DeFi Development Corp. Publishes “Crypto’s 2025 Winner: Solana” Highlighting Network Adoption, Revenue, and Market Dominance

Rhea-AI Summary

DeFi Development Corp (Nasdaq: DFDV) published a data-driven report titled “Crypto’s 2025 Winner: Solana” summarizing 2025 onchain metrics and outlining the company’s treasury strategy that allocates its principal reserve to SOL.

Key reported 2025 figures: 33.1 billion transactions (+28% YoY), ~1,100 TPS (+34% YoY), ~1 billion new wallets (+~50% YoY), 10,753 active developers (+41% YoY), $1.57 trillion DEX volume (+126% YoY), $1.41 billion network fees, Fee Stability Ratio ~743, and $2.9 billion tokenized stock volume in six months.

The company said it holds and stakes SOL, operates validator infrastructure for staking rewards, and provides investors direct exposure to Solana via its treasury policy.

Positive

• Transactions 33.1 billion in 2025 (+28% YoY)
• Throughput ~1,100 TPS average in 2025 (+34% YoY)
• User growth ~1 billion new wallets in 2025 (~+50% YoY)
• Developer count 10,753 active developers in 2025 (+41% YoY)
• DEX volume $1.57 trillion in 2025 (+126% YoY)
• Network revenue $1.41 billion in onchain fees (2025)

Negative

• Treasury concentration principal reserve allocated to SOL increases shareholder exposure to SOL price volatility

Key Figures

2025 Solana transactions 33.1 billion Onchain transactions processed in 2025

Average TPS 2025 1,100 transactions per second Solana average throughput in 2025

New wallets 2025 1 billion wallets Solana wallet growth in 2025

Active developers 2025 10,753 developers Solana active developer count in 2025

Solana DEX volume 2025 $1.57 trillion Onchain DEX volume on Solana in 2025

Ethereum DEX volume 2025 $946 billion Onchain DEX volume on Ethereum in 2025

Solana network revenue 2025 $1.41 billion Onchain fees generated on Solana in 2025

Tokenized stock volume $2.9 billion Tokenized equities volume on Solana over six months

Market Reality Check

$7.26 Last Close

Volume Volume 1,329,696 vs 20-day average 1,829,780, indicating lighter-than-normal trading activity. normal

Technical Shares trade below the 200-day MA at $14.32 with the stock at $5.34, reflecting a longer-term downtrend.

Peers on Argus 2 Up

Two peers in the broader space, ARQQ and AMBR, appeared on momentum screens with gains of 15.63% and 28.14%, respectively. Combined with DFDV’s 5.74% rise, this points to supportive sector dynamics alongside company-specific Solana exposure.

Common Catalyst Some peers have routine corporate events, but today’s strength looks more like broad tech/infra momentum than a single shared headline.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Business recap	Positive	-13.8%	November recap with Q3 revenue, SOL yield and large unrealized gains.
Dec 04	Investor outreach	Neutral	-2.7%	Announcement of X Spaces AMA to discuss November business recap.
Dec 04	Strategic partnership	Positive	-2.7%	Perena stablecoin-yield partnership targeting ~15% APY to support SPS.
Dec 02	Management change	Positive	+0.0%	Promotion of Pete Humiston to CMO to scale Solana-focused marketing.
Dec 01	Validator upgrade	Positive	-13.5%	Harmonic integration to enhance Solana validator revenue and transparency.

Pattern Detected

Recent crypto-focused announcements often saw negative or muted price reactions, even on seemingly positive treasury and partnership updates.

Recent Company History

Over the last two months, DFDV has steadily highlighted its Solana-centric treasury model. On Nov 18, 2025, it detailed deploying SOL and stablecoins into Loopscale for yields above 11%. A 10-Q on the same day reported a $95.6M digital asset fair value gain and a sharp earnings turnaround. Subsequent updates covered Harmonic validator integration, a CMO promotion, and a November recap with $4.6M Q3 revenue and $74M unrealized gains. Today’s report extends that narrative by emphasizing Solana’s 2025 onchain dominance, reinforcing DFDV’s SOL-linked strategy.

