DeFi Development Corp. has launched State of Solana, a public real-time research platform that tracks Solana market, network, staking, validator, yield and ecosystem data through a single dashboard.
Summary
- DeFi Development has launched State of Solana to track market, network, staking, validator and yield data.
- The company held more than 2.29 million SOL and SOL equivalents as of Aug. 10.
- State of Solana will receive additional datasets, visualizations and research tools over time.
- DeFi Development shares are down about 16% year to date and more than 70% over the past 12 months.
According to a Wednesday press release from the Nasdaq-listed company, State of Solana was built to give investors, builders and ecosystem participants access to network-level data alongside SOL price information, with more datasets, visualizations and research tools planned over time.
The platform currently tracks SOL returns across several periods, including 24 hours, three months, year to date, one year and five years. It also provides interactive price history, daily and year-to-date network snapshots, cross-chain comparisons and yield opportunities available across Solana.
Live network information includes epoch progress, slot times, block height and throughput, while users can also monitor current and historical transactions per second. Staking yield, inflation, validator distribution, the Nakamoto coefficient, network uptime and upcoming Solana upgrades are included in the dashboard.
DeFi Development Chief Marketing Officer Pete Humiston said the company’s case for Solana goes beyond the market value of SOL.
“We have spent a lot of time explaining why we believe Solana is one of the most important networks in crypto, but that thesis extends far beyond the price of SOL,” Humiston said.
“State of Solana gives investors and ecosystem participants a way to see the underlying data for themselves,” he added.
State of Solana tracks network activity beyond SOL price
DeFi Development said the platform will continue to expand with more datasets, visualizations, research tools and ecosystem information.
Network activity is particularly relevant to the company because its Solana strategy covers more than holding the token on its balance sheet. DeFi Development also operates validator infrastructure, stakes SOL and deploys part of its treasury across onchain protocols.
Recent network data has provided additional context for that strategy. A May Solana network report covered by crypto.news showed that Solana generated $342.2 million in Chain GDP during the first quarter of 2026, according to Messari.
PumpFun remained the network’s largest revenue-generating application during the quarter with $124.7 million in revenue. Solana’s real-world asset market capitalization also increased 43% quarter over quarter to $2.01 billion.
Real economic value, a measure of transaction fees and maximum extractable value tips paid to validators, fell 1% during the quarter to $89.5 million. Messari ranked Solana second among blockchain networks by the metric, behind Hyperliquid.
Development work on Solana’s Alpenglow upgrade was also progressing during the period. In May, Anza said the new consensus system had entered community validator testing, with the proposed design targeting transaction finality of roughly 150 milliseconds.
DeFi Development holds more than 2.29 million SOL
DeFi Development held 2,294,576 SOL and SOL equivalents as of Aug. 10, according to company figures cited in the announcement. At current prices, the holdings are worth about $208 million.
The company has built the position since adopting a treasury strategy centered on accumulating and compounding SOL, while management has used SOL per share as one of its main measurements for assessing the program.
During a May financial update, DeFi Development reported fully converted SOL per share of 0.0670 as of May 13, up 108% from 0.0322 a year earlier.
Fully converted shares outstanding stood at about 34.2 million at the time, while the company kept its December 2028 target of reaching 1.0 SOL per fully converted share.
Validator operations also remain part of the treasury structure. DeFi Development said in May that its validators were producing about a 7.5% yield, compared with roughly 3.9% from staking SOL on Coinbase.
More than 25% of the company’s treasury had also been deployed across onchain protocols at the time.
Chief Executive Joseph Onorati said during the May update that the company did not view its strategy as a direct copy of the corporate Bitcoin treasury model.
“The MSTR playbook is a starting point, not a ceiling,” Onorati said, adding that “SOL is a different asset than BTC.”
Alongside its own validators, DeFi Development has used validator partnerships and its Treasury Accelerator program as part of its Solana strategy.
Equity sales have funded further SOL purchases
Capital raising has supported much of DeFi Development’s SOL accumulation.
The company established a $200 million equity program in May, giving it the ability to sell common shares through an at-the-market offering.
DeFi Development said proceeds from the program would primarily be used to support its Solana treasury strategy. Management also said it planned to issue shares when doing so increased SOL per share for existing shareholders.
The company has used that metric to assess whether equity financing improves the amount of SOL backing each fully converted share.
Its treasury growth has occurred while reported earnings remain heavily affected by changes in digital asset valuations.
Unaudited first-quarter financial results released in May showed total revenue of $2.66 million, up from $287,000 during the same quarter a year earlier.
Digital asset treasury revenue accounted for $2.40 million of that total.
Net loss widened to $83.4 million from $778,000 a year earlier as lower digital asset valuations affected the company’s holdings. Diluted earnings per share came to negative $3.18, compared with negative $0.08 during the same period in 2025.
During the same update, DeFi Development said it had repurchased about $4.4 million of convertible notes due in July 2030 for approximately $2.6 million in cash, representing a 41% discount to par.
Solana treasury companies have continued accumulating SOL
Other publicly traded companies have also built large Solana positions, with Forward Industries holding one of the largest corporate SOL treasuries.
Forward Industries said in July that it had expanded its treasury by purchasing more than 500,000 SOL during its fiscal third quarter.
The purchases took its holdings to 7.55 million SOL as of June 30. Forward said the newly acquired tokens had been purchased at an average price of about $79 per SOL during the quarter.
SOL per fully diluted share increased to 0.0729 from 0.0669 at the end of the previous quarter, according to the company.
A month earlier, Forward had transferred 455,784 SOL worth about $31.9 million to Coinbase Prime after roughly one month of wallet inactivity.
Forward did not say the transfer represented a sale. Coinbase Prime can be used by institutional clients for custody, liquidity management, collateral and trading.
The company began its Solana treasury strategy in September 2025 after receiving backing from investors and partners including Galaxy Digital, Jump Crypto and Multicoin Capital.
Forward has also used staking and validator operations to generate income from its holdings. Its treasury strategy covers buying, holding, staking, trading and investing in SOL-related assets and projects.
DeFi Development shares currently trade near $4.50, giving the company a market capitalization of about $140 million. DFDV has fallen roughly 16% year to date and more than 70% over the past 12 months.
