Jan. 2026 Recap: New Year, Same Mission

January was a quieter month for headlines, but not for progress.

Across media appearances, new DeFi integrations, treasury-yield partnerships, and continued global expansion, we spent the first month of 2026 strengthening the infrastructure behind our SOL-first Digital Asset Treasury strategy and expanding the educational content we provide to both institutions and crypto-native audiences.

Here is everything we shipped in January.

Month-End Statistics

• SOL Holdings: 2,221,329 SOL

• SOL Holdings Value: $234.2M

• Shares Outstanding: 29,892,800

• SOL Per Share (SPS): 0.0743 SOL

• dfdvSOL Supply: 512,070.14 dfdvSOL

• DFDVx (Tokenized DFDV) Trading Volume: $30.1M

New Yield Partnerships and Treasury Infrastructure

January focused on expanding onchain yield generation and deepening the infrastructure supporting DFDV’s Solana-native treasury strategy. Through new protocol partnerships, product integrations, and lending market listings, we continued to increase the utility, composability, and capital efficiency of dfdvSOL while scaling the set of tools available to grow organic yield on the balance sheet.

Hylo Partnership
On January 5, DFDV announced a partnership with Hylo to deploy a portion of its digital asset treasury into onchain yield strategies while participating in Hylo’s points incentive program. The collaboration is designed to enhance capital efficiency on DFDV’s balance sheet, layering protocol yield and points upside on top of its existing Solana-native strategies. Proceeds from these deployments are expected to support operating expenses, future SOL accumulation, and potential SPS-accretive actions, consistent with the Company’s disciplined capital allocation framework.
🔗 Press release

RateX’s Mooncake Integrates dfdvSOL
Mooncake, a Solana-native decentralized leverage and structured products marketplace, selected DFDV’s dfdvSOL liquid staking token to power its next-generation 10xSOL leveraged market. This integration allows Mooncake users to access leveraged exposure built directly on top of dfdvSOL, extending the utility of our LST beyond standard staking into more complex onchain strategies. By integrating with Mooncake, dfdvSOL becomes a core component of a high-throughput, capital-efficient trading environment, increasing its visibility and composability across leveraged and structured products throughout the Solana ecosystem.
🔗 Press release

Solstice YieldVault Adoption
On January 13, DeFi Development Corp. announced the adoption of Solstice YieldVault as part of its onchain treasury-yield strategy. By deploying select treasury assets into Solstice’s YieldVault, DFDV gains access to diversified, algorithmically optimized yield opportunities across the Solana DeFi landscape, while maintaining risk controls aligned with its capital allocation framework. The integration is designed to enhance organic yield generation on the balance sheet and to support DFDV’s broader objective of maximizing productive capital deployment across markets.
🔗 Press release

Jupiter Lend Lists dfdvSOL
Jupiter Lend, a decentralized, non-custodial, pool-based money market on Solana that enables users to lend assets to earn yield and borrow against them, added dfdvSOL as collateral, allowing users to borrow against the token. This materially expands dfdvSOL's composability across Solana lending markets and further demonstrates DFDV’s continued push to lead onchain corporate innovation and deepen its integration into the Solana ecosystem. Key highlights of this integration include:

• Loan-to-value ratios up to 92%

• Liquidation threshold of 93%

• Maximum multiplier of 12.49x

🔗 Announcement

Media, Podcasts, and Thought Leadership

January featured a strong run of long-form media and educational content where DeFi Development Corp. leadership laid out the company’s philosophy, treasury strategy, and long-term vision for Solana and Digital Asset Treasuries. Across podcasts, interviews, and new video releases, we focused on explaining how DATs work, how onchain yield is generated, and why SOL-per-share compounding remains our north star.

Parker on Talking Tokens: How DATs Become Onchain Banks

Parker White, CIO and COO at DFDV, joined Jacquelyn Melinek on the Talking Tokens podcast to unpack the long-term future of Digital Asset Treasuries. Topics covered included:

• Why non-sovereign money sits at the core of Parker’s worldview

• His path from TradFi to Kraken and ultimately to launching DFDV

• Why centralized lenders failing strengthened his conviction in DeFi

• How DATs can evolve into onchain banks inside the Solana economy

• Validator economics, liquidity provisioning, and incubation of early-stage DeFi primitives

