Step Finance, a Decentralized Finance (DeFi) dashboard once dubbed the “front page of Solana,” officially announced that it will cease all operations after being attacked by hackers earlier this year, resulting in a total loss of $30 million.
The announcement was made through Step Finance's X account on February 23. In the post, it was stated that Step Finance, along with the teams behind SolanaFloor and Remora Markets, would cease all operations.
“Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities. Unfortunately, we were unable to secure a viable outcome and have made the difficult decision to end all operations effective immediately.”
The Step Finance team also announced plans for a buyback, where all native STEP tokens held by investors will be repurchased at the price before the attack. The team is also planning a redemption process for Remora rToken holders, which will remain backed 1:1.
Step Finance is a platform launched in 2021. Its appeal lies in the integration of Liquidity Pool (LP) tokens, yield farming, and user positions in 95% of Solana-based protocols in a single dashboard.
Also Read: What is Liquidity Pool: Definition, How It Works, and Its Role in DeFi
However, as DeFi activity on Solana slowed down, maintaining the complex data infrastructure became more challenging. This led to an attack on several treasury and fee wallets on January 31.
