BULK

Summary

Ketju does not approve BulkSOL: Ketju has approved no Solana liquid-staking provider. We found no defect in BulkSOL, but its pool delegates all its stake to one validator. BULK is a perpetual futures exchange with its own network and validators. The only BULK product that the DefiLlama yield feed rates is BulkSOL, a Solana liquid staking token on a Sanctum stake pool. On 2026-10-16 it held about $22.5 million and paid 4.69%. We read the pool account on chain that day: it held about 213,057 SOL, all delegated to one validator. This memo does not cover the exchange.

Review triggers
• The pool changes from one validator to many
• Ketju approves a Solana liquid-staking provider, which starts a new comparison that includes BulkSOL

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-01-16.

Research

How it works

A holder deposits SOL into the pool and receives BulkSOL. The pool delegates the SOL. Staking rewards raise the amount of SOL that each BulkSOL redeems for, so the token does not rebase. On 2026-10-16 the pool account (3aUmJDNpMHjkxunQEkHTj2chzyryKoH2uQj6YACLD174) recorded about 213,057 SOL against about 192,945 BulkSOL. Its validator list had one entry, vote account BULKEEKf9Hjy4nwCthjzheEk4joH23LLXttAHjqEZmB2, which held all of the active stake. The account records a 2.5% fee on each epoch’s rewards. The yield feed labels the pool “3% epoch fee”, and we did not reconcile the two. The Sanctum list tags the pool as multi-validator, but the list on chain held one entry.

Who controls it

The pool’s manager and staker accounts are the same two accounts that manage the Backpack SOL pool: 8JS6XsMPo2u3EyeeY3p2jvzHEhdUtCKgarHpJ3PAonyv and 57V86ZRddiL4LCmVobuLybnGaxpFj41K8ZgeGwoUpyBa. We did not identify who holds those keys. We found no source that names the operator of the one validator. A fault, a slashing rule change or a commission change at that validator affects every holder at once.

Losses and incidents

BULK’s docs say Zellic audited the BULK Program on Solana in July 2026. That program is the exchange. The stake pool runs on the shared Sanctum program, and we found no audit or bug bounty for the pool. DefiLlama records no audit for BULK and lists no incident.

Withdrawals

A holder can sell BulkSOL on a market. A holder can also redeem through the pool for a stake account. That stake account must deactivate before it turns back into SOL, which takes until the epoch ends. We did not measure whether the market could absorb a large sale.

Comparison

Marinade’s FAQ says Marinade spreads delegation among the top-performing validators through its stake auction, while BulkSOL’s pool delegates to one validator. Ketju does not approve Marinade either: its stake now sits with 46 validators. Ketju will consider BulkSOL again if the pool’s stake moves to many validators, or when Ketju approves a Solana liquid-staking provider.

Provider choice

Ketju found no defect that rules this provider out. Ketju has approved no Solana liquid staking provider, so it approves none of them, this one included. Approving this provider would take its own review against the approved structures. The advisor decides what fits each client’s purpose and constraints, and records any choice and amount.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Sanctum LST list, BULK Staked SOL entry · primary · accessed 2026-10-16
  Supports: BulkSOL mint, SanctumSplMulti pool, pool address, validator list address
• Solana mainnet RPC, stake pool and validator list accounts · primary · accessed 2026-10-16
  Supports: getAccountInfo pool and validator list, SOL held, one validator, 2.5% epoch fee, manager and staker accounts
• Solana stake pool program documentation · primary · accessed 2026-10-16
  Supports: stake pool design, fees, operation
• BULK docs, introduction · primary · accessed 2026-10-16
  Supports: exchange scope, perpetuals network
• BULK docs, audits · primary · accessed 2026-10-16
  Supports: Zellic audit of the BULK Program, July 2026
• BULK home page · primary · accessed 2026-10-16
  Supports: perpetuals exchange
• Marinade docs, FAQ · primary · accessed 2026-10-16
  Supports: auction-based validator spread, comparison point
• DefiLlama, BULK protocol page · secondary · accessed 2026-10-16
  Supports: protocol TVL, no audits recorded, Derivatives category
• DefiLlama, yield pools feed · secondary · accessed 2026-10-16
  Supports: BULKSOL pool TVL, 4.69% base rate, 3% epoch fee label

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.