$CLOUD Genesis Mint and Accountability
We believe that $CLOUD will serve as an incredibly valuable resource used to fuel the growth of Solana DeFi, Sanctum, and bring forth the SOL economy.
We want to maintain highest levels of accountability and transparency.
This blogpost will outline everything you need to know about the $CLOUD token and how it is managed.
$CLOUD Token Supply
$CLOUD Mint: CLoUDKc4Ane7HeQcPpE3YHnznRxhMimJ4MyaUqyHFzAu
Tokens Minted: 1 Billion
Freeze Authority Burnt: TXID
Mint Authority Burnt: TXID
Metadata Authority: Kept and secured by Team Cold Multisig.
Token Distribution Plan
This is the token distribution plan:
Token Distribution Plan
This is CLOUD’s distribution plan:
1B CLOUD tokens will be minted.
The initial 1B will be split 60/40 into the Team Cold and Community Cold multisigs.
From the Team Cold multisig, 250M tokens (25% of total supply) will be withdrawn for liquidity provision into Team Operational Multisig.
100M will be used in the single-sided CLOUD launch pool using Meteora DLMM.
The rest of the tokens will be allocated to various liquidity needs over the first 1 year.
From the community multisig, 150M tokens (15% of total supply) will be withdrawn for the launch airdrop and near term community needs
In summary, there will be 300M of tokens available in the first year, with 600M tokens available in cold storage. There will be up to 125M circulating tokens at the beginning.
For the token distribution, there are 4 multisig created:
Team Cold Multisig: DEnpgmzoAGKXjRCGoLTALm91XMAw88q6npDHPRAmMQj1
Community Cold Multisig: BdVocCXHMpTdcPi8kYpBzK4MJXAn5KzcehGxhMBJqvD4
Team Ops Multisig: 8VE2uJkoheDbJd9rCyKzfXmiMqAS4o1B3XGshEh86BGk
Community Ops Multisig: DW5VgWAyTiPt8NN5S61NWiKEzVizVWuTtZjJeUovVcmb
These four token distribution multisig, due to their substantial holdings of $CLOUD tokens capable of exerting influence over DAO decisions, are restricted from participating in any voting processes.
Both the cold multisigs are primarily used for cold storage of tokens not in circulation. The team operational multisigs will be used for liquidity provision purposes while the community operational multisig will be used for community initiatives such as airdrops and community needs.
Each of these multisigs will be governed by a multisig where a majority of 4 out of 7 needs to be reached in order to execute related decisions around the $CLOUD supply.
$CLOUD Multisig Structure
In the past, we have seen the following incidents:
Improper usage of community-allocated tokens for non-community purposes
Vesting team tokens ahead of schedule and selling them
Voting with locked tokens to sway proposals in team’s favor
Losing access to bridged or wrapped funds due to various reasons
$CLOUD is a valuable resource for Sanctum and our future, hence it should be managed carefully as such. We explored multiple options and landed on the following multisig structure involving:
Sanctum Team
Independent Ecosystem Signers
Professional Custodians
The role of external signers outside of Sanctum Team are like custodians of the $CLOUD supply. They make sure that we are accountable and responsible to the public decisions that we had made over the $CLOUD supply.
The most important group in this list is the Independent Ecosystem Signers. This group is made up 3 respected members of the Solana community: Stepan (Squads), Robert (Neodyme) and Soju (Jupiter).
This ensures that the usage of the tokens budgeted for long-term purposes requires ecosystem buy-in, proper communication to the Sanctum and wider Solana community. Once a decision is agreed upon publicly, all signers will verify, vote and execute this decision together.
Apart from the reputable external parties in the Solana Ecosystem we have invited to be part of the multisig, we are looking for 1-2 professional custodians to hold a key where they will take on the role of a backup signer.
The professional custodians will only be activated in these situations:
When there is sufficient evidence that access to 3 keys are missing or in a deadlock.
Reported loss of keys and assistance is needed to update keys of current multisig members quickly.
Emergency unexpected situations that might require rapid reactions to secure funds
These custodians will then be brought in to vote and execute with discretion.
Here is the multisig structure summarized in a table:
Token Distribution Tracking
We have performed the token distribution ceremony and will detail it in this section. We minted the token, seeded the cold multisigs and distributed them to the hot multisigs in preparation for the token launch.
This is the current distribution of tokens in each respective multisigs.
| Multisig | Address | Number of CLOUD Tokens | Remarks |
|---|---|---|---|
Team Cold Multisig | 350M | Cold storage under Team + External Multisig | |
Community Cold Multisig | 250M | Cold storage under Team + External Multisig | |
Team Ops Multisig | 250M | Liquidity provision needs in the first year | |
Community Ops Multisig | 150M | Community needs in the first year |
Team Cold and Ops Multisig seeding
We prepared a proposal to send 250M $CLOUD tokens from the Team Cold Multisig to the Team Hot Multisig: Proposal
The multisig addresses and $CLOUD amounts to transfer was verified, and successfully voted for execution of 1B tokens to be transferred from Team Cold Multisig to Team Ops Multisig: TXID
This completes the token transfer ceremony on the Team Cold and Ops Multisigs.
Community Cold and Hot Multisig Seeding
We prepared a proposal to send 150M $CLOUD tokens from the Community Cold Multisig to the Community Hot Multisig: Proposal
The multisig addresses and $CLOUD amounts to transfer was verified, and voted for execution of 150M tokens to be transferred from Community Cold Multisig to Community Ops Multisig: TXID
This completes the token transfer ceremony on the Community Cold and Ops Multisig.
We did a final verification to vouch that all 4 multisigs currently hold the exact announced token distribution and with that, we officially completed the $CLOUD Token mint!
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