Bybit to List Cloud Token: Enhancing Liquid Staking on Solana

Cloud Token Coming Soon on Bybit

Bybit, an all-around cryptocurrency exchange platform, announced the upcoming listing of the Cloud token (CLOUD) on its Spot trading platform. CLOUD is a governance token for Sanctum, a platform that specializes in liquid staking tokens (LSTs) on the Solana blockchain. 

The cryptocurrency exchange announced the token listing news via blog, followed by the listing timeline and purchase details. 

Source: Bybit

Listing Details of CLOUD on Bybit

According to the details, the Cloud token will be listed on Bybit on July 18 at 3:30 PM, allowing individuals to deposit and withdraw the token using the Solana network. 

Starting from 10 AM on July 18, users can deposit the token, while withdrawals will open on July 19, 2024, at 10 AM. Once listed, users can trade the token via  Spot Grid Bots. 

Furthermore, as per the roadmap, Sanctum’s LFG page goes live on July 16 whereas the the token trading will start on July 16, allowing users to claim their airdrop.    

More About CLOUD Token

CLOUD serves as the governance token for Sanctum, a leader in developing advanced liquid staking infrastructure on the Solana blockchain. This token empowers stakeholders to engage in the decision-making processes that shape the ecosystem.

The platform's liquidity infrastructure is built around three key components: the Router, the Reserve, and its flagship product, Infinity. These elements work together to provide deep and shared liquidity for LST swaps and liquidations, supporting various DeFi protocols. So far, the platform's infrastructure has facilitated over $1.8 billion in LST swap volume.

The token not only governs capital but also commands attention. Prospective partners must stake the token to become eligible for the Sanctum Verified Partner program, with token holders supporting which partners are accepted. These partners will receive significant attention as the platform creates custom pets, quests, and more for their LSTs. Additionally, the token will feature prominently in Wonderland S2.

Regarding tokenomics, the token has a total supply of 1 Billion tokens, with 30% reserved for the community and 25% for the development team.

Source: Sanctum 

13% of the total supply will be offered to the investors and 11% is secured for reserve. 10% of the token, which is over 100 Million tokens will be offered during the launch airdrop, and the remaining 11% will be secured for the LFG launch.  

Conclusion 

Bybit is set to list the CLOUD token on its Spot trading platform on July 18, allowing deposits and withdrawals via the SOL network. The governance token plays a crucial role in the platform's liquid staking infrastructure and decision-making processes. With a total supply of 1 billion, the token is poised to attract significant attention from investors and partners, further enhancing its ecosystem.

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