Sanctum, a liquid staking protocol on Solana, has submitted a governance proposal to burn its entire Community Reserve of 259 million CLOUD tokens and rename the ticker to SANC. This burn would eliminate 25% of the total supply of 1 billion tokens, bringing the maximum supply to approximately 741 million. The protocol leads Solana’s TVL rankings with around 18 million SOL locked, worth roughly $1.93 billion. The ticker change aims to solve a discoverability issue, as searching « CLOUD token » returns results dominated by cloud computing industry content. After the burn, approximately 67% of all possible tokens would already be in circulation, up from 50% currently.
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