BONK price slides despite partnership with DeFi Development Corp to launch Solana validator

BONK declined 4% on Friday despite an announcement from DeFi Development Corporation that it has entered a validator partnership with the Solana meme coin to expand its business and grow its SOL Per Share value.

BONK declines despite partnership with DeFi Development Corp

Solana treasury-focused firm DeFi Development Corporation has partnered with meme coin BONK to co-launch a Solana validator, according to a press release on Friday. 

The firm stated that this is the first time a public company is partnering with a community meme coin, as it aims to expand how institutions can align with decentralized networks.

DeFi Development Corp will operate and manage the Solana validator, while both entities will work together to grow its stake and share rewards.

The partnership aims to strengthen DeFi Dev Corp's validator business, increase its revenue and boost its Solana holdings.

"As we continue building out our validator infrastructure, this collaboration allows us to support one of the most dynamic, influential and innovative communities in Web3 while simultaneously advancing our mission to maximize SOL per share for DFDV shareholders," said Parker White, CIO and COO at DeFi Dev Corp, in the press release.

DeFi Development Corp, which has been aggressively stacking SOL over the past two months, made another purchase of 16,447 SOL for $2.3 million on Thursday. The company currently holds 609,190 SOL worth $103.9 million at the time of publication.

On the other hand, BONK plans to increase the usage of BONKSOL, its community-driven Liquid Staking Token (LST), as part of a broader effort to secure the Solana network. 

Through the partnership, the meme coin seeks to enhance network decentralization and expand the role of BONKSOL within Solana's DeFi landscape.

"This validator partnership is a natural next step in BONK's mission to empower our community and accelerate the adoption of Solana," said Nom, Core Contributor at BONK.

Despite the announcement, BONK is down 4% in the past 24 hours, stretching its weekly decline to 8%. However, the meme coin has managed to maintain a 70% gain over the past month.