Market Pulse Summary

The stock surged +23.4% in the session following this news. A strong positive reaction aligns with DFDV’s direct economic exposure to Solana, as this report underscores Solana’s 33.1 billion 2025 transactions, $1.57 trillion DEX volume, and $1.41 billion network revenue. Past crypto-tagged headlines produced average moves of about 5.46%, so a mid-single-digit gain would fit prior behavior. Investors could weigh how prior positive updates sometimes saw pullbacks, reflecting sensitivity to broader crypto and leverage risks documented in recent filings.

Key Terms

smart contract technical

"the smart contract war has entered its second decade."

A smart contract is a computer program stored on a blockchain that automatically carries out the terms of an agreement when preset conditions are met — like a vending machine that releases a snack when you insert the right coins. For investors, smart contracts matter because they can cut out intermediaries, speed up and lower the cost of transactions, and make outcomes more transparent, but they also introduce technology and regulatory risks that can affect asset value.

decentralized exchange (DEX) financial

"Decentralized exchange (DEX) volume on Solana surged to $1.57 trillion"

A decentralized exchange (DEX) is an online marketplace that lets people trade cryptocurrencies directly with each other without a central company holding users’ funds or matching trades. It uses automated computer programs on a blockchain to carry out trades and manage prices, like a digital farmers’ market where sellers and buyers connect directly. For investors, a DEX matters because it changes who controls the assets, can lower some fees, and introduces different risks and liquidity patterns compared with traditional, centrally run exchanges—affecting how easily and safely positions can be entered or exited.

onchain technical

"onchain metrics in 2025. The full report is available"

"Onchain" describes activities, transactions, or data that happen directly on a blockchain, which is a digital ledger that records information transparently and securely. For investors, onchain activities provide real-time insights into how assets are moving and how networks are functioning, helping them make more informed decisions. Think of it as watching transactions happen live on a public record, similar to seeing a receipt posted online immediately after a purchase.

validator technical

"operates its own validator infrastructure, generating staking rewards"

A validator is a person or system that checks and confirms the accuracy and legitimacy of information, transactions, or data before they are accepted and recorded. In the context of digital assets or currencies, validators ensure that transactions follow the rules and are genuine, helping maintain trust and security in the system. For investors, validators are important because they help prevent errors or fraud, ensuring the integrity of the financial network.

staking financial

"In addition to holding and staking SOL, DeFi Development Corp."

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

stablecoin financial

"pursue programmatic stablecoin yield strategies."

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

real estate investment trusts (“REITs”) financial

"real estate investment trusts (“REITs”), debt funds, Fannie Mae"

Real estate investment trusts (REITs) are companies that own, operate, or finance income-producing property — such as apartments, offices, shopping centers, warehouses, or telecommunications sites — and are required to pass most of their rental or mortgage income to shareholders as regular dividends. They give individual investors a way to get steady income and exposure to property markets without buying or managing buildings directly, much like a mutual fund for real estate that can add diversification and predictable cash flow to a portfolio.

software as a service (“SaaS”) technical

"offerings are generally offered on a subscription basis as software as a service (“SaaS”)."

A business model where companies deliver software over the internet on a subscription basis instead of selling one-time licenses; users access the service through a browser or app while the provider hosts, updates and secures the product. Investors care because SaaS generates predictable, recurring revenue and scales quickly like a subscription club, making growth, customer retention and profit margins the key drivers of long-term value and stock performance.

AI-generated analysis. Not financial advice.

BOCA RATON, FL, Jan. 05, 2026 (GLOBE NEWSWIRE) -- DeFi Development Corp. (Nasdaq: DFDV) (the “Company”), the first public company with a treasury strategy built to accumulate and compound Solana (“SOL”), today announced the publication of a comprehensive analysis detailing Solana’s industry-leading performance across the most important onchain metrics in 2025. The full report is available here: https://defidevcorp.beehiiv.com/p/solana-2025

With 2025 now in the rear-view, the smart contract war has entered its second decade. For a second consecutive year, Solana not only outperformed every major smart contract platform but extended and compounded its lead across real demand and economic activity. The data shows Solana decisively ahead of Ethereum, BNB Chain, and all other competitors across usage, growth, and economic gravity.