• The long-term thesis for SOL and compounding SOL-per-share growth

Smart Money Circle with Adam Sarhan

Parker also appeared on Smart Money Circle, hosted by Adam Sarhan, for a wide-ranging conversation covering:

• His upbringing in finance and Austrian economics

• Discovering Bitcoin and joining Kraken

• Why DFDV was built as a Solana-native DAT platform

• How SOL-per-share serves as the company’s north-star metric

• Long-term views on compounding, adversity, and conviction-based investing

DFDV at Needham’s 28th Annual Growth Conference

DK, Chief Strategy Officer at DeFi Development Corp., presented at Needham & Company’s 28th Annual Growth Conference, walking institutional investors through DFDV’s Solana-first treasury strategy, valuation framework, and long-term outlook. The session explored why Digital Asset Treasuries can trade at a premium to net asset value, how Solana’s performance underpins global-scale financial activity, and why DFDV’s proof-of-stake treasury model differs structurally from Bitcoin-only strategies. DK also outlined the Company’s “Faster, Better, Most Obsessed” operating philosophy, including how DFDV seeks to grow SOL per share through onchain yield deployment, validator operations, and disciplined capital allocation.

The Onchain Advantage Episode 2: Exponent

We published our second episode of The Onchain Advantage, our educational video series that demystifies advanced Solana DeFi strategies, from fixed-rate yield and points farming to structured products and institutional-style portfolio construction. In this installment, we explored Exponent, a Solana-native interest-rate trading platform that enables users to restructure yield-bearing assets into fixed and variable components via tokenized instruments. In episode 2, we break down how Exponent lets users:

• Convert floating crypto yield into fixed-rate income

• Split yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT)

• Lock fixed SOL or LST yield for months

• Gain leveraged exposure to points programs

• Trade interest rates and LP interest-rate markets

The Onchain Advantage Episode 3: RateX

We published our third episode of The Onchain Advantage. In this installment, we explored RateX, a Solana-native interest-rate trading platform that lets users split yield-bearing assets into fixed-rate and variable-rate tokens, creating new ways to express views on rates, incentive programs, and liquidity across DeFi markets. In Episode 3, we break down how RateX enables users to:

• How fixed-rate instruments are created from floating yield

• Why YT tokens can create 20x to 30x points exposure

• Locking stablecoin yields

• Trading out of positions before maturity

• Fee generation for liquidity providers

Just Chattin’ Episode 1: Anna Yuan (Perena)

We launched the first episode of Just Chattin’, our new long-form interview series focused on conversations with builders shaping the Solana DeFi ecosystem. In this debut episode, we sat down with Anna Yuan, founder of Perena and former Solana Foundation stablecoin lead, to unpack how institutional-style stablecoin strategies are being rebuilt onchain and why asset management, rather than speculation, could define DeFi’s next phase. In Episode 1, we cover:

• Why most stablecoin yield products miss the mark

• Risk-adjusted returns versus headline APY

• Keeping capital onchain to strengthen Solana

• Why asset management is the next phase of DeFi

• How institutional structures translate to crypto

Board & Global Expansion

January also brought meaningful progress on governance and international expansion, with additions to DFDV’s Board, new capital coordination between US and UK entities, and deeper engagement with investors around the Company’s global Treasury Accelerator strategy. Together, these updates reflect continued focus on institutional credibility, regulatory readiness, and scaling the Digital Asset Treasury model across major markets.

Hadley Stern Joins DFDV Board

On January 29, DeFi Development Corp. announced the appointment of Hadley Stern to its Board of Directors, adding one of the most experienced institutional crypto operators in the industry to the Company’s governance team. Stern previously led global digital asset custody at BNY Mellon, where he helped launch the bank’s first regulated crypto custody platform, and earlier founded Fidelity Digital Assets after incubating blockchain initiatives at Fidelity Labs. He has also served in senior roles at Bloq, AWS’s emerging-technology group, and Marinade Labs, bringing deep expertise across custody, compliance, infrastructure, staking, and institutional adoption.
🔗 Press release

DFDV UK Revolving Credit Facility
On January 8, 2026, our UK affiliate, DeFi Development Corporation UK PLC, announced a revolving credit facility agreement with DeFi Development Corp., enhancing liquidity and capital coordination between the two entities. The facility gives the UK company flexible funding it can draw on to support growth in its SOL treasury strategy, aligning working capital with strategic deployment needs across markets.
🔗 Press release

DFDV UK Twitter Spaces Replay

We hosted a Twitter Spaces with Michael Chan, CEO of DeFi Development Corporation UK PLC, alongside DK and Parker from DeFi Development Corp., where we discussed the UK crypto landscape, global capital markets, and the evolution of Digital Asset Treasuries. Michael shared his path from law and sovereign wealth funds to Binance and Solana-native projects, what drew him to the DAT model, and how DFDV UK fits into the Company’s international Treasury Accelerator strategy. The discussion covered regulatory differences between the US and UK, why transparency and local trust matter for listed treasury vehicles, how DAT strategies may evolve beyond passive accumulation, and why DFDV views corporate crypto treasuries as a long-term structural shift in public markets.

