Fragmetric unveils DAT company with South Korea-listed company

Fragmetric, one of the liquid re-staking platforms on Solana, will launch a treasury company in partnership with DeFi Dev Corp. The new entity will form after a reverse merger with a public company in South Korea.

Fragmetric, one of the liquid re-staking protocols on Solana, plans to build the next treasury linked to a public company. The new Solana digital asset treasury (DAT) company will form after a reverse merger with a yet-unnamed public firm traded on South Korean markets. 

We're extremely excited to announce that Fragmetric Labs and DeFi Development Corp. (NASDAQ:DFDV) will launch the first Solana Digital Asset Treasury in Korea through the acquisition of a Korean publicly-listed company. pic.twitter.com/rzGbVvmEXT

— Fragmetric (@fragmetric) September 22, 2025

Fragmetric already partners with DeFi Dev Corp for the decentralized usage of the dfdvSOL token. Fragmetric has accepted the token, issuing a new asset to tap its value in re-staking. 

Fragmetric directly offers the staking and re-staking infrastructure, which can help SOL treasuries build up their reserves through regular rewards. At the time of the announcement, Fragmetric was one of the relatively smaller re-staking protocols, holding $96.16M in value locked. 

Fragmetric carries 377,520 fragSOL, currently trading at $237. Of that supply, 234,381 is in circulation. The protocol has seen an outflow of liquidity after June, shrinking its effect on the Solana DeFi market. 

The South Korean market has been open to treasury companies, starting with Pataraxis and its attempt to tap the market for a BTC treasury. However, the company has not completed any significant treasury purchases. 

Solana DATs hold over 17M SOL

Solana treasury companies are still in their growth stage. They have already accrued 17.04M SOL, of which 9.35M are locked in staking. The average yield achieved for that share of SOL is now at 7.7%, one of the biggest sources of passive income for DAT companies. 

Forward Industries took the top spot after the recent purchases, with $6.822M locked in staking. DeFi Dev Corp is ranked third despite its initial head start as the first big-time Solana DAT corporation.

The coming months will show the viability of the Solana treasury model, as Forward Industries applies its larger $4B plan to acquire more SOL. 

At this point, some of the announced DAT have relied on large-scale partners, but data on retail participation is limited. In the coming weeks, DeFi Dev Corp may also act as a treasury accelerator for smaller companies, pledging up to $75M for new treasuries. 

Solana DATs can boost liquid staking

As of September 2025, a near-record number of SOL is locked into liquid staking, led by Jito, Jupiter, Binance’s own staking platform, and other smaller projects. The platforms have seen some outflows from the peak, but Binance is compensating with bigger inflows.

In total, liquid staking drew in around 10% of the total SOL supply. 

Solana itself attracts significant inflows, with $7.2M net added on Monday. Based on Artemis data, Solana also added $203.2M in net liquidity for the past three months. 

Despite the market downturn, SOL is considered a key asset for long-term growth in DeFi, trading, and other on-chain activities.

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