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Liquid staking

Sanctum

# Sanctum Total value locked Methodology

## 1. Overview

Sanctum TVL measures the total value of assets held across Sanctum's liquid staking protocol and infinity pool on Solana. The metric captures SOL staked through Sanctum's validator stake pools, reserves held by the protocol, and tokens deposited in the Sanctum infinity pool. The calculation accounts for liquid staking tokens (LSTs) to avoid double-counting while including all other deposited assets. TVL is calculated daily and expressed in USD.

## 2. Data sources

The methodology relies on several raw Solana blockchain data sources:

- **Native balance changes**: Solana account balance changes tracking SOL holdings in stake accounts and protocol reserves
- **Token balance changes**: Token account balance changes for tracking deposits and withdrawals in the Sanctum infinity pool
- **Token mint and burn events**: Solana token program mint and burn events for tracking LST token supply changes
- **Stake account authorities**: Solana stake program authority records linking stake accounts to withdrawal authorities
- **Program instruction parsing**: Parsed Sanctum v1 program instructions from SingleValidatorStakePool and MultiValidatorStakePool initialization events
- **Block and transaction data**: Solana block and transaction records for temporal ordering and reconstruction
- **End-of-day price feeds**: Token price data for USD conversion of SOL and other tokens

## 3. Step-by-step calculation

### Component A: LST token identification
- **Purpose**: Identify all liquid staking tokens issued by Sanctum pools and their associated withdrawal authorities
- **Logic**: Parse Sanctum v1 program initialization instructions for both single-validator and multi-validator stake pools. Extract the `pool_mint` field (LST token address) and `stake_pool_withdraw_authority` field from each initialization event. These withdrawal authorities are then used to identify which Solana stake accounts belong to each Sanctum pool by matching against stake account authority records where the authority type is 'Withdraw'.
- **Key fields**: `pool_mint` as `lst_address`, `stake_pool_withdraw_authority` as `authority_address`

### Component B: Stake account balance tracking  
- **Purpose**: Track SOL balances held in Sanctum-controlled stake accounts and protocol reserves
- **Logic**: Monitor native Solana balance changes for accounts identified through the LST token identification process, plus the hardcoded Sanctum reserve account. Forward-fill balance data to ensure continuous daily coverage. Apply decimal corrections to normalize SOL amounts. Separate stake account balances (product 'Sanctum LSTs') from reserve account balances (product 'Sanctum Reserve').
- **Key fields**: `account_address`, `amount` (SOL balance), `product_id`

### Component C: LST token supply tracking
- **Purpose**: Calculate outstanding supply of each LST token for pricing calculations  
- **Logic**: Track token mint and burn events for all identified LST token addresses. Apply decimal corrections to normalize token amounts. Aggregate mint and burn events daily, with burns treated as negative amounts. Calculate cumulative outstanding supply over time using window functions. Forward-fill supply data to cover gaps.
- **Key fields**: `token_address`, `amount` (mint/burn quantity), `outstanding_supply`

### Component D: LST token pricing
- **Purpose**: Calculate fair value prices for LST tokens based on their underlying SOL holdings
- **Logic**: For each LST token, calculate the ratio of underlying SOL assets to outstanding LST supply, then multiply by the SOL price in USD. Underlying assets are determined by summing SOL balances across all stake accounts associated with each LST token. Join this data with SOL price feeds to derive USD prices for each LST token.
- **Key fields**: `lst_address`, `underlying_assets`, `outstanding_supply`, `price_usd`

### Component E: Infinity pool balance tracking
- **Purpose**: Track token deposits and holdings in the Sanctum infinity pool
- **Logic**: Monitor token balance changes for the Sanctum infinity pool account address 'AYhux5gJzCoeoc1PoJ1VxwPDe22RwcvpHviLDD1oCGvW'. Forward-fill balance data to ensure continuous coverage. Aggregate balances by token address to get total holdings for each token type.
- **Key fields**: `account_address`, `token_address`, `balance`

### Final aggregation  
- **Combining components**: Sum three components using union operations: (1) Add positive amounts from stake account and reserve balances, (2) Add positive amounts from infinity pool balances for non-LST tokens, (3) Subtract infinity pool balances for LST tokens to avoid double-counting since these represent claims on already-counted staked SOL
- **Currency conversion**: Convert all token amounts to USD using either standard end-of-day price feeds or calculated LST prices. Standard prices are used first, with LST prices as fallback for LST tokens not found in standard feeds
- **Time aggregation**: Aggregate data to daily boundaries using day-truncated timestamps. Apply forward-filling to ensure no gaps in the time series
- **Final calculation**: The final TVL equals the sum of SOL staked in validator pools plus SOL held in protocol reserves plus USD value of non-LST tokens in infinity pool minus USD value of LST tokens in infinity pool. Apply finalize metric macro with zero-filling strategy for missing data points and chain availability filtering.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

SanctumCLOUD

Total value locked

Total value locked

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