Research summary
The assessment is adverse. Direct on-chain queries have turned an evidence gap into an active concern. The Infinity controller's upgrade authority is a single plain keypair, not a multisig. A prior draft's "11-member multisig" claim traced to the wrong Sanctum program. The audited fee model, a 90/10 reserve/fee-vault split, no longer matches the live V2 fee model, a 5% performance fee, despite an unchanged program ID. This appears to be an unaudited logic change deployed by that single key. INF is not a single-validator or single-manager LST. It is the LP token of Sanctum Infinity, a managed pool of SOL and many Solana LSTs that earns the basket's staking return plus swap fees. That does solve fragmented exit liquidity, but it also replaces a clear choice of staking operator with exposure to a changing basket, Sanctum's valuation adapters, and administrators with broad powers. The protocol has operated since 2024, publishes its code and three audits, and handled the 2025-10-10 LST stress without a reported loss. The reason for rejection is not whether the mechanism works. It is whether an adviser can review and monitor every material constituent and the people who can add, disable, reprice, rebalance, pause, or upgrade it.
Observable review triggers
- Research remains unresolved until the live Infinity V2 program, every calculator and privileged authority are identified and mapped to published reviews
- Any constituent LST added without a published audit, authority review, and admission rationale
- Any one external LST issuer exceeding 20% of Infinity NAV
- A constituent impairment or calculator error causing INF redemption value to fall more than 1% below reported intrinsic SOL value
- Pool operations paused for more than one Solana epoch
- A proposed-size INF-to-SOL exit costing more than 50 basis points through both direct redemption and the best secondary route
- A live Infinity v2 program or calculator not mapped to a published audit
Facts on file
- Verdict
- Rejected
- Type
- Staking
- Chains examined
- Solana
- Instruments
- INF
- Reviewed
- Last confirmed