solana is home - janitor at @sanctumso

Solana
Joined May 2021
Follow-up: INF just printed 26.12% APY this epoch. The epoch just ticked over minutes ago and, as predicted, an absolutely huge epoch for INF holders. In addition, the INF reserve is now holding extra unstaked SOL to provide liquidity on-chain to service LST depegs and multiply unwinds. There is now around 184,000 unstaked SOL to service additional market liquidity 🫡☁️ INF is STILL the best place to grow SOL on Solana @sanctumso
Holders of LST Multiply positions are concerned today. The past 24hrs put a lot of pressure on them as on-chain SOL liquidity dried up. I spoke with an INF Multiply whale this morning. He asked what to do and I thought I'd share with you what I shared with him. TL;DR [*NFA*] I'd personally wait and see. Borrow rates will likely resolve down and INF's APY is likely to spike up in the coming epochs from all the extra activity on the network. So, what happened and why are Multiply positions showing negative APY? Flash shock demand for SOL liquidity in the past ~24 hrs caused SOL borrow rates to spike extremely high as demand for unstaked SOL shot through the roof. This put pressure on Multiply users as multiply is really a leveraged bet that an LSTs APY will be higher than the cost to borrow SOL over time. Usually high borrow rates like this don't sustain for long. Market forces - users unwinding multiply loops or traders lending SOL to capture some of the high APY - inevitably bring them back to reality. [See Image 1] Why does INF APY seem low in recent epochs? INF's launch on @jup_lend last week was a smashing success - INF TVL, in SOL terms, grew %22 in a little over one week. However, INF's APY in the few epochs following tell a very different story: That INF is currently suffering from success. Why? When new traders deposit SOL into INF, it takes an epoch for that SOL to start staking (earning) inside INF. That means immediately after large deposits, the headline APY of INF can be lower. This new SOL inside INF can act as a short-term drag on APY. Note: this isn't always the case, but more on that in a separate post. Importantly, there are upgrades in the works for INF which will mitigate this short-term SOL drag impact on INF's APY. [See Image 2 & 3] So, what drives INF's APY and will it be high again soon? INF's APY fluctuates but generally outperforms over-time. Due to the nature of where it's APY comes from, it tends to be higher than LST's average APY with big outlier spikes (See Image 4). You can see this in the boxplot below. This is because INF earns the weighted average yield of the LSTs it holds PLUS extra trading fees on top. In market conditions like the past couple of days, there is a lot of swapping activity for LSTs on chain. Much of this swapping activity gets routed through INF. When these swaps are routed through INF, it earns fees. These fees show up in the APY figures in future epochs after the swap activity. What this means is, we can expect INF APY to spike up in the next epoch or two as these extra swap fees are digested by INF. Secondly, in times of high-network activity, traders sometimes pay higher priority fees. At the same time, the extra network activity tends to result in higher MEV which tends to boost the APY of LSTs. Well, since INF is a basket of LSTs, this bump will also show up in INF's APY. Why not just unwind INF multiply position now and then wind up again once conditions look better? Unwinding multiply positions incurs fees - as you need to find unstaked SOL, usually by swapping, to repay the multiply loop - which can eat into the profitability of the strategy. As noted above, the big liquidity crunch for unstaked SOL past ~24hrs could make an unwind extremely expensive due to a shortage of unstaked SOL... At least until the next epoch ticks over and INF tops up its reserves 😉👍 Finally, to get out of INF now would be to forgo all those extra fees just earned by the pool! Remember - the fees show up in the APY AFTER the trading activity takes place. In summary It may be worth watching and waiting an epoch or two before rushing to unwind a Multiply position. With any luck, there'll be some epochs of juiced up APY coming and borrow rates may naturally return to equilibrium. Special shoutout to @kamino and @AllezLabs for the great INF and LST dashboards I've used here.
