Sanctum Founder: Solana's Liquid Staking Future | FP Lee

Sep 12, 2025

FP Lee, co-founder of Sanctum and innovator in liquid staking on Solana, dives into the future of DeFi. He discusses how Sanctum is carving out its niche in the liquid staking market and the economic benefits of BN Sol. Learn about the challenges and opportunities within the evolving landscape of staking, touching on topics like innovative governance models and the launch of Sanctum V2. FP also highlights the potential for new products and a trading bot for meme coins, showcasing the dynamic nature of the Solana ecosystem.

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INSIGHT

Solana Enables Infinite LSTs

Solana's staking primitives make many distinct LSTs practical because stake accounts are semi-fungible and cheap to create.
Sanctum built a unified liquidity layer expecting infinite LST proliferation rather than a winner-take-all outcome.

INSIGHT

Stake Account Design Is The Enabler

The Solana liquid-staking contract hands users stake accounts back on unstake, making LSTs semi-fungible and composable.
That technical detail enables a shared liquidity/clearing layer that unifies many LSTs.

INSIGHT

Competition Beats Single-Player Dominance

FP Lee believes concentration like Lido's dominance on Ethereum is harmful because governance and protocol control concentrate.
He argues competition among many LSTs is healthier for users and chain decentralization.

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Gm! This week FP Lee joins the show to discuss the next chapter of Sanctum. We deep dive into the future of liquid staking on Solana, LST market share, how does Sanctum generate revenue, the impact of DATs in DeFi & more. Enjoy! -- Follow FP: https://x.com/soleconomist Follow Jack: https://x.com/whosknave Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx -- Crypto’s premiere institutional conference returns to London in October 2025. Use code LIGHT100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. Go to app.katana.network to check it out. -- Is your treasury losing value to inflation? Learn how to make digital assets like ETH and SOL productive with uncorrelated, protocol-driven staking rewards. A new report from Liquid Collective and EigenCloud outlines a practical guide for CFOs to integrate institutional-grade staking and restaking. Read The Productive Treasury Report: https://liquidcollective.io/corporate-treasury-staking/ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

(00:00) Introduction

(03:32) The Sanctum Business Model

(07:22) LST Market Dominance

(11:23) Katana Ad

(12:16) Eigenlayer Ad

(13:15) Sanctum: The Clearing House For Staked SOL

(16:29) Sanctum’s Thesis On LSTs

(19:49) Execution Risk

(23:32) The Future Of Liquid Staking On Solana

(29:32) The Role Of Jito

(33:02) Katana Ad

(33:54) Eigenlayer Ad

(34:55) A New Era For Sanctum

(38:35) How Does Sanctum Generate Revenue?

(41:27) Are DATs A New Catalyst For DeFi?

(44:35) Futarchy

(50:45) Crypto’s Token Incentives

(53:47) Final Thoughts

Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jack, and our guests may hold positions in the companies, funds, or projects discussed.