June & July 2026 Recap: Sharpening the Focus

June and July offered little relief on price for SOL or for the Digital Asset Treasury (DAT) vertical broadly. But underneath a weak tape, Solana posted its best usage numbers ever, and DeFi Development Corp. spent the summer sharpening what we are: a vehicle built to deliver leveraged Solana exposure by growing SOL Per Share (SPS) through the cycle. We simplified the organization, formalized the SOL Boost Framework, and kept making the case that Solana’s fundamentals are compounding even while its price is not.

Period-End Statistics

• SOL Holdings: 2,294,576 SOL

• SOL Holdings Value: $170.8M

• Shares Outstanding: 30,111,859

• SOL Per Share (SPS): 0.0762 SOL

• dfdvSOL Supply: 848,628.62 dfdvSOL

• DFDVx (Tokenized DFDV) Trading Volume: $37.06M

Introducing SOL Boost: How DFDV Delivers Levered SOL

On June 30, we published The SOL Boost Framework, the clearest articulation yet of the DFDV model. DFDV was designed to provide leveraged Solana exposure through the public markets, combining structured leverage, organic yield, and a capital allocation framework centered on one metric: SPS growth.

That is why we call it levered SOL. The leverage doesn’t come from margin. It comes from compounding, and with that comes no liquidation price and no margin calls.

Alongside the framework, we launched an interactive SOL Boost Calculator that lets investors model how assumptions about SOL price performance, leverage, and SPS growth interact to shape illustrative return scenarios. We followed up in July with a five-step thread walking through the SPS compounding engine step by step. If you read one thing we published this summer, make it this framework.

Additional details in the June 30 press release.

Streamlining the Organization

Two corporate updates simplified the DFDV structure this summer.

Executive Transition
On June 8, we announced that Parker White departed his executive role at DFDV, effective June 8, and will serve as a consultant through an orderly transition before focusing on Apyx, the first dividend-backed dollar (DBD) protocol. The validators DFDV acquired in May 2025 continue operating as part of our staking business, and our management team remains deeply involved in balance sheet management, treasury operations, and corporate strategy.

Treasury Accelerator Update
On June 29, we confirmed that DeFi Development Corporation UK PLC is no longer affiliated with our treasury accelerator strategy. The revolving credit facility between the companies has been terminated, DFDV has no ongoing exposure to DFDV UK, and the entity intends to rebrand as Cykel AI PLC. We remain focused on accelerator relationships that advance the SPS mission, and nothing else.

DONT Graduates to Independent Leadership

In January, we launched DisclaimerCoin ($DONT), the first publicly traded company-created memecoin. On July 8, we announced the next phase: Daniel Reis-Faria, CEO of ZeroStack Holdings Inc. (Nasdaq: ZSTK), has assumed leadership of DONT ecosystem development, overseeing partnerships, liquidity, community expansion, and new utility.

DFDV will continue to permanently hold approximately 31.6% of total DONT supply on its balance sheet, consistent with our original launch commitment. Momentum is already visible: HCMC announced on July 1 that it acquired DONT as part of its new digital asset treasury strategy.

International Adoption: dfdvSOL in Japan

On July 1, we shared that Allied Architects in Japan will stake through DFDV’s validator infrastructure and utilize dfdvSOL. Every partnership like this compounds the same flywheel: more delegated stake, more validator economics, more SPS growth for shareholders. Capital markets around the world are converging on Solana, and DFDV is building the rails they arrive on.

Solana Reborn: The Network Kept Setting Records

While prices chopped, the network did not. June and July delivered back-to-back all-time transaction records, record stablecoin supply, and all-time-high real-world asset value. The full numbers live in the Solana Performance Metrics section below, and they all confirm one thing: Solana is the one and only chain that can do it all.

The bigger story, however, is tokenomics. In our June 24 post, Solana Reborn, and a follow-on thread that became our most-read post of the summer, we broke down three proposed network changes (SIMD-550, SIMD-123, SIMD-553) that could flip Solana’s supply math on its head. Today, SOL issues roughly 60,000 new tokens a day but burns only about 650. At current activity levels, these changes could take daily burns to 7,500 to 9,000, a 12 to 14x increase, trending net new issuance toward zero and potentially negative. This is what it looks like when a network stops just growing and starts converting that growth into scarcity.

Solana Performance Metrics Achieved

June and July delivered some of Solana’s strongest fundamental milestones to date. The network set new records across transaction activity, stablecoin supply, and real-world assets, while maintaining leadership in DEX trading and ultra-low fees. At the same time, tokenized equities continued gaining traction and network revenue finally turned higher, reinforcing the broader picture: even as price action remained muted, Solana’s underlying usage, liquidity, and onchain financial activity continued to deepen.

Succeeded vs. Failed Transactions

Solana broke its monthly transaction record in both June and July, reaching 3.77B and 4.24B transactions, respectively. Successful transactions also hit a new high at 2.75B. July 29 was the second-busiest day in Solana history at 159.5M transactions, and three of the five busiest days ever happened during the month.