7
11
2
72
10,097
Holders of LST Multiply positions are concerned today. The past 24hrs put a lot of pressure on them as on-chain SOL liquidity dried up. I spoke with an INF Multiply whale this morning. He asked what to do and I thought I'd share with you what I shared with him. TL;DR [*NFA*] I'd personally wait and see. Borrow rates will likely resolve down and INF's APY is likely to spike up in the coming epochs from all the extra activity on the network. So, what happened and why are Multiply positions showing negative APY? Flash shock demand for SOL liquidity in the past ~24 hrs caused SOL borrow rates to spike extremely high as demand for unstaked SOL shot through the roof. This put pressure on Multiply users as multiply is really a leveraged bet that an LSTs APY will be higher than the cost to borrow SOL over time. Usually high borrow rates like this don't sustain for long. Market forces - users unwinding multiply loops or traders lending SOL to capture some of the high APY - inevitably bring them back to reality. [See Image 1] Why does INF APY seem low in recent epochs? INF's launch on @jup_lend last week was a smashing success - INF TVL, in SOL terms, grew %22 in a little over one week. However, INF's APY in the few epochs following tell a very different story: That INF is currently suffering from success. Why? When new traders deposit SOL into INF, it takes an epoch for that SOL to start staking (earning) inside INF. That means immediately after large deposits, the headline APY of INF can be lower. This new SOL inside INF can act as a short-term drag on APY. Note: this isn't always the case, but more on that in a separate post. Importantly, there are upgrades in the works for INF which will mitigate this short-term SOL drag impact on INF's APY. [See Image 2 & 3] So, what drives INF's APY and will it be high again soon? INF's APY fluctuates but generally outperforms over-time. Due to the nature of where it's APY comes from, it tends to be higher than LST's average APY with big outlier spikes (See Image 4). You can see this in the boxplot below. This is because INF earns the weighted average yield of the LSTs it holds PLUS extra trading fees on top. In market conditions like the past couple of days, there is a lot of swapping activity for LSTs on chain. Much of this swapping activity gets routed through INF. When these swaps are routed through INF, it earns fees. These fees show up in the APY figures in future epochs after the swap activity. What this means is, we can expect INF APY to spike up in the next epoch or two as these extra swap fees are digested by INF. Secondly, in times of high-network activity, traders sometimes pay higher priority fees. At the same time, the extra network activity tends to result in higher MEV which tends to boost the APY of LSTs. Well, since INF is a basket of LSTs, this bump will also show up in INF's APY. Why not just unwind INF multiply position now and then wind up again once conditions look better? Unwinding multiply positions incurs fees - as you need to find unstaked SOL, usually by swapping, to repay the multiply loop - which can eat into the profitability of the strategy. As noted above, the big liquidity crunch for unstaked SOL past ~24hrs could make an unwind extremely expensive due to a shortage of unstaked SOL... At least until the next epoch ticks over and INF tops up its reserves 😉👍 Finally, to get out of INF now would be to forgo all those extra fees just earned by the pool! Remember - the fees show up in the APY AFTER the trading activity takes place. In summary It may be worth watching and waiting an epoch or two before rushing to unwind a Multiply position. With any luck, there'll be some epochs of juiced up APY coming and borrow rates may naturally return to equilibrium. Special shoutout to @kamino and @AllezLabs for the great INF and LST dashboards I've used here.
11
8
3
82
17,792
Good news. I've joined @sanctumso ☁️ 18 months ago (around 6-months before TGE), I stumbled across Sanctum while researching the Solana ecosystem. At the time, Sanctum didn't have many eyeballs on it and their docs left much to the imagination (sorry, fellas😅). As fate would have it, I'd just suffered an injury which gave me a lot of unexpected free time to sink my teeth in. Determined to figure out what Sanctum was, I read the docs back to front but just wasn't getting it. So I sat down in front of the whiteboard one afternoon and things started making sense. I figured I might not be the only one trying to wrap their head around Sanctum and so decided to share my whiteboards on Twitter. 'Whiteboard guy' was accidentally born. Not long after, I left my corporate career and jumped into the Solana ecosystem at Drift. All the while, I kept in touch with the Sanctum team and continued contributing where I could - governance, feedback and so on. When the guys suggested I come across to Sanctum, I didn't hesitate. Why Sanctum, why now? There are three reasons: One Sanctum fundamentals are literally up and to the right: TVL, top-line revenue, gross-margin and entirely new product verticals. Sanctum has been one of the most underrated teams in the Solana ecosystem while at the exact same time has quietly and consistently exceeded expectations.. Well, most expectations (Wonderland season 2). Today, Sanctum is the 4th largest protocol on Solana, 18th in all of crypto (TVL) and is rocketing up the ranks. Two The team is awesome: - HY & the engineers are gigabrains - @YouKnowEno was born with a microphone in hand - @0xF812 is my favourite Korean - @cwchanchan is Solana's best designer🐐 - @eggpanned does a tremendous amount, quietly - @soleconomist is one of the most high integrity (earnest) people in crypto. Three The tailwinds are indisputable: DATs, ETFs and growth of the Solana ecosystem is all rocket fuel for Sanctum. There could not be a better time to be rolling up sleeves to help. What I'll be doing My first mission will be taking up the helm of INF and working closely with @alkineee to explore how we can better optimize INF for LP's, partners and Sanctum. In short, make INF the best place to grow your SOL. In addition, I'll be looking after the Cloud Holder Relations initiative including the Sanctum Quarterlies and will have my hands in plenty of other things. Next stop I'll be flying the Sanctum flag in Korea next week, and then in Singapore the following. Hope to see you there 🫡 Good to be home ☁️☁️☁️
