由于高负债和严重稀释，DFDV 是一项高风险投资，更倾向于直接持有 Solana 敞口。

Do you consider D5 development the best choice for Saul proxy play uh and get exposure to Saul in my UK ISA? He didn't mention if it's a leap or not. So, we'll talk about all those issues.

A lot to unpack here. Crypto proxies can be great if you time them right. Okay. First of all, Hodddle model is back again. This is the NAV premium of 0.51 for D5 Development Corporation.

That sounds great on paper. That means basically you're buying Salana at half off. But there's a twist. In fact, there's a number of twists. First of all, they've got a ton of debt.

Okay, nearly half the market cap is debt. 125 130 million. Important. Always look at the financials. Also, when you look at the numbers, 89% off all-time highs. They have 2.56 million sold, which you saw on the hodddle model.

Liabilities 126 million and preferred is 16 million stated value. That's the first thing.

So I went back to when DeFi dev started stacking Salana and calculated their dilution in that time frame and decided I would compare it also to Micro Strategy who has been diluting a lot.

Let's all be fair here. So, I'll show you what a lot looks like and then I'll show you what a crazy amount looks like as well. And you have all these, you know, maybe influencers and pumpers talking about, oh yeah, great proxy and nav premium is cheap, but you have to look under the hood very carefully.

Very carefully. Okay. Now, I didn't even look at delution for smarter web company because my model doesn't calculate the British stock exchange firms. I don't have access to that information because my data source doesn't have that information.

But anyway, I couldn't calculate the inflation on Smarter Web Company. I'm sure it's probably not that good either. But the DeFi dev dilution is 130.76%. Since June 2025, a little over a year, 130.76%.

So, it is 5 a half times higher than that of Micro Strategy, which is no bueno, my friends. No bueno.

Now, let's look at Sol versus D5 dev. Again, since they started stacking, Salon has beaten D5 dev by 251%. That's a DFTV, not DFCV. My typo, ignore that.

Okay, hop one, you've got your spot dropping, which has a big impact. Hop two, your DFDV has a 1.24x type. This is times the volatility of Salana and hop three. Your leaps carry huge implied volatility which means they're very very expensive.

Okay, put all that together in your head. This is the danger of the proxies. And if you're buying a leap on the proxy, especially in light of this insane delusion, you get completely smoked.

For example, Caner Fit Fitzgerald had a $45 target on DeFi Dev. Now it's $10. How do you go a year ago from 45 bucks down to 10 bucks? That's part of the answer. So is debt. Now the reality is again to get back to where it was to get back to all-time highs, you need a 9.4x return.

Remember leverage destroys the downside capital. You should always go pure form for this or another solution which I'll get to in a second too. utilize spots all direct directly or a per on soul which I do or leaps on things like an ETF from Saul. That's it. Otherwise, you get cooked.

And the verdict as well, when you do buy leaps on something like a DeFi dev, it's leverage Saul exposure. Yeah, if Saul goes to the moon, you're going to do fine. And especially if you have a leap that you put very little down on and you've got DeFi dev going from $5 to 40 bucks, you'll make a fortune.

The problem is what does the debt stack look like? What is the dilution thread? That is key. Always when you're looking at these proxies, look at salt per share, look at the MNAV, and be very careful. Buy it as a lottery ticket, nothing else.