authority are identified and mapped to published reviews
- Any constituent LST added without a published audit, authority review, and admission rationale
- Any one external LST issuer exceeding 20% of Infinity NAV
- A constituent impairment or calculator error causing INF redemption value to fall more than 1% below reported intrinsic SOL value
- Pool operations paused for more than one Solana epoch
- A proposed-size INF-to-SOL exit costing more than 50 basis points through both direct redemption and the best secondary route
- A live Infinity v2 program or calculator not mapped to a published audit

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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