56
5
5
211
35,090
appreciation post for all the performance-obsessed chads making Solana better by the day, you are seen and beloved 🫶
10
1
46
1,382
so these absolute ultra mega giga f'ing chads got together and made an oracle update that costs 21 CUs your favorite permissioned solana fork is now useless amen
21
14
13
173
53,194
DeFi tip 😌 if you're a leveraged staking user, whether on Kamino or Loopscale, you can easily unwind your position thanks to Infinity with no slippage at all might be helpful to some looking to rotate their funds to a superior strategy *cough cough* proof attached👇
4
5
44
2,682
observing
Did you know mSOL has the highest SOL loop APY on @Kaminofinance Multiply? 👀
13
3
2
80
6,203
only a matter of time before the INF LTV in the Sanctum market gets increased and the INF strategy becomes the best on the market ♾ is inevitable
8
5
3
58
8,577
alkine retweeted
hated by the solana founder 🤝 hated by ethereum podcasters this is how you know the data source is neutral
135
48
11
1,501
70,530
• INF is the highest performing LST, ~15% better than the second best • INF is the most liquid LST relative to its size • no price impact when selling INF because of its design • all Sanctum LSTs benefit from its growth Sounds like the perfect asset to hold and support! ♾
4
10
5
90
9,142
what's been driving me for the past few months is maximising returns for INF holders and the multiply integration just made my job way easier it's only a matter of time before leveraged INF becomes the best multiply strategy, i'll make sure of it 🫡 ♾ is inevitable
11
13
6
108
13,233
Welcome to Fuse Card. The virtual Visa card to spend stablecoins anywhere. Sign up using the invite code below ↓
96
94
57
656
321,187
What we've done these few months: Grow team from 7 to 17 so we can execute better and faster Build out Governance - The largest futarchy yet – a grand experiment - CLOUD staking - Few successful proposals, few unsuccessful ones. Learned a lot Double down on the infinite-LST vision - Over 1,000 new LSTs - TVL at all-time highs, thanks to our partners. Keep improving our products New frontend: - New and improved LST page - New INF page Better backend infra - Migrated our system of cra - Better, more robust cranks - Fix APY display Improve our revenue and business model (new fee structure and clear flywheel for continued growth) What I have learned: Build less, not more - change from 0-1 culture (built a lot of crappy MVPs) to 1-N culture (focus, targeted bets, fully conquer the market) has been the biggest adjustment for me OVERCOMMUNICATE, ESPECIALLY BAD NEWS. - Be decisive in sunsetting them/canceling products that are no longer a priority, rather than let them linger. Then let stakeholders know as soon as possible. - I am sorry that I haven't communicated with the community as much these few months. I will do better. - Sometimes, being "cruel" is being kind. When expectations are not met, let people know as soon as possible, as directly (but kindly) as possible. - When things are delayed, have the bravery to explain things. own up to our fuck ups as soon as possible, rather than keep quiet. e.g. when our merch was delayed, let people know and keep them updated, don't keep them hanging Be less perfectionist Stop trying to write the perfect essay rather than just writing bullet points (nobody has time to read 10000 words anyway) Good friends and partners are everything This space will make you lose your faith unless you find good, earnest people Find your totem. My totem is: to build impactful things with competent, earnest people I love and respect There is a LOT more I need to learn as a founder. Learn from the best, ask for direct feedback from as many people as possible What's next? This is a time of consolidation, of focus. Double down on our core products, improve them as much as possible, and make (very) few highly strategic bets. The flip side is being decisive about what we're NOT doing right now and communicating that as soon as possible. The job is not done until all SOL is liquid staked. We have a good product but there is a lot more room for improvement. The way we win is by working our ass off to provide our users and partners more and more value. What's definitely in the works: - Big improvements to Infinity's trading strategy and target allocations (INF has already offered best-in-class yields for the past 1 year). - Program upgrades to Infinity and our partner LSTs that will make them more robust, cheaper to operate, and have transactions involving LSTs land more often on the chain (sorely needed in times of congestion) Other things are on the roadmap, will update as they get closer to launch Stay humble, love our users, and have fun along the way. Thank you to my team, for everything. and in no particular order, thank you to @dineshraju , @moothefarmer , @weremeow , @metanallok , @kashdhanda , @0xSoju , @tongnk , @metaproph3t , @vibhu and many others, and to our community members, who have gently but firmly nudged me to get my act together.
