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Solana's digital asset treasury (DAT) market is rapidly developing, and major platforms are taking large steps forward. One of the big developments is Fragmetric's connection with DeFi Dev Corp, creating the next treasury funds in %Solana (CRYPTO: $SOL ). The partnership will result in a reverse merger with a listed Korean firm, a major milestone for the Solana ecosystem.

https://twitter.com/fragmetric/status/1970015416283214299

Fragmetric, which is a liquid re-staking platform on Solana, has been gradually building its influence within the ecosystem. The company's treasury model, which capitalizes on the growing demand for decentralized staking solutions, is now expected to grow through a new treasury company.

This venture will be built on the basis of a reverse merger with an unnamed South Korean public company. The collaboration with %DeFiDevCorp (NASDAQ: $DFDV ) gives it another layer of credibility too, because the firm is already known for decentralized finance (DeFi) innovations.

Fragmetric's stake in this venture is especially noteworthy. The platform currently has a value of $96.16 million in total value locked (TVL). 377,520 fragSOL tokens, worth $237 per token. However, some liquidity problems have plagued the company, with cash outflows reported since June. Despite these issues, Fragmetric has been a major player in the Solana DeFi landscape, bringing staking and re-staking infrastructure to the development of digital asset treasuries on Solana.

South Korean Treasury Market

DeFi Dev Corp's role in this project goes beyond being a mere partner. The company has pledged significant amounts of resources to fund development of Solana-based treasuries. Through its Treasury Accelerator program, DeFi Dev Corp's mission is to catalyze the growth of Solana DATs, with a focus on increasing the supply of Solana (SOL) tokens held by treasury companies. Their investment in Flora Growth, a Nasdaq-listed cannabis company, is indicative of their commitment to growing Solana's ecosystem worldwide.

The success of DeFi Dev Corp's efforts is further illustrated by the fact that they are now holding an increasing amount of Solana. 2 million SOL tokens are now in their portfolio. As of the last reports, they added 62,745 SOL, further tightening their stance. These strategic moves are in line with the growing trend of institutional investors looking to get a piece of Solana, a blockchain which is increasingly seen as a viable alternative to Ethereum and Bitcoin.

Solana's Treasury Landscape

The Solana treasury model is still in its early phases, but has already accrued over 17 million SOL tokens. About 9.35 million SOL are staked out of these, and the average yield is 7.7%.

This surge in Solana DAT companies comes when other projects, such as Forward Industries and Upexi, also make huge positions in the Solana network. Forward Industries recently made headlines by purchasing $1.6 billion worth of SOL tokens, making it the world's top player.

Despite the rising interest, Solana's treasury model is not without its challenges. While major players like DeFi Dev Corp and Forward Industries are driving the narrative, participation from smaller entities and retail investors remains unclear.