Sanctum Q3 2026 Report: TVL Hits a Record 18.62M SOL as Gross Profit Falls 16% in SOL Terms

Sanctum CLOUD$0.054+2.2%, the Solana liquid staking protocol behind the INF token, published its Q3 2026 quarterly report on 23 October 2026. It shows a record 18.62 million SOL in total value locked (TVL) at the end of the quarter, up 11.9% from 16.64 million SOL, which Sanctum calls its 12th consecutive quarter of TVL growth. Gross profit went the other way. Sanctum reported $825,942 for Q3, down 6.15% from $880,107, and 9,446 SOL, down 16.31% from 11,287 SOL.

Gross profit is the share Sanctum keeps after paying out staking rewards to its partner liquid staking tokens (LSTs), the branded tokens other teams issue on Sanctum's infrastructure. Our Q2 coverage used Sanctum's earlier label, "protocol revenue", for the same $0.88 million figure; the Q3 report renames it gross profit.

The dollar figure fell less than the SOL figure because SOL rose through the quarter. Sanctum's report puts SOL at about $78 at the start of Q3 and about $118 on 1 October, a 51% gain. Our own price data agrees: SOL closed at $77.36 on 1 July and $118.29 on 30 September, and most of the climb came after mid-August. SOL has since slipped back, closing at $103.49 on 22 October.

Sanctum Stake profit fell as partner LST TVL grew 15%

Sanctum's Stake business, which runs the partner LSTs, earned 6,146 SOL of gross profit in Q3, down from 8,705 SOL, according to the report. That is a 29% drop in a quarter when partner LST TVL grew about 15%, from 14.18 million SOL on 1 July to 16.26 million SOL on 1 October.

Sanctum gives two reasons. Several large withdrawals from one partner LST added about 1,700 SOL of one-off fees to Q2. And the new deposits came late: "most of the new SOL arrived in late September, so the extra TVL added little to Q3 profits," the report says.

Most of that new SOL came from digital asset treasury companies, firms that hold SOL on their balance sheets. Sanctum says partner LSTs took in about 1.83 million SOL of net inflows in Q3, excluding staking rewards. DeFi Development Corp. dfdvSOL$122.56+1.1% added 1.05 million SOL to dfdvSOL and Forward Industries added 724,000 SOL to fwdSOL. In the same report, Raiku's rkuSOL (+86,000 SOL), BULK's BulkSOL (+64,000 SOL) and Helius hSOL$125.090.0%'s hSOL (+62,000 SOL) also grew, and Prisma's prSOL gathered 51,000 SOL in its first quarter.

Sanctum Reserve's 162,000 SOL unstake was Q3's own one-off

The Sanctum Reserve, a SOL pool that lets LST holders unstake instantly for a fee, nearly doubled its gross profit in Q3. Almost all of it came from one event. On 10 July a single holder unstaked 162,000 SOL through the Reserve and paid Sanctum 1,651 SOL, about 90% of the Reserve's Q3 gross profit, the report says.

The Reserve's fee rises as its SOL runs low, from 0.1% when the pool is full to as much as 8%. A typical unstake pays about 0.11%. This exit drained about a quarter of the pool and paid just over 2%. "These unstake events are impossible to forecast, but they do happen with some regularity," Sanctum wrote, noting earlier large exits in Q1 2026 and Q4 2025.

That matters for reading the headline. Sanctum's announcement thread attributes the decline "largely" to Q2's one-time withdrawal windfall. Q3 carried a one-off of similar size. Take out both, the roughly 1,700 SOL in Q2 and the 1,651 SOL in Q3, and gross profit falls from about 9,587 SOL to about 7,795 SOL, a drop of nearly 19% by our arithmetic on Sanctum's figures. Sanctum's report does not give an adjusted figure.

Sanctum's investor dashboard shows the same pattern month by month. Gross profit was $357,739 in July, which includes the Reserve exit, then $236,988 in August and $231,215 in September. Those three months sum to the report's $825,942. August and September were roughly flat in dollars while SOL climbed, so Sanctum earned fewer SOL in September than in August.

In its Q2 report, published on 17 July 2026, CEO and co-founder FP wrote that "TVL is to some extent a vanity metric; what we care about internally is SOL-denominated revenues," and that "we expect revenues to pick back up next quarter," because revenue "follows TVL with a lag." SOL-denominated gross profit has now fallen two quarters running, from 11,408 SOL in Q1 to 9,446 SOL in Q3. The lag argument still applies to September's late deposits, and the dashboard already shows TVL at 19.85 million SOL, but Q3 does not yet show the pickup.

INF yield and TVL in Q3 2026

Infinity, the multi-LST pool behind INF, saw TVL fall 3.1% from 2.01 million SOL to 1.95 million SOL. INF's gross profit fell 11.1% in SOL terms to 1,441 SOL, though it rose 2.8% in dollars to $134,108.

Sanctum said in a thread reply that INF delivered 5.7% APY in Q3, down from the 6.22% average the Q2 report gave. Sanctum also calls INF "the best-performing large SOL LST" and says it beat the LST basket average by 10.5% in Q3, as well as mSOL and JitoSOL. That comparison comes from Sanctum's own chart, and we have not checked it independently.

swSOL and Sanctum's 20M SOL target for 2026

Sanctum's Q4 plan rests on Sanctum Wrapped SOL (swSOL), a 1:1 replacement for wrapped SOL that stakes part of its pool and pays the rewards to the protocols holding it. The report estimates about 12 million SOL sits idle in wrapped SOL. In Sanctum's base scenario, swSOL capturing 15% of that would add about 41,000 SOL a year, which "would roughly double Sanctum's current gross profits." Sanctum presents these as scenarios, says yield will vary and adoption takes time, and assumes 80% of the pool staked, a 5.7% APY and a 50% Sanctum take rate.

The company also says it will close "several institutional deals" in Q4 and is "optimistic" on reaching its goal of 20 million SOL in TVL for the year. It expects falling SOL staking yields over the next three years to push more institutions toward liquid staking.

Sanctum also relaunched its consumer app as Sanctum App 2.0, dropping the gamified design and, per the report, planning to make every Sanctum wallet a 2-of-3 multisig. Its token was renamed from CLOUD to SANC, and on 6 October Sanctum burned about a quarter of the token supply. The report puts Sanctum's treasury at $6.02 million, excluding SANC.

The Q3 numbers show where Sanctum's growth is coming from. Treasury companies such as DeFi Development Corp and Forward Industries chose to hold their SOL in their own branded LSTs on Sanctum, and that drove a record quarter for TVL. Whether those deposits, which mostly arrived in late September, lift SOL-denominated profit should show up in Sanctum's Q4 report. You can compare Sanctum's partner pools with the rest of the market on our Solana stake pool rankings.