Sanctum recently released the performance of its liquidity staking token INF v2 since its launch. According to on-chain data it cited, INF's average annualized yield in the first 10 weeks after launch was about 0.48 percentage points higher than the median yield of liquidity staking tokens on the Solana network.

The return for the first two months was 6.28%.

Sanctum states that INF v2 achieved an average annualized return of 6.28% in its first eight weeks after launch. According to Sanctum, this is higher than the median LST within the network. The article also notes that some anomalies have been addressed separately in the blog, but overall performance continues to outperform other comparable products.

Sanctum also provided a set of comparative data: if a user holds 100 SOL and chooses INF instead of bnSOL, they can theoretically receive 1.57 more SOL after one year, a reward difference of approximately 24.68%. This part is an extrapolation based on historical performance and is not a result that has actually been achieved.

Fee income becomes an additional source of income

The core conclusion of this review is that INF's returns do not rely solely on regular staking rewards. In addition to validator rewards, block rewards, and MEVs, Sanctum also includes Infinity Pool exchange fees in its revenue streams, making it easier to differentiate itself from similar products during periods of high network activity.

The article also links INF's performance to a potential token economic adjustment for Solana. According to the article, if the growth rate of SOL issuance further declines in the future, the notional staking yields of all LSTs may also fall accordingly.

SOL inflation decline may widen the gap

In this context, the importance of additional revenue streams increases. Sanctum believes that INF not only relies on staking issuance rewards but also receives supplemental income from exchange fees from the Infinity Pool. Therefore, when nominal yields generally decline, the gap between INF and other LSTs may widen further.

The SIMD-0441 proposal mentioned in the article is expected to be submitted as early as the fourth quarter of 2025. It includes accelerating the deinflation of SOL and bringing forward the achievement of a 1.5% inflation rate for network terminals to 2029.

TVL remains at a high level

In addition to yield, Sanctum also mentioned that the total value locked (TVL) of its protocol continues to grow. According to DefiLlama data cited in the article, Sanctum's TVL, denominated in SOL, is approximately 17.46 million SOL, corresponding to a value of over $1.33 billion, close to its historical high.

The article also mentions that under current US tax treatment, native staking rewards are typically considered taxable income when a user gains control; however, LST's gains are more reflected in changes in the token's net asset value, so the tax treatment path may differ. However, this section primarily discusses the US tax framework and does not represent new regulatory developments.