January 2026 Reddit AMA Highlights

We also hosted our monthly Reddit AMA, where Parker answered questions around SPS growth, preferred stock strategy, market structure, and validator economics. The key takeaways include:

• Preferred stock:

  • DFDV filed an S-1 for a new variable-rate, non-convertible preferred modeled after recent market structures.

  • Management expects stronger demand for this format.

• Growing SPS in 2026:

  • Buybacks and preferred issuance in down markets

  • ATM usage in stronger markets

  • Organic yield remains core

  • Several “out-of-the-box” initiatives are being explored.

• Yield outlook:

  • Q4 organic yield printed at 8.3%.

  • Long-term guidance remains centered around roughly 10%, absent a formal update.

• SOL accumulation strategy:

  • Purchases are driven primarily by capital raises, not market timing.

  • Some discretion is used around cash buffers and dip buying.

• SIMD-0411 stance:

  • Parker reiterated that while DFDV publicly supported the proposal, he personally expects it may be withdrawn.

• Market structure:

  • DFDV disclosed monitoring Reg SHO activity closely and noted it would escalate to FINRA if naked shorting persisted.

• Validator partnerships:

  • Focus remains on growing dfdvSOL delegation across DeFi rather than competing with zero-fee validators courting large institutions.

Solana Performance Metrics

Despite a rather ugly January for cryptoasset prices, Solana continued to stand out among peers and ranked first across key network performance metrics. The relentless outperformance we’ve witnessed over the past several quarters gives us reason to remain confident that Solana is destined to be the go-to high-performance blockchain for all blockchain-based applications in the future. The most notable wins last month include the following. 👇️ 

Total Transactions

In January, Solana processed more than 3.06 billion transactions, far outpacing every other major network and eclipsing the combined totals of most top chains in the chart. BNB Chain followed at roughly 495 million, while the next tier clustered below 350 million, highlighting just how wide the activity gap has become despite broader market weakness.

Median Fee & Median Fee Volatility

In January, Solana posted the 2nd-lowest median transaction fees among major chains, at roughly $0.001, and exhibited the lowest fee volatility in the group. By contrast, peers such as Ethereum, Polygon, Base, and others clustered an order of magnitude higher in fees, with materially greater variability, underscoring Solana’s relative cost stability at scale.

New Users

Solana led all major chains in user growth with roughly 3.0 million new wallets, nearly 4x BNB Chain and almost 10x Ethereum over the same period. The rest of the field trailed well below one million, reinforcing Solana’s widening lead in onboarding new participants even as broader market conditions remained soft.

Revenue

In January, Solana generated roughly $40.2M in onchain revenue, leading all major chains and outpacing the next closest chain by a wide margin. Tron followed at about $29.1M, while BNB Chain and Ethereum clustered near $22M, underscoring Solana’s continued dominance not just in usage, but in economic throughput as well.

The TL;DR

January was about infrastructure and amplification.

We expanded dfdvSOL’s reach across Solana DeFi, added new treasury-yield partners, strengthened our UK platform, welcomed a new board member, and continued educating both institutional and crypto-native audiences about SOL-per-share compounding and the future of Digital Asset Treasuries.

As markets remain volatile, the focus remains unchanged: build the rails, grow organic yield, and keep compounding SOL per share over the long term.

In service of SPS growth,
The DFDV Team

_{Disclaimer: This is for informational purposes only and reflects publicly announced developments, milestones, and media coverage related to DeFi Development Corp. (“the Company”). The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor should it be relied upon as investment advice or a recommendation regarding any securities. Certain statements in this post may constitute “forward-looking statements” within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of publication. DeFi Development Corp. undertakes no obligation to update any forward-looking statements, except as required by law. All information is accurate as of the date posted and is subject to change without notice.}