DeFi Development Shares Rise on Partnership With Solana Memecoin

By Katherine HamiltonDeFi Development shares rose after the company said it was collaborating with a memecoin to operate a node to validate blockchain transactions.The stock rose 16% to $105 Friday, marking a 52-week high. Shares have gained 86% over the past month following a name change in April from Janover, which it said reflected its transition into a crypto treasury.The company, which accumulates the Solana cryptocurrency, said Friday it would work with the Solana memecoin Bonk to operate and grow stake for a jointly backed validator node.The partnership is part of DeFi's broader strategy to grow its validator business. DeFi aims to gain more revenue from validating and accumulate more Solana, it said.Write to Katherine Hamilton at [email protected]