Solana has now ranked first in monthly transaction count for 37 straight months, every month in our dataset since August 2023. Over that entire stretch, it has processed more transactions than the other 11 major chains combined. In July, Solana handled 2.46x their combined total, while BNB Chain, the next closest network, trailed by 8.6x.

There was one weaker point in the data. Solana’s success rate fell to 64.9%, the lowest level in two years, while failed transactions roughly doubled from May to July. Successful transactions still grew 5.5% in July, but total transactions grew 12.5%. That gap is worth watching, particularly as SIMD-0286 moves to expand blockspace by 66%.

DEX Spot Volume by Chain

Solana remained the largest DEX venue in crypto for the 13th consecutive month. June volume reached $60.6B, its highest level since January, before easing to $49.7B in July. Even with that decline, Solana still processed roughly 1.65x Ethereum’s DEX volume and about twice that of Base or BNB Chain.

The broader market has slowed considerably, and Solana is not immune. July volume was down 55% YoY. But its position relative to competing chains has held up. Even during weaker trading conditions, a disproportionate amount of onchain liquidity continues to flow through Solana.

Median Transaction Fee by Chain

Solana’s median transaction fee fell to a record low of $0.00037 in June before rising slightly to $0.00042 in July. That is still 58% lower than a year ago and about one-fifth of the cost at the beginning of 2025.

The advantage over competing chains has narrowed, though. Ethereum’s median fee has fallen from $2.33 to $0.017, making Solana roughly 41x cheaper today. Needless to say, Solana has remained consistently inexpensive even during periods of heavy activity.

Monthly Network Revenue

Solana network revenue increased 27% in July to $17.1M, its highest level since March and the first monthly increase since January. Its share of revenue across the peer group also improved, rising from 10.7% to 15.6%.

The rebound was driven more by token launches than DEX trading, which fell 18% during July, while launchpad volume jumped 43% to $11.2B, the highest level of 2026. The jump came alongside 966,102 newly launched tokens.

So far, the revenue recovery looks more closely tied to renewed launch activity than to a broad trading rebound. That mix could change if activity around RWAs, tokenized equities, and other financial applications continues to grow.

Tokenized Equity Volume by Chain

Tokenized equity trading on Solana surged to a record $6.46B in June, representing 70% of all onchain volume. That was 4.5x May’s total and was driven heavily by trading around the SpaceX listing.

July looked very different, with Solana volume falling to $1.73B, and its market share dropping to 19%, while BNB Chain rose to $5.35B and Robinhood climbed from just $12.8M to $1.18B.

That volatility shows how early this market still is, with individual listings able to materially change monthly rankings. One month of leadership does not necessarily establish a trend, and year-to-date, Solana has still accounted for roughly 40% of all tokenized equity trading volume.

More importantly, the assets themselves continued to grow on Solana. Tokenized equity value reached an all-time high in July, while lending against those assets hit a weekly record of $51.9M on July 22. Trading share moved around, but the underlying market continued expanding.

Real World Asset Value by Chain

The value of RWAs on Solana reached a record $3.68B in July, up from just $581M a year earlier. That represents 533% year-over-year growth and lifted Solana’s share of the RWA market from 3.8% to 9.8%. Solana now ranks third behind Ethereum and BNB Chain, and the network passed 300,000 RWA holders during July, more than any other chain.

July was also the first month in several snapshots where Solana did not gain additional market share. Its RWA value grew 3.5%, exactly in line with the broader market. Ethereum, meanwhile, declined for a second consecutive month, falling from $18.5B to $17.1B. The pace of share gains paused, but the underlying asset base continued to hit new highs.

Stablecoin Supply

Stablecoin supply on Solana reached a record $16.5B in July, up 38% YoY and nearly four times its level at the beginning of 2024. The more interesting change is where that growth is coming from. Stablecoins outside USDC and USDT now account for a record $5B, roughly one-third of total supply; and USDG alone has grown to more than $1B after increasing roughly 20x since January.

That matters because Solana’s stablecoin market is becoming less concentrated. USDC and USDT remain dominant, but a larger group of issuers is beginning to contribute meaningful liquidity to the network.

Looking Ahead: 2Q2026 Results

We will publish our second quarter 2026 financial results and business outlook on Wednesday, August 12 at ~4:15 p.m. ET at defidevcorp.com/earnings, followed by a video update featuring CEO Joseph Onorati, CFO John Han, and CSO Dan Kang on Thursday, August 13. Shareholders can submit and upvote questions through August 12 at 8:00 AM ET.

The TL;DR

June and July were about definition and discipline. We gave the market a precise framework for what DFDV is (levered SOL through SPS compounding), simplified the organization, handed DONT to a dedicated team while keeping our permanent stake, and expanded validator adoption internationally, all while Solana quietly posted the strongest usage and supply-side setup in its history. Price performance is cyclical. Structural execution compounds.

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.}