Some folks asking why Sanctum voted FOR the Disinflation vote, since our business is tied directly to staking yields. The reason is simple: Sanctum is in the liquid staking business, not native staking. If there is an easy 5-8% nominal yield to earn without smart contract risk, SOL holders are less incentivized to liquid stake and go further out the risk curve into DeFi in search of yield e.g. leveraged looping on @kamino, etc. Reducing inflation in the long-run creates more demand for liquid staking and Solana DeFi at large, which benefits Sanctum in the long-run too. As you can see from the graph, only ~15% (65M) of SOL is liquid staked today. Meanwhile 430M is staked. That delta of ~365M between staked SOL and liquid staked SOL is the market opportunity. Finally, Sanctum makes its revenues in SOL. A stronger SOL means a stronger business. Official reasoning here

Dug into some @Polymarket data over the weekend to understand how much wash trading there is and what that actually means for prediction markets. Key finding: Polymarket has rampant low-value wash trading, but the trades that truly matter i.e. high-value trade volumes, are taking genuine directional bets. Using @Dune, I pulled all trade data from its 3 main 2028 political markets: Presidential Election Winner, Democratic Nominee, Republican Nominee (~$500M USDC, 8.8 million trades, Jul 2025-Apr 2026). To estimate wash trading activity, I used a basic “round-tripping” filter i.e. wallets that simply bought and sold equal number of shares — netting out to zero. In other words: did this wallet take a directional position, or just bounced in and out? The blue bars in chart below shows an alarmingly high 60-65% of volumes on Polymarket’s top political markets are wash-traded. But there is noise in that signal because legitimate market makers on Polymarket also quote tight spreads and get filled on both sides, similar to wash traders. So I applied another filter to exclude transactions below $500 and $1000, which is where market makers typically trade at. The outcome is wash trading vols dramatically falls to 1–4% (see orange and grey bars). If you believe large trades = “smart money”, then I think Polymarket as a “global truth machine” is intact. Would love to hear different takes.