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Solana’s DeFi Protocol Step Finance Raises $2 Million

Solana's DeFi Protocol Step Finance Raises $2 Million

A Solana-native DeFi protocol, Step Finance concluded its private sale for $2 million. The round saw participation from leading Solana supporters, including Alameda Research, the hedge fund for launching and backing FTX and Serum. Other investors involve Raydium, One Block, 3 Commas Capital, Solidity Ventures, and some undisclosed individual investors in the Solana ecosystem. Step Finance will employ the funds for growing and developing the Step Finance team, involving making new hires.

The platform developed from a recent Solana hackathon and has been one of the fastest-developing projects in the ecosystem. It is well-known as “the front page” of Solana, enabling users to view transactions over Solana contracts on one interface. Beyond the position and yield aggregation, the platform also attempts to offer insight into the user’s portfolio risk by parameters such as the Sortino score. Moreover, the platform power users in Solana DeFi, where projects generally concentrate on conventional trading platforms.

Solana Significantly Onboards Accessory Projects

Moreover, Solana is making a significant push towards onboarding the “accessory” projects that simplify adopting other DeFi protocols. In the latest Hackathon, winners also incorporated projects that follow the functionality of platforms such as Synthetix or to enhance unique additions such as tax reporting management. Moreover, Step Finance has also declared that they will introduce $STEP, a native token for their platform, on the Solana mainnet on April 24. 

However, various other promising Solana projects have originated in recent months as the race to seize part of the developing DeFi market grows. Raydium, a decentralized exchange launched in February, recently holds under $347 million in TVL (total value locked). Tether, DeFi’s most utilized stablecoin, also launched on Solana to acknowledge the blockchain’s notable growth. The Graph, an Ethereum-native protocol, appended support for Solana and other chains earlier this year too. Solana promotes high-speed, low-cost transactions.

Before Step’s funding round, the Asian exchanges OKEx and MXC collaborated with the Solana Foundation to introduce two investment funds. Directed at improving Solana’s growth and development, the funds will bring $40 million into the ecosystem. Meantime, Solana’s token, SOL, has risen recently. It’s up by 40% in the last two weeks, presently in the top 20 of all cryptocurrencies by market cap. 

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