DeFi development team launches Solana Network Data Tracking Panel

DeFi Development Corp. launches Solana real-time research platform

DeFi Development Corp. launches State of Solana, an open real-time research platform that tracks Solana's market, network, pledge, verification nodes, revenue and ecological data through a single dashboard.

Core Summary

DeFi Development launches State of Solana, which tracks market, network, pledge, verification nodes and revenue data. As of August 10, the company held more than 2.29 million SOL and equivalent assets. State of Solana will gradually add more datasets, visualization tools and research capabilities in the future. DeFi Development's share price has fallen about 16% year-to-date, and has fallen more than 70% over the past 12 months.

Platform Features and Data

According to a press release issued by the Nasdaq-listed company, State of Solana aims to provide investors, builders and ecosystem participants with network-level data, as well as SOL price information, and plans to gradually add more data sets, visualization tools and research capabilities. The platform currently tracks SOL returns over multiple time 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 revenue opportunities in the Solana ecosystem.

Real-time network information includes era progress, block time, block height and throughput. Users can also monitor current and historical transaction volume per second. The dashboard contains pledge earnings, inflation rate, verification node distribution, Satoshi Nakamoto coefficient, network uptime, and upcoming Solana upgrade information.

Company Views and Strategies

Pete Humiston, chief marketing officer of DeFi Development, said the company's optimism about Solana is not limited to the market value of SOL. "We spent a lot of time explaining why we thought Solana was one of the most important networks in the crypto space, but this argument goes far beyond the price of SOL," Humiston said. "The State of Solana allows investors and ecosystem participants to view the underlying data for themselves," he added.

Internet Activity Tracking

DeFi Development said the platform will continue to expand to add more datasets, visualization tools, research functions and ecological information. Internet activity is particularly important to the company because its Solana strategy is not limited to holding tokens on its balance sheet. DeFi Development also operates verification node infrastructure, pledges SOL, and deploys part of the treasury into on-chain protocols.

Recent online data provides more context for the strategy. A Solana Network report in May this year showed that in the first quarter of 2026, Solana's Chain GDP reached US$342.2 million. PumpFun became the highest-grossing app on the web during this period, generating $124.7 million in revenue. The market value of Solana's real-world assets also increased 43% month-on-month to US$2.01 billion. The real economic value of transaction fees and verification node maximum extractable value (MEV) tips fell 1% to $89.5 million during the quarter. Solana ranks second in this indicator, behind Hyperliquid.

Solana's Alpenglow upgrade and development work also advanced during the same period. In May of this year, Anza said that the new consensus system has entered the community verification node testing stage. The goal of the design is to shorten the final confirmation time for transactions to approximately 150 milliseconds.

Positions

According to company data quoted in the announcement, as of August 10, DeFi Development held 2,294,576 SOL and equivalent assets. At current prices, these positions are worth approximately $208 million. Since the company adopted a treasury strategy centered on accumulation and compound interest SOL, the size of this position has been gradually established. Management uses SOL holdings per share as one of the key indicators in evaluating the plan.

In its May financial update, DeFi Development reported that SOL per share after full conversion was 0.0670 as of May 13, a 108% increase from 0.0322 a year ago. At that time, the outstanding shares after full conversion were approximately 34.2 million shares, and the company maintained its goal of reaching 1.0 SOL per fully converted share by December 2028.

Verification node operations remain part of the treasury structure. DeFi Development said in May that its verification nodes generated yields of about 7.5 percent, compared to about 3.9 percent for SOL pledged through Coinbase. More than 25% of the company's treasury has been deployed to on-chain protocols. [TAG

CEO Joseph Onorati said in a May update that the company does not view its strategy as a direct copy of the corporate bitcoin treasury model. "MSTR's script is the starting point, not the ceiling," Onorati said, adding that "SOL is a different asset than BTC." In addition to its own verification nodes, DeFi Development has also adopted verification node partnerships and its Treasury Accelerator program as part of its Solana strategy.

Financing and Position Growth

Equity sales provided funding for subsequent SOL purchases. The company established a $200 million equity plan in May that would allow it to sell its common stock through a market offering (ATM). DeFi Development said the proceeds from the program will be used mainly to support its Solana treasury strategy. Management also stated that it plans to issue shares when it can increase SOL holdings per share for existing shareholders. The company uses this indicator to assess whether equity financing has increased the amount of SOL support per fully converted share.

While the treasury grew, the company's earnings during the reporting period were still severely affected by changes in the valuation of digital assets. Unaudited first-quarter earnings reports released in May showed total revenue of $2.66 million, up from $287,000 in the same period last year. Among them, digital asset treasury revenue was US$2.4 million. The net loss widened to US$83.4 million from US$778,000 a year ago, as declining valuations of digital assets affected the company's positions. Diluted earnings per share were minus $3.18, compared with minus $0.08 for the same period in 2025.

In the same update, DeFi Development said it had used approximately US$2.6 million in cash to repurchase approximately US$4.4 million of convertible bonds due July 2030, equivalent to a 41% discount on face value.

News of Other Listed Companies

Other listed companies have also established a large number of SOL positions. Forward Industries holds one of the largest corporate SOL treasuries. Forward said in July that it purchased more than 500,000 SOLs in its fiscal third quarter, expanding its treasury. As of June 30, its position reached 7.55 million SOL units. Forward said the average price of new tokens purchased during the quarter was approximately $79 per SOL. According to company data, the fully diluted SOL per share increased to 0.0729 from 0.0669 at the end of the previous quarter.

A month ago, Forward transferred 455,784 SOLs worth approximately $31.9 million to Coinbase Prime after his wallet remained idle for about a month. Forward did not say that the transfer represented a sale. Coinbase Prime provides custody, liquidity management, collateral and trading services to institutional customers. The company launched its Solana treasury strategy in September 2025 and previously received support from investors and partners such as Galaxy Digital, Jump Crypto and Multicoin Capital. Forward also generates revenue from its positions by pledging and verifying node operations. Its treasury strategy covers purchasing, holding, pledging, trading and investing in SOL-related assets and projects.

DeFi Development's shares are currently trading at approximately US$4.50, and the company's market value is approximately US$140 million. DFDV has fallen by about 16% year-to-date, with a cumulative decline of more than 70% over the past 12 months.