In this episode of Crypto Nuggets, Joe Hoffend talks with Joseph Onorati, CEO of DeFi Development Corp (NASDAQ: DFDV). Joseph explains why DATs exist, how they differ from ETFs and margin products, and how DFDV generated 11.4% organic yield in Q3 through validator operations, stake looping, and Solana-focused strategies.
The conversation covers DFDV’s approach to leverage, yield generation, convertible debt, preferred offerings, and why SOL-per-share is the company’s guiding metric. Joseph also addresses real concerns around liquidation risk, market cycles, consolidation, and how he sees the DAT landscape evolving.
Whether you're a Solana user, a yield seeker, or a DAT skeptic, this episode gives one of the clearest breakdowns of how a digital asset treasury really operates.
Episode Outline
Introduction
What DFDV is
Why they chose Solana
Fundraising and validator setup
Why DATs Exist
Access to crypto via stocks
Cheaper, safer leverage models
Response to DAT Critiques
The “doing hard things” idea
Validator operations and financial engineering
Yield Strategy
Locked Alameda SOL
Stake looping and DFDV SOL (LST)
Interest rate risk management
Partnerships
Gauntlet, Drift vault, Loopscale LOI
Co-marketing and incentive structures
Holding Non-SOL Tokens
TGE rewards
Converting back to SOL
Yield Targets
10% target
Impact of locked SOL
Dividends and Preferred Shares
Why no standard dividends
Goals for preferred offerings
SOL-Per-Share
Why it’s the core metric
Management alignment
NAV, Buybacks, and Dilution
When raising capital helps or hurts
Buyback conditions
Target Audience
Retail seeking leveraged Solana exposure
Elevator Pitch
DFDV’s goal to out-yield other DATs
Liquidation Concerns
What would force selling
Dissolution or acquisition scenarios
Raising in Bull Markets
Why DATs often buy near cycle peaks
The 2026 Vision
Becoming a key Solana ecosystem participant
Growing SOL-per-share
Closing Notes
Website and blog mention
Joe sits down with Blane Sims, Head of Product at Truebit. They discuss:
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Disclaimer: Nothing said on Crypto Nuggets is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Joe and our guests may hold positions in the companies, funds, or projects discussed.
Joe sits down with Scott Dykstra, Co-Founder and CTO of Space and Time. They discuss:
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Subscribe on YouTube: https://youtu.be/lwpAQjvSxRE?si=UrN2FPXkhydI6ibJ
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Website: https://www.cryptonuggets.xyz
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Disclaimer: Nothing said on Crypto Nuggets is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Joe and our guests may hold positions in the companies, funds, or projects discussed.
Joe sits down with Greg Osuri, Founder of Akash Network and CEO Overclock Labs. They discuss:
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Subscribe on YouTube: https://youtu.be/lwpAQjvSxRE?si=UrN2FPXkhydI6ibJ
Subscribe on Apple: https://apple.co/3GMB9KX
Subscribe on Spotify: https://open.spotify.com/show/6CN3Tx4LYXv0MUi2pcZulb
Website: https://www.cryptonuggets.xyz
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Disclaimer: Nothing said on Crypto Nuggets is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Joe and our guests may hold positions in the companies, funds, or projects discussed.
Exploring the most innovative crypto projects in the space. We talk with teams and investors, focusing on the problems these products actually solve, and how they can serve users. Too often in crypto we see projects with cool tech that don't actually have a purpose in the world or solve a real problem. On Crypto Nuggets, we focus on the customer, users, problem to solve, why it matters, what value it provides, and what success looks like. Topics include Artificial Intelligence, Machine Learning, Decentralized Finance (DeFi), NFTs, Liquid Staking, Decentralized Compute, Layer 1, Layer 2, DAOs
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Disclaimer: Nothing said on Crypto Nuggets is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Joe and guests may hold positions in the companies, funds, or projects discussed and guests may hold positions in the companies, funds, or projects discussed.