Publicly traded real estate tech company DeFi Development Corporation further intensified its rapidly growing commitment to Solana with the creation of a liquid staking token alongside a collaboration with Kamino Finance, a leading DeFI protocol in Solana’s ecosystem.
The liquid staking token or LST, called dfdvSOL—which was created with LST platform Sanctum—allows users staking Solana (SOL) via the DeFi Development Corp. validator group to maintain liquidity while their native Solana tokens are locked up.
In other words, while staking Solana tokens via DFDV validators, users receive back dfdvSOL that can then be used in DeFi activity while users still 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,” Dan Kang, Head of Investor Relations at DeFi Development Corp, told Decrypt.
“For DFDV, it’s a powerful flywheel: it unlocks a new revenue stream for the company, which helps us acquire more SOL per share,” he added. “Even more importantly, it deepens our presence in the Solana DeFi ecosystem, and reinforces our position as a truly on-chain public company.”
The company’s presence within the Solana ecosystem has deepened rapidly over the last two months. It first announced intentions to create a digital assets treasury centered on Solana in early April, then changed its name from Janover to DeFi Development Corporation to reflect its commitment to crypto.
Since that time, the firm’s treasury has briefly eclipsed $100 million in Solana—though now valued around $94 million—as it acquired a Solana validator company and collaborated with major Solana meme coin community BONK, as well.
And now, with its validator set, the firm has teamed up with Kamino to try and boost adoption of its recently launched LST.
“Adoption depends on integrations, and we’re moving fast on that front,” said Kang. “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.”
“Over time, as our validator performance and footprint across Solana protocols grow,” he added, “our goal is for dfdvSOL to become a foundational asset in DeFi.”
Shares of DFDV finished 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.
Edited by Andrew Hayward
Read the full article here
