DeFi Development Corp., once a real estate-focused entity, has rebranded itself into a crypto-native treasury powerhouse by embracing liquid staking token (LST) technology on Solana. The firm’s adoption of dfdvSOL, developed by Sanctum, allows it to stake SOL tokens while maintaining liquidity—an innovative move in blockchain finance. This makes DeFi Dev Corp. the first publicly traded company to own LSTs on Solana, signaling a new frontier in institutional blockchain adoption.
Backed by former Kraken executives, the company has aggressively accumulated SOL, recently adding to its holdings on May 15, bringing its total stash to over 609,000 SOL, valued at more than $105 million. With $24 million raised to expand its Solana portfolio, the firm positions itself at the forefront of the institutional crypto wave.
Solana Attracts Institutional Capital and Banking Giants
The institutional push into Solana extends beyond DeFi Dev Corp. Canada-listed Sol Strategies, formerly Cypherpunk Holdings, has filed to raise up to $1 billion CAD (~$730 million USD) to invest in Solana assets. Already, the firm has allocated $20 million from a $500 million convertible note facility to acquire over 122,000 SOL.
Meanwhile, Solana’s credibility in traditional finance continues to grow. A major collaboration between UK-based blockchain developer R3 and the Solana Foundation is set to bridge enterprise blockchain Corda with Solana. R3’s platform already handles $10 billion in tokenized assets with clientele including HSBC and Bank of America. The integration will allow institutions to tap into Solana’s public blockchain, potentially accelerating mainstream adoption.
Also Read: Crypto Update: Bitcoin Crashes Below $107K as Ethereum, XRP, and Solana Follow Suit
Retail Flocks to Solaxy Layer 2 as SOL Eyes $500
While institutions bolster Solana’s foundation, retail investors are turning to Solaxy ($SOLX), a new Layer 2 project aiming to fix Solana’s known pain points: congestion, scalability, and transaction failures. Using rollup technology, Solaxy enhances Solana’s speed and reliability by processing transactions off-chain and batching them on-chain.
The project has already raised $42 million in its ongoing presale, with tokens currently priced at $0.001738 and offering up to 96% APY for stakers. With technical analysts eyeing a potential $500 target for SOL amid growing institutional interest, Solaxy may play a critical role in supporting the network’s scalability as demand surges.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
