Sanctum is set to revolutionize the Solana ecosystem with the launch of creator coins and the world's first Solana debit card, addressing the need for real-world utility in crypto beyond speculation.

Summary

At Breakpoint 2024, Sanctum unveiled two groundbreaking products aimed at building a real economy on Solana: creator coins and the Cloud Card. These innovations address the growing sentiment that crypto needs to move beyond mere speculation and provide tangible value.

Creator coins, powered by Liquid Staking Tokens (LSTs), allow anyone to monetize their community and receive consistent rewards. This permissionless system enables creators of all types to build loyal followings and generate sustainable income.

The Cloud Card, developed in collaboration with Baystack and Jupiter, is the world's first Solana debit card. It allows users to spend stablecoins and SOL in over 100 countries, bridging the gap between crypto assets and everyday transactions.

These products represent a significant step towards creating a more robust and utility-driven Solana ecosystem, potentially changing the narrative around cryptocurrency's real-world applications.

Key Points:

Creator Coins

Creator coins are a novel way for individuals to monetize their communities and create value within the Solana ecosystem. Built on Liquid Staking Tokens (LSTs), these coins allow anyone to launch their own token that is always backed 1:1 with SOL. This system provides a permissionless and sustainable way for creators to earn rewards from their supporters.

The beauty of creator coins lies in their flexibility and accessibility. They're not just for traditional content creators or influencers; anyone who delivers value in any form can benefit from this system. Creators receive approximately $1 per month for every coin held by their supporters, providing a steady income stream. Supporters can exit at any time without losing their money, ensuring a fair and transparent system for all participants.

Cloud Card: Solana Debit Card

The Cloud Card represents a significant leap forward in making Solana tokens spendable in the real world. As the first Solana debit card, it allows users to spend stablecoins and SOL in over 100 countries. This collaboration between Sanctum, Baystack, and Jupiter bridges the gap between crypto assets and everyday transactions.

The card is designed to be more than just a payment method; it's built to be a card that users will love. Leveraging Solana's composability, the Cloud Card offers a delightful user experience with features like claiming rewards from creator coins directly through the card interface. This integration of various Solana ecosystem features into a single card demonstrates the potential for creating user-friendly and practical crypto products.

Building a Real Crypto Economy

Sanctum's overarching goal with these products is to address the pessimism in the crypto space by creating real utility and value. The company aims to move beyond the perception that crypto is just about trading "shit coins" and instead focus on ways to spend, save, and create tangible value.

By introducing creator coins and the Cloud Card, Sanctum is laying the groundwork for a more robust Solana economy. These tools enable users to engage with the Solana ecosystem in meaningful ways, from supporting creators they believe in to using their crypto assets for everyday purchases. This approach could potentially change the narrative around cryptocurrency and demonstrate its potential for real-world impact.

Facts + Figures

• Creator coins are backed 1:1 with SOL through Sanctum's unified liquidity layer
• Creators earn approximately $1 per month for every coin held by supporters
• The Cloud Card can be used in over 100 countries
• Creator coins use Liquid Staking Tokens (LSTs) under the hood
• The Cloud Card is a collaboration between Sanctum, Baystack, and Jupiter
• Creator coins are permissionless, unruggable, and sustainable
• Sanctum's products aim to enable spending, saving, and creating value in the Solana ecosystem
• The Flojo creator coin is an example of using the system for a Web3-native approach to building a physical product
• Benkshark used creator coins to fund free medical tests and medication in Surabaya
• Sign-ups for creator coins were announced to be live within two weeks of the presentation

Top quotes

1. "People are super optimistic about Solana, but very pessimistic about crypto."
2. "Crypto needs more than just speculation. We need ways to spend and create value."
3. "One creator coin is one SOL always."
4. "When I say creators, I actually mean in a broader sense. A creator means someone who delivers value, creates value in any way."
5. "Behind every creator coin, there should be a creator with a story."
6. "This is a card that is the first world's Solana debit card."
7. "We're trying to do is build a card that you actually love."
8. "We want to let people spend, save, and create value."

Questions Answered

What are creator coins?

Creator coins are a new financial tool introduced by Sanctum that allows anyone to build, grow, and monetize their community on Solana. These coins are backed 1:1 with SOL through Sanctum's unified liquidity layer, providing a stable and reliable way for creators to earn rewards from their supporters. Creator coins use Liquid Staking Tokens (LSTs) under the hood, making them permissionless, unruggable, and sustainable.

How do creator coins benefit creators?

Creator coins provide a steady income stream for creators, with approximately $1 earned per month for every coin held by supporters. This system allows creators to monetize their community directly, without relying on traditional advertising or intermediaries. Additionally, the permissionless nature of creator coins means that anyone delivering value in any form can benefit from this system, not just traditional content creators or influencers.

What is the Cloud Card?

The Cloud Card is the world's first Solana debit card, developed through a collaboration between Sanctum, Baystack, and Jupiter. It allows users to spend stablecoins and SOL in over 100 countries, effectively bridging the gap between crypto assets and everyday transactions. The card is designed to offer a delightful user experience, integrating features like claiming rewards from creator coins directly through the card interface.

How does Sanctum aim to address pessimism in the crypto space?

Sanctum is addressing pessimism in the crypto space by creating products that offer real utility and value beyond speculation. By introducing creator coins and the Cloud Card, Sanctum is enabling users to spend, save, and create tangible value within the Solana ecosystem. These tools demonstrate practical applications for cryptocurrency in everyday life, potentially changing the narrative around crypto's real-world impact.

Who can create a creator coin?

Creator coins are permissionless, meaning anyone can create their own coin. The system is designed to be inclusive, allowing not just traditional content creators or influencers, but anyone who delivers value in any form to benefit. This could include artists, entrepreneurs, community leaders, or even individuals working on physical products or services.

How does the Cloud Card integrate with creator coins?

The Cloud Card is designed to work seamlessly with creator coins. Users can claim rewards from their creator coins directly through the card interface. This integration demonstrates the potential for creating user-friendly and practical crypto products that leverage Solana's composability.

What real-world examples were given for creator coin usage?

Two notable examples were mentioned: Flojo and Benkshark. Flojo is using creator coins to build a community around their energy drink product, bypassing traditional advertising methods. Benkshark used creator coins to fund free medical tests and medication in Surabaya, demonstrating how the system can be used for social good and community support.

When will creator coins be available?

According to the presentation, sign-ups for creator coins were announced to be live within two weeks of the Breakpoint 2024 event. Interested individuals can scan a QR code provided during the presentation to join the waitlist and create their own coin.