Key highlights from the report include:

• Transactions & Throughput: Solana processed approximately 33.1 billion transactions in 2025, up 28% YoY, more than all other major blockchains combined. Solana also averaged over 1,100 transactions per second, a 34% increase from 2024.

• User Growth: Solana added approximately 1 billion new wallets in 2025, a ~50% year-over-year increase and more than every other major chain combined.

• Developer Ecosystem: Solana hosted approximately 10,753 active developers in 2025 (+41% YoY), surpassing Ethereum’s developer count.

• Onchain Economic Activity: Decentralized exchange (DEX) volume on Solana surged to $1.57 trillion, up 126% YoY, and eclipsed Ethereum’s ~ $946 billion total.

• Network Revenue: Solana generated approximately $1.41 billion in onchain fees, surpassing Ethereum even as fee levels remained dramatically lower.

• Fee Stability: Using DeFi Development Corp.’s Fee Stability Ratio (FSR), Solana scored roughly 743, signaling astronomically lower median transaction fees and median transaction fee volatility than peers.

• Tokenized Markets: In just six months following the launch of tokenized equities on Solana, the network processed approximately $2.9 billion in tokenized stock volume, more than any other chain.

The 2025 Solana Dominance Report is data-driven and transparent, drawing on publicly available metrics across transactions, wallet growth, throughput, developer activity, economic volume, revenue, fee reliability, and emerging markets such as tokenized securities.

To read the full analysis, visit: https://defidevcorp.beehiiv.com/p/solana-2025

About DeFi Development Corp.

DeFi Development Corp. (Nasdaq: DFDV) has adopted a treasury policy under which the principal holding in its treasury reserve is allocated to SOL. Through this strategy, the Company provides investors with direct economic exposure to SOL, while also actively participating in the growth of the Solana ecosystem. In addition to holding and staking SOL, DeFi Development Corp. operates its own validator infrastructure, generating staking rewards and fees from delegated stake. The Company is also engaged across decentralized finance (“DeFi”) opportunities and continues to explore innovative ways to support and benefit from Solana’s expanding application layer.

The Company is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions, as well as value-add services, to multifamily and commercial property professionals, as the Company connects the increasingly complex ecosystem that stakeholders have to manage.

The Company currently serves more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders, including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. The Company’s data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).

Forward Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including concerning the warrant distribution; the anticipated record date and distribution date for the warrant; the anticipated gross proceeds from the exercise of warrants; the expected use of proceeds; the acceptance to trading of the warrants on the Nasdaq Capital Market; the prices of the warrants; and the existence of a market for those warrants. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," strategy," "future," "likely," "may,", "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including market risks, trends and uncertainties, and other risks and uncertainties more fully in the section captioned "Risk Factors" in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contact:
ir@defidevcorp.com

Media Contact:
press@defidevcorp.com

FAQ

What did DeFi Development Corp (DFDV) report about Solana transactions in 2025?

The report states Solana processed approximately 33.1 billion transactions in 2025, up 28% YoY.

How much onchain revenue did Solana generate in 2025 according to DFDV's report?

Solana generated approximately $1.41 billion in onchain fees in 2025.

What treasury strategy did DeFi Development Corp (DFDV) announce on January 5, 2026?

DFDV said its treasury principal reserve is allocated to SOL, and the company holds and stakes SOL while operating validator infrastructure.

How did Solana's DEX volume compare to Ethereum in 2025 per the report?

The report cites Solana DEX volume of $1.57 trillion in 2025 versus Ethereum’s ~$946 billion.

What developer and user growth metrics for Solana were highlighted in the January 5, 2026 report?

The report cites ~1 billion new wallets in 2025 (~+50% YoY) and 10,753 active developers (+41% YoY).