Summary
Ketju does not approve Sanctum Validator LSTs: the listing bundles more than 1,300 separate staking tokens, so no single position in it can be assessed. This memo covers a different product from Sanctum Infinity, which Ketju also does not approve. Sanctum has issued these single- and multi-validator liquid staking tokens for brands and validators. They include Jupiter’s jupSOL, Bybit’s bbSOL and hundreds of smaller, thinly traded tokens. Each rests on its own on-chain stake pool, with no diversified basket behind it. Sanctum, and not the named validator, manages every pool day to day, a disclosed safeguard against a compromised validator taking funds. Risk, liquidity and validator quality differ token by token across well over a thousand pools. Sanctum’s own account of the 2025-10-11 crash says "some Solana LSTs began to depeg" that day, while its diversified Infinity pool held steady and even profited. Single-validator LSTs proved more fragile under stress than a diversified pool, though Sanctum did not name which tokens depegged or by how much.
Review triggers
- Ketju replaces this memo with one on a specific named validator LST, or a client reviews one instead, with its own checked liquidity and operator quality, in place of the bundle that cannot be checked
- Sanctum names the validator LSTs that depegged in the October 2025 stress event and by how much
- The shared Reserve/Infinity liquidity backstop is sized and disclosed for each LST, beyond one common pool
- Twelve months with no further depeg under stress across a representative sample of validator LSTs
Facts
- Verdict
- Not approved
- Type
- Staking
- Chains examined
- Solana
- Reviewed
- Last confirmed