DeFi Development Corporation (DFDV), a Solana treasury firm, has announced the launch of a Dogwifhat validator node on the Solana blockchain. This move aims at collaborating with the Dogwifhat community for sharing staking rewards, MEV, and other validator incentives, after operational costs have been deducted. This information was made public in a company statement released on Tuesday.
“We are currently focusing on aiding the Dogwifhat community by running a Solana validator. In the future, we aim to broaden this partnership,” said Parker White, the Chief Investment and Chief Operating Officer at DeFi Dev Corp, in an email to The Block. He also added that the exact division of the revenue has not been disclosed yet, but both parties will have a share of the revenue, after costs.
The firm, formerly known as Janover, initiated a Solana accumulation and treasury strategy in April, following its acquisition by ex-Kraken executives. This initiative with Dogwifhat is in line with the firm’s larger strategy to increase its “SOL per Share” metric, which is also augmented by Solana token purchases and a Solana staking operation.
“This partnership signifies the merging of professional-grade validator infrastructure and the cultural influence of one of the most favored crypto communities,” stated White in the release. “Our objective is straightforward: enhance performance, boost visibility, and contribute to Solana’s security, while strengthening our ties with WIF and its larger community.”
With ambitions to be the “MSTR of Solana”, DeFi Dev Corp currently holds approximately 609,000 SOL, worth around $107 million. DFDV shares were trading at $21.54 per share, down by almost 12.7% on the day, according to the latest Nasdaq data. On the other hand, Dogwifhat (WIF) was trading at $0.86, with a 22% increase in value over the last 24 hours, as per The Block’s Dogwifhat Price Page. The token saw $711.4 million in trading volume in the last 24 hours and boasts a $861.3 million market cap. WIF, a memecoin symbolized by a Shiba Inu dog in a pink knitted hat, was launched in November 2023 as a Solana-based rival to Dogecoin. It gained popularity after being endorsed by renowned crypto trader Ansem.
Earlier, DDC had signed a staking agreement with Kraken, under which the exchange will delegate a part of its 4.5 million SOL holdings, valued at about $500 million then, to DeFi Dev Corp validators.
Disclaimer: This article is purely informational and does not serve as financial, legal, or any other type of advice. Always do your own research and consult with a professional before making any investment decisions.
