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

1. Introduction

   • What DFDV is

   • Why they chose Solana

   • Fundraising and validator setup

2. Why DATs Exist

   • Access to crypto via stocks

   • Cheaper, safer leverage models

3. Response to DAT Critiques

   • The “doing hard things” idea

   • Validator operations and financial engineering

4. Yield Strategy

   • Locked Alameda SOL

   • Stake looping and DFDV SOL (LST)

   • Interest rate risk management

5. Partnerships

   • Gauntlet, Drift vault, Loopscale LOI

   • Co-marketing and incentive structures

6. Holding Non-SOL Tokens

   • TGE rewards

   • Converting back to SOL

7. Yield Targets

   • 10% target

   • Impact of locked SOL

8. Dividends and Preferred Shares

   • Why no standard dividends

   • Goals for preferred offerings

9. SOL-Per-Share

   • Why it’s the core metric

   • Management alignment

10. NAV, Buybacks, and Dilution

    • When raising capital helps or hurts

    • Buyback conditions

11. Target Audience

    • Retail seeking leveraged Solana exposure

12. Elevator Pitch

    • DFDV’s goal to out-yield other DATs

13. Liquidation Concerns

    • What would force selling

    • Dissolution or acquisition scenarios

14. Raising in Bull Markets

    • Why DATs often buy near cycle peaks

15. The 2026 Vision

    • Becoming a key Solana ecosystem participant

    • Growing SOL-per-share

16. Closing Notes

    • Website and blog mention

Joe sits down with Blane Sims, Head of Product at Truebit. They discuss:

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Website: https://truebit.io

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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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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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Follow Akash Network: https://twitter.com/akashnet_

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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.