Step Finance billed as the ‘front page’ of Solana, today announced it has raised USD $2 million in a private sale to fund the development and build the Step platform where users can visualize, analyze, execute, and aggregate transactions across all Solana contracts in one place.
Emerging from the recently held Solana Hackathon, Step Finance has launched their Alpha product to the market which tracks most coins and Liquidity Providers (LPs) in the Serum and Raydium ecosystem, the largest DEX in Solana.
“The biggest problem in the Solana ecosystem is how most projects are siloed from one another. There is no way to know your token and LP balances, current position sizes, etc., without actually visiting each website individually and logging in to understand your portfolio – and performance. It’s usually still left to an excel spreadsheet or just guessing. Step was born out of this necessity and is here to solve that.”
– George Harrap, Step Finance Co-Founder
As gas prices on Ethereum continue to rise and DeFi projects expand cross-chain, users increasingly look to build and lend on alternative blockchains, and the Solana Blockchain has been quietly establishing itself as an Etherum competitor due to its speed and cheap transaction fees, with hundred of projects launching from the recent hackathon.
The initial raise was heavily oversubscribed with Step Finance turning away would-be investors. Step raised funds from institutions and individuals with a common interest in the success of the Solana ecosystem led by Alameda Research with participation from Raydium, One Block, 3 Commas Capital, Solidity Ventures, and a number of private individuals connected to the Solana ecosystem.
“George was a very early adopter of defi and has managed to keep up with almost every development in this fast-moving space for the past 18 months. There are multiple fronts where 3Commas and Step Finance can cooperate and we look forward to building great defi trading and portfolio management tools together.”
– Benjamin Rameau of 3 Commas Capital
The native token for the step.finance platform, STEP, will soon be launched on the Solana mainnet.