The price of BONK slid despite the collaboration with DeFi Development Corp to launch the Solana validator.
DeFi Development Corp has announced a partnership with meme coin BONK to launch the Solana validator.
DeFi Development Corp will operate the validator but will increase stakes alongside BONK and share rewards.
BONK dropped 4% after this announcement.
BONK fell 4% on Friday despite DeFi Development Corporation announcing that they had entered into a validation partnership with the Solana meme coin to expand business operations and increase SOL value per share.
BONK dropped despite collaborating with DeFi Development Corp.
According to a press release on Friday, the company focused on the Solana DeFi Development Corporation has partnered with the meme coin BONK to co-launch the Solana validator.
The company claims that this is the first time a public company has partnered with a community meme coin, as their goal is to expand how organizations can engage with decentralized networks.
DeFi Development Corp will operate and manage the Solana validator, while both entities will collaborate to increase stakes and share rewards.
The purpose of this partnership is to strengthen the validation activities of DeFi Dev Corp, increase revenue, and boost Solana holdings.
Parker White, CIO and COO at DeFi Dev Corp, stated in the press release: "As we continue to build our validation infrastructure, this partnership allows us to support one of the most dynamic, influential, and innovative communities in Web3, while advancing the mission to maximize SOL per share for DFDV stakeholders."
DeFi Development Corp, a company that has been actively accumulating 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 enhance the use of BONKSOL, a Liquid Staking Token (LST) governed by the community, as part of a broader effort to secure the Solana network.
Through partnerships, this meme coin aims to enhance the decentralization of the network and expand the role of BONKSOL in the DeFi landscape of Solana.
Nom, a core collaborator at BONK, stated: "This validation partnership is the next natural step in BONK's mission to empower our community and accelerate Solana adoption."
Despite this announcement, BONK has dropped 4% in the past 24 hours, extending the weekly decline to 8%. However, this meme coin has maintained a 70% increase over the past month.
