Exploring the New Liquid Staking Token from a Publicly Traded Solana Treasury Company

DeFi Development Corporation Expands Solana Footprint with Liquid Staking Token and Kamino Finance Collaboration

DeFi Development Corporation, a publicly traded real estate tech company, has further strengthened its commitment to Solana with the creation of a liquid staking token (LST) called dfdvSOL, developed in collaboration with leading DeFi protocol Kamino Finance.

The dfdvSOL token allows users staking Solana (SOL) through DeFi Development Corp.'s validator group to maintain liquidity while their native SOL tokens are locked up. This means that while staking SOL via DFDV's validators, users receive dfdvSOL, which can then be used in DeFi activities while they continue to earn staking rewards.

"Launching an LST lets users stake [SOL] to our high-performance validators while retaining the flexibility to participate in DeFi—unlocking both rewards and utility," said Dan Kang, Head of Investor Relations at DeFi Development Corp., in an interview with Decrypt.

Kang added that the move provides a "powerful flywheel" for DFDV, unlocking a new revenue stream and helping the company acquire more SOL per share. Furthermore, it deepens the company's presence in the Solana DeFi ecosystem and reinforces its position as a "truly on-chain public company."

DeFi Development Corporation's commitment to Solana has grown rapidly over the past two months. In early April, the company announced plans to create a digital assets treasury centered on Solana, and later changed its name to reflect its crypto focus.

• The company's Solana-based treasury has briefly exceeded $100 million in value, though it is currently around $94 million.
• DFDV has also acquired a Solana validator company and collaborated with the BONK meme coin community.

With its validator set in place, DFDV has now teamed up with Kamino Finance to boost adoption of the dfdvSOL LST. Kamino is adding the token to its borrow/lend markets and Multiply Vaults, giving users the ability to earn yield, borrow against it, or participate in automated strategies.

"Over time, as our validator performance and footprint across Solana protocols grow, our goal is for dfdvSOL to become a foundational asset in DeFi," Kang said.

Shares of DFDV closed the day up more than 12% at $19.71, rising 2,246% year-to-date. Solana, meanwhile, is down 1.1% in the last 24 hours at a price above $154, falling 11% in the last week.