July 2025 Recap: Stacking to New Heights

Last month, we accelerated Solana accumulation, executed major capital raises, and delivered industry‐first SPS guidance – while Solana itself surged ahead of peers in revenue, transactions, active addresses, token launches, and fee efficiency, cementing its dominance as we head into Q3.

August 04, 2025 • Estimated Reading Time: 12 minutes

When all was said and done, July was a transformative month for DeFi Development Corp. (NASDAQ: DFDV). Following a strategic pause in June, we returned to active Solana accumulation while simultaneously scaling global access, deepening validator operations, and advancing revenue-generating initiatives. With major capital raises, new integrations, and bold forward-looking guidance, July positioned us to accelerate Solana Per Share (SPS) growth heading into Q3 and beyond.

Month-End Statistics

  • SOL Holdings: 1,182,685 SOL (+91% MoM)

  • SOL Holdings Value: $204M (+112% MoM)

  • Shares Outstanding: 20,556,103 (+39% MoM)

  • SOL Per Share (SPS): 0.0575 SOL (+34% MoM)

  • dfdvSOL Supply: 124,314.93 SOL

  • DFDVx Trading Volume (July 9 - 31): $48.9M

Note: For our latest purchase info on August 4, click here.

Strengthening Our Capital Position

We began the month with a proposed $100M convertible notes offering, later upsized to $122.5M, underscoring investor confidence in our strategy. This financing provides flexible growth capital to expand SOL holdings and enhance our balance sheet resilience.

On July 21, we disclosed that we had raised an additional $19M from our $5B Equity Line of Credit, followed by another $20M on July 29. Together, these capital raises position us with the firepower needed to continue scaling our Solana treasury into the months ahead. As of month-end, DeFi Dev Corp. has drawn 0.8% of the total available capacity under its ELOC, with approximately $4.96B remaining under the facility.

 

Issuing Industry-First SPS Guidance

On July 14, we issued our first-ever forward-looking SPS guidance: targeting 0.1650 SPS by June 2026 and 1.0 SPS by December 2028 (read more). This ambitious goal underscores our confidence in the scalability of our strategy and long-term shareholder value creation.

We also hosted a Twitter Spaces session, breaking down our SPS forecast, convertible note issuance, and our broader company update.

Expanded Our Global Footprint

We announced the launch of our Treasury Accelerator, a global franchising model designed to expand Solana access worldwide through strategic partnerships. This initiative marks a new chapter in making Solana treasuries accessible at scale and opening up a new avenue for further SPS growth.

In addition, our tokenized stock DFDVx went live on MEXC and Gate.io, allowing both spot trading and perpetual futures, greatly expanding accessibility for global retail and institutional investors.

Building Infrastructure & Partnerships

Thought Leadership & Community Engagement

  • Permissionless NYC: Dan Kang, Head of IR, spoke alongside Tom Lee (Fundstrat) and David Grider (Finality Capital) on the rise of crypto treasury vehicles.

  • Switchboard Livestream: Parker White, COO & CIO, discussed Solana, tokenization, and the convergence of TradFi & DeFi.

  • Nasdaq TradeTalks: Joseph Onorati, CEO, joined Nasdaq TradeTalks alongside Cantor Fitzgerald, and Z Squared to discuss how institutional use cases are evolving within the digital asset ecosystem, DFDV's strategy for accumulating and growing SOL holdings, why the future of Solana has never looked brighter.

  • Grailed Twitter Spaces: Dan Kang discussed treasury companies in public markets and how crypto is shaping the future of not just DeFi, but the bridge to TradFi (800+ listeners).

  • Kyzeen Twitter Spaces: Dan Kang and Parker White joined 400+ listeners to discuss the ongoing success of Solana DeFi and recent DeFi Dev Corp. accomplishments & milestones.

  • Our DFDV Degens community more than doubled in size, surpassing 600 members on Twitter and launching a new Reddit community.

Media Coverage

Our July milestones attracted coverage across major outlets:

Solana Ecosystem Wins

  • Network Revenue: In July, Solana generated nearly $87M in revenue - over 5x Ethereum and well ahead of Tron ($61M), BNB ($12M), and Arbitrum ($1M). Its revenue was more than 300x Polygon and 140x Avalanche, underscoring Solana’s clear lead in blockchain adoption and efficiency.

  • DEX Volume: Solana processed $116B in DEX volume, accounting for nearly 20% of all onchain trading across major blockchains. That put Solana just behind BNB ($305B) as the second-largest venue for decentralized trading - and well ahead of Ethereum ($79B) and the rest of its peers combined.

  • Transactions: Solana executed 3.53B transactions - more than four times the combined total of all other major blockchains. With over 82% of total monthly transactions, Solana continues to dominate network activity, leaving Ethereum (46.7M) and fast-rising challengers like Base (276M) and Sui (145M) far behind.

  • Active Addresses: Solana recorded 103M monthly active addresses, far outpacing its nearest competitor, Tron (76M), and more than 25x higher than Ethereum’s 3.9M. This underscores Solana’s broad and growing user base, cementing its role as the most widely used blockchain for retail and institutional activity alike.

  • Tokens Launched: Solana dominated developer activity, with 1.76M tokens launched in July, more than 2x the total of Base (858k) and over 17x Ethereum (30k). This explosive token creation highlights Solana’s unmatched position as the go-to chain for innovation and new project deployment.

  • Median Fee: With a July median transaction fee of just $0.0009, Solana is among the most cost-efficient blockchains. To put this in perspective, Ethereum’s median fee was over 150x higher ($0.14) and Tron’s was nearly 4,800x higher ($4.41). This makes Solana uniquely suited for high-frequency trading, consumer apps, and global payments.

  • Median Fee Volatility: Low fees mean little if they’re unstable - but Solana excels here too. Its median fee volatility of 6.3 was one of the lowest in the industry, significantly below Ethereum (29.1), Arbitrum (45.7), and Avalanche (66.7). This consistency gives users confidence that transactions will remain reliably cheap, even during high network demand.

  • Combined Fee Efficiency: The median fee vs. fee volatility chart highlights the tradeoff most blockchains face between cost and stability, with the bottom-left quadrant representing the “sweet spot” of ultra-low, predictable fees. Solana stood out in July, delivering a median fee under $0.001 alongside a volatility score of just 6.3, meaning fees remain both cheap and consistent even during high demand. In contrast, Ethereum’s fees are more than 150x higher and nearly 5x more volatile, while Avalanche and Arbitrum suffer from elevated volatility, and Tron, though stable, charges nearly $5 per transaction. This positioning underscores Solana’s unique advantage: it provides the rare combination of affordability and predictability, a crucial foundation for mass adoption and scalable onchain activity.

Looking Ahead

As we head into Q3, DeFi Development Corp. remains committed to:

  • Scaling SOL per share growth through disciplined accumulation and yield strategies.

  • Leveraging tokenization and validator infrastructure to expand revenue streams.

  • Driving transparency and accessibility for investors through global equity listings and tokenized stock.

  • Pursuing advantageous partnerships and further expanding the DFDV footprint globally.

Stay tuned for our Q2 financial results, upcoming SuperTokyo 2025, Korean Blockchain Week, & Token2049 participation, as well as additional validator and DeFi integrations, and progress on our franchising business.

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.