On the above you can create your own LST on Sui and select from a wide range of validators as the LST backer.
It’s interesting as you’ve seen a few of the larger memecoins on Sui mint their own LST.
On Solana the memecoin space is much more mature and larger and we’re seeing it shift to more legit projects (e.g., Believe) as we see more people seriously consider a token as their main fundraising mechanism.
I think this something that might really take off on Solana for these reasons
For a lot of token only projects on Solana a large chunk of their TVL is held in SOL, in an LP. Whilst trading fees are a decent way to raise funds for development we do see a lot of large TVL low trading fees LPs out there. By replacing SOL with (your own) LST you would at least make the SOL position a lot more useful. I feel this would appeal to a lot of projects out there right now.
This is a way to help your validators attract more stake. Springsui has a long list of validators and I’m sure this product has helped at least a few of them (if not all) attract stake they wouldn’t have otherwise.
I don’t think this is Creator Coins 2.0. That was a permissioned and limited to a the Creator Coin ecosystem you were building (with your own points system i.e., Seeds).
This is more akin to a pump style token launcher only those tokens are all back by SOL and yield.
We do need better tokens. These would be better tokens.
I agree this has strong potential. Allowing projects to turn idle SOL in LPs into yield-generating LSTs could be a huge step forward for those focused on sustainability and capital efficiency.
My concern is that this might get overrun by meme culture. If it turns into another trend of low-effort, hype-driven tokens, we risk undermining what could be a genuinely powerful tool. The technology should be open for anyone to use, but it also needs guidance, structure, and intention behind it.
You’re not wrong in your intentions. But that said there are number of very sketchy validators on Solana involved in sandwich attacks… and they can still apply for and get LSTs from Sanctum. I don’t think that diminishes the validator LST product; it is just the nature of a decentralised and permissionless system.
I think if we take a very permissioned and centralised approach to LST creation this we have a very low chance of achieving the breakout hits we desperately need to see this project sustain. There aren’t enough users of LSTs in general yet, and we need more. One way to get them is to open up the canvas to more creators to throw ideas at the wall.
Pump gets a lot of flack because 99.9% of the tokens people launch are misses. But they enable so many tokens to launch that they also have a lot of hits from a raw count standpoint and thus are the most successful app in crypto history after bitcoin mining (both real users and profitability).
Seems we don’t really have a lot of interest here. It would be a big lift in terms of product. That’s okay, I’ll focus my energies on some other proposals and see if we can get any of them to a vote.
We just need more votes at the moment.
Smaller the scope the better. This one is a bit too much scope for now.