42
19
6
207
20,639
Metis v1.0 Router: The OG Workhorse Of Solana As we move towards deploying multiple versions of our routers, including new experimental algorithms, we realize people may not understand the full scope of Jupiter, and how our routing systems work. We’ve come a long way since we started Jupiter. The Importance of Metis v1.0 Metis v1 Router is what we offer today to the ecosystem via 3 main channels - our API, a binary that we release for free, and via partners like Triton and Quicknode. It is also what we use as one of the options on our frontend today, alongside a more advanced version of Metis (v1.5), and JupiterZ. It is the workhorse of Solana DeFi, facilitating over $2 trillion in trading volume so far. It’s integrated into hundreds of applications, from wallets to trading bots, from simple frontend aggregators to the most sophisticated DeFi protocols. Across all of them, Metis v1 serves one purpose: make swaps work robustly and excellently. By plugging into Metis, projects have earned over hundreds of millions in cumulative fees - far more than Jupiter itself, which offers it largely for free or nearly free via the API and binary. This last point is actually crucial - the reliability of our Metis v1 API is what allows partners, including wallets and meta aggregators to build on top of it, since practically all routes and token pairs are served reliably by it. Metis has allowed anyone to offer world-class routing to their users without needing to build routing infrastructure themselves for free. Metis V1: Robust, Scalable, Reliable The core operating principle of Metis v1 is robustness, scalability and reliability. Metis v1 scales across every kind of frontend—wallets, browser extensions, mobile apps, pro trading terminals—and does so reliably. It handles swaps through pools that might have spiky liquidity, price slippage, or transient pricing issues. All while handling millions of transactions across different RPC providers and machines. It’s a workhorse. We also offer Metis v1 via binary. In order to make the API robust via the binary in potentially many different environments (different host machines/RPC providers/etc), we have to build up services to power these users. Markets are discovered and served from our Europa servers directly to the binary users. Europa will root out transient and low liquidity pools in order to make routing reliable for our binary users. We pay for the cost to run these Europa servers so that our binary users can enjoy the reliability of using Metis API without worrying about discovering new markets to trade on, transient markets messing with the token prices, and low liquidity pools causing high price impact to their users. When routing is reliable and accessible, everyone can innovate at higher levels of the stack. Wallets don’t have to figure out onchain pricing logic. Meta-aggregators don’t have to handle simulation errors. New DEXes don’t have to fight for discovery. Metis v1 makes the whole chain work better. Jupiter Is Way More Than Metis V1 On Jupiter’s frontend and with our new Ultra API, we have already been meta-aggregating different liquidity sources using Metis v1 as one of the liquidity sources together with our newer Metis v1.5 and also JupiterZ, our very own RFQ system. On top of that, Hashflow is also live and we are slowly ramping up traffic to DFlow. With meta-aggregation, we realize that different liquidity sources may perform differently depending on market conditions and token pairs. We have real time metrics to make sure that all these liquidity sources are performing as well as they are and our automated system will notice any abnormalities (unusually high slippage, etc) on these liquidity sources and shut them automatically. We also have a team on rotation to monitor the performance of it, too many times the team had to stay up to wonder why the landing success rate of our swap transactions was below 95%. Also, I am most excited about Metis v1.5 (which actually have been fully rolled out to all users) and the upcoming full rollout of Metis v1.6 and many subsequent updates after it. Internal tests show that trades with Metis v1.5 land 4.6x closer to the quoted price compared to v1. We obviously don’t stop just there, we are also concurrently testing a newer version of Metis v1.6 that has better pricing for our users. With the new meta-aggregation infra, we are making swap even better. It takes us a while and a lot of work to make sure that the new meta-aggregation infra has good observability for us to monitor different liquidity sources (including ours). It also allows us to experiment with different improvements we can make to Metis hence the faster improvements on Metis recently. This is important to understand: the price you get on Metis v1 is not the same as what you get on Jupiter. Jupiter is already pushing far beyond v1. We’re