DeFi Development Corp Unveils Liquid Staking Token on Solana
Business Insider • Crypto
Publicly traded real estate technology specialist DeFi Development Corporation (DFDV) has advanced its Solana involvement with the launch of liquid staking token dfdvSOL in partnership with Kamino Finance.
The token facilitates Solana staking while allowing users to maintain DeFi participation, according to Dan Kang, Head of Investor Relations.
“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.”
dfdvSOL Underlying Mechanism
DfdvSOL was created in collaboration with LST platform Sanctum. This token enables users to stake their SOL with DFDV validators while preserving the ability to use their digital assets in DeFi protocols.
When users stake SOL with DFDV validators, they receive dfdvSOL tokens, which can be utilized in various DeFi applications, while still earning staking rewards.
Strategic Business Expansion
Kang emphasized that the new token creates a “powerful flywheel” for the company, generating what appears to be a new revenue stream.
“For DFDV, it’s a powerful flywheel: it unlocks a new revenue stream for the company, which helps us acquire more SOL per share. Even more importantly, it deepens our presence in the Solana DeFi ecosystem.”
Deepening Solana Presence
The company has rapidly expanded its commitment to the Solana ecosystem in recent months following its renaming from “Janover” to DeFi Development Corporation.
Key developments previously announced include:
- A digital assets treasury centered on Solana (April)
- A Solana validator acquisition
- A collaboration with major Solana community BONK
Kamino Collaboration
To boost dfdvSOL adoption, DFDV has partnered with Kamino Finance, a leading DeFi protocol on Solana.
Kang explained: Kamino is adding dfdvSOL to its borrow/lend markets and Multiply Vaults, giving users the ability to earn yield, borrow against it, or participate in automated strategies.”
Recent Performance
DFDV stock saw a significant increase of over 12% following the announcement, reaching $19.71 as of the close, with a year-to-date increase exceeding 2,246%.
Meanwhile, SOL recorded a slight drop of 1.1% in the last 24 hours, maintaining a price above $154 though declining approximately 11% over the past week.
