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:

• What is Truebit
• More folks are talking about verified compute, who are your competitors and how are you different?
• Where does the compute come from?
• Where will demand come from?
• What does usage look like today?
• What is the fundamental use case?
• Who is going to use this and where?
• Discussing use cases
• How Truebit can help with AI
• Roadmap

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Follow Joe Hoffend: ⁠⁠https://twitter.com/joehoffend⁠⁠

Follow Blane Sims: https://www.linkedin.com/in/blane-sims-711149/

Follow Truebit: ⁠⁠https://twitter.com/Truebitprotocol

Website: https://truebit.io

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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.

Joe sits down with Scott Dykstra, Co-Founder and CTO of Space and Time. They discuss:

• What is Space and Time
• What is a Data Warehouse? Why does there need to be a decentralized Data Warehouse?
• What problem does Space and Time solve (and not)?
• Proof of SQL
• The verify everything future
• Web3, Web4, Web5, Web6
• When Token

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Follow Joe Hoffend: ⁠https://twitter.com/joehoffend⁠

Follow Scott Dykstra: ⁠https://twitter.com/chiefbuidl

Follow Space and Time: ⁠https://twitter.com/SpaceandTimeDB

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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.