Solana treasury firm DeFi Dev Corp spins up Dogwifhat validator, plans to split WIF staking rewards with community

The Solana treasury firm DeFi Development Corporation (ticker DFDV) is spinning up a Dogwifhat validator node on the Solana blockchain and partnering with the memecoin's community to share rewards. 

DeFi Dev Corp and the Dogwifhat community will split staking income, MEV, and other validator rewards after deducting operational expenses, according to a Tuesday company release . 

"In the near term, we are supporting the Dogwifhat community by operating a Solana validator, and longer-term, we plan to expand the relationship beyond that," DeFi Dev Corp Chief Investment and Chief Operating Officer Parker White told The Block in an email. "We have not yet publicly shared what the split on proceeds will be, but both parties will receive a portion of the after-cost revenue."

DeFi Dev Corp, previously known as Janover , kickstarted a Solana accumulation and treasury strategy in April after being acquired by former Kraken executives. The firm's collaboration with Dogwifhat aligns with a broader strategy of growing its “SOL per Share” metric, which is also boosted by Solana token acquisitions and a Solana staking operation.

"This collaboration represents the fusion of institutional-grade validator infrastructure and the cultural power of one of crypto’s most beloved communities," White said in the release. "Our goal is simple: maximize performance, maximize visibility, and help secure Solana, all while deepening our alignment with WIF and the broader community it represents."

DeFi Dev Corp, angling to become the " MSTR of Solana ," holds approximately 609,000 SOL , valued at $107 million. Shares of DFDV traded at $21.54 per share, down about about 12.7% on the day, Nasdaq data shows as of press time. 

Dogwifhat (WIF) traded at $0.86 as of writing, jumping over 22% in value in the past 24 hours, The Block's Dogwifhat Price Page shows. The token recorded $711.4 million in trading volume in the past day and maintains a $861.3 million market cap. WIF is a  memecoin represented by a Shiba Inu dog wearing a pink knitted beanie that was launched in November 2023 as Solana-based competitor to Dogecoin — it gained prominence after being promoted by high-profile crypto trader Ansem .

DDC previously inked a staking deal with Kraken that will see the exchange delegate a portion of its 4.5 million SOL holdings, worth about $500 million at the time, to DeFi Dev Corp validators.