Disclaimer: First, I used ChatGPT to translate Chinese content into English, so please overlook any awkward phrases or wording. Second, I am not a technical person; these are just my thoughts as a user（newbie）
Creating Mechanisms for LST Accessibility:
Sanctum should create mechanisms that allow everyone to launch LSTs. Additionally, Sanctum should not have the authority to approve the launch of LSTs; it should only conduct safety checks.
Although there have been rumors about “letting Sanctum mimic Jupiter LFG, where staking CLOUD grants voting rights,” I personally think this method isn’t suitable for Sanctum. JUP LFG is a launchpad that might require community consensus and recognition, but shouldn’t LSTs be something that everyone can launch?
I once heard Fp Lee fantasize that every individual could launch their LST token; for example, creators could launch their own LSTs, allowing their supporters to buy these tokens and thus enabling creators to earn staking profits. If this requires Sanctum’s review, then widespread application of LSTs will not be achievable. If we want LSTs to gain broad attention, they should be launched in a decentralized manner.
Sanctum should create a mechanism that allows everyone to launch LSTs without needing to review whether an LST can be launched; it only needs to ensure that LSTs listed on the Sanctum interface and available on Sanctum swap are safe.
Concerns Over the Large Number of LSTs:
Sanctum has currently listed 55 LSTs. However, a question arises: do we really need so many LSTs?
Since the beginning of Wonderland, I’ve been pondering this. Most people will only hold INF, a few will hold authoritative LSTs like bonkSOL and jupSOL, but what about the lesser-known LSTs? Even fewer people hold those.
I’ve read an article that described LSTs as simply packaged SOL accounts. I understand it simply: these LSTs are quite similar; bonkSOL, jupSOL, iceSOL, dSOL, and hSOL essentially correspond to accounts holding SOL. Given this similarity, are the current 55 LSTs really necessary?
Yes, they each list their benefits on their respective pages, but as a user, I feel the following: Why?
1/ I’m not a whale, so if I only hold a few amount of LST, I can’t earn significant staking profits or reward returns (like the loyalty league rewards of hubSOL, which are pitifully low for a few staked SOLs).
2/ Although they are verified by Sanctum, I don’t understand these projects, they don’t get much attention, and are they really worth my time and SOL to hold their LST tokens?
3/ The rewards are too small or uninteresting, like fuseSOL’s premium feature experiences, hausSOL’s four droplets, and the tiresome points/airdrops expectations.
I consider myself passionate; during the Wonderland period, I collected all the pets and still hold pathSOL. However, with the increasing number of LSTs (I’ve learned that new LSTs will soon be logged on Sanctum), I feel tired and lost because I don’t have time to research each LST and project (most people don’t have this time) so I’ll only hold the LSTs I was previously familiar with.
Can Sanctum manage the relationship between a large number of LSTs and users well, and can users clearly understand and recognize such a large number of LSTs and their benefits? Should Sanctum at least do a simple classification of benefits (we hold them for certain benefits), categorizing them into airdrop expectations/public utilities/pure staking profits/project rewards, etc., to make it clear and straightforward for users?
Observation of User Behavior Post-Wonderland
I’ve also noticed that many people hurriedly exchanged their LSTs back to SOL after Wonderland ended, as if holding them for one more second would result in a rug pull. This clearly shows a lack of understanding of Solana’s LST mechanism.
Therefore, could Sanctum create a gamified mechanism, similar to play-to-earn but this time play-to-learn-and-earn, to help more users understand how LSTs are staked, and how they are exchanged between different LSTs (in some game-like manner I can’t think of)?
Conclusion
Currently, the LST field is not friendly to newcomers or users with only a few SOLs. LSTs only want whales, but the impact of users with only a few SOLs on staking and earnings is negligible. Perhaps whales have a larger share of SOL, but if we really want to achieve large-scale adoption of LSTs and expand the liquidity staking ratio on Solana in a long-term, sustained manner, aren’t these thousands of small fishes worth more attention? Pathfinder may be one answer, but there should be other solutions besides LST/NFTs. I don’t know the answer; I’m just here to raise my doubts and thoughts. Thank you for reading.