constantly experimenting with new routing strategies and rolling out updates directly to Jupiter first—because we can optimize for absolute quality without worrying about every possible partner edge case. We want to bring these upgrades to partners too—but we’ll only do so once we’re confident that they’re as stable and scalable as Metis v1 has been. In the meantime, partners continue to benefit from Metis v1’s robustness—but it’s crucial not to conflate the two. API Guidelines And this brings us to a simple but important request: If you're using our Metis v1 API as the basis for price comparisons or any other type of comparison to Jupiter—whether via the API or Binary—please label it accurately. Calling it “Jupiter” or labeling prices as “Jupiter prices” when they’re actually routed via Metis v1 is misleading. It causes confusion for users, especially when comparing quotes, and doesn’t reflect the upgrades already live on Jupiter today. The Jupiter trading experience means more than just routing—it includes newer engines, off-chain liquidity, deeper simulations, and advanced quote processing. We’re proud of Metis v1. We’ll continue supporting it and upgrading to higher versions when stable enough. It remains the most battle-tested, scalable, and reliable router in Solana DeFi. But it doesn’t provide the “Jupiter price.” Best Service Possible Metis v1 is the result of years of continuous investment of engineering time and resources, mostly as a public good for the Solana ecosystem. We’ve debugged DEX integrations, simulated failures, caught routing edge cases, optimized trade paths under insane network congestion, and supported partners whenever something breaks—even when it’s not our fault. Metis requires a vast and resilient network of API and RPC nodes to fetch real-time pool data, simulate trades, and submit transactions. Maintaining this infrastructure incurs substantial operational costs (upwards of millions of dollars) but is essential for delivering a seamless and reliable user experience for all. We have spent hundreds of thousands per month just to keep Metis v1’s infrastructure running smoothly. We’ve supported every major partner for free, helped launch integrations, and answered every support ticket. And since early 2025, we’ve made the binary and API version of Metis v1 entirely free. But the support doesn’t stop there even though Metis v1 is entirely free. We are still supporting our partners if they run into problems with it, especially the binary users. We are still working on feature requests from our partners to make it better, for example, allowing fees to be charged in a more flexible way (again, we don’t take any cut from this), etc. We are committed to delivering the best service possible to the users, ecosystem and partners. For users on Jupiter’s front-ends, you will get the best price, best execution and aggregations of the best routers we can find, both developed internally and externally. For the ecosystem, we will deliver the most robust Metis API for use across any given surface, keeping it as free as possible, and as updates are available and ready to be scaled, we will continue to upgrade it. For partners, we aim to deliver the best quality APIs, and we’ve continued to innovate on our developer programs with Ultra API, and our new Trigger APIs, with lots more to come.
36
50
10
247
113,080
The past couple of weeks we've been stress testing turbine in preparation for increasing block sizes bigly. We've found and fixed some bugs, but occasionally we're still getting some slower slots and it's been challenging to understand exactly what the issue is. Not anymore! I just added support to track slot info to my profiler (markers at the bottom and green bands in the timeline). I can now click on a slow block, see how many shreds/entries/txs it included, and see exactly what took longer than expected in the interval that corresponds to the slot. Agave is accelerating so fast you're going to wish your wallet never had a sell button.
20
19
9
183
34,617
alkine retweeted
Hey guys, I wanted to share an exciting update. This has been a long journey; I am happy to announce that we have completed our third audit with OtterSec—this time of our latest on-chain program, the Code VM—and have deployed the audited program to mainnet. 🧵👇
29
55
24
239
130,644
1/ 🧵 New Research Alert! I've developed a tool to detect sandwich attacks on Solana. Dive into the details here:
1
1
8
655
1/ An LST for every Validator 🚀 Big news! We've created a Liquid Staking Token (LST) for every Solana validator. With SIMD-96 now live, liquid stakers now can get: ✅ Up to 100% block rewards ✅ Instant liquidity ✅ Access to DeFi All with zero management fees. Read on. 👇
87
99
34
428
131,708
The big proposal is live. CLOUD-1: Should Sanctum implement CLOUD staking and ASR? Let’s discover the truth together, cloudfam.
21
26
10
138
29,282