Step Finance, a trading dashboard emerged from the Solana hackathon, received $ 2 million from Alameda Research, 3 Commas Capital, and others.
Investors are counting on Step Finance to become the “front page” of the Solana blockchain with high throughput. The Solana ecosystem is heavily supported by Sam Bankman-Fried, CEO of Alameda.
Other participating investors included Raydium, One Block, Solidity Ventures and a number of private individuals associated with the Solana ecosystem, according to a press release.
The company said the funds will be used to build the Step platform, which will allow users to visualize, analyze, execute and aggregate transactions across all Solana contracts. It’s a tool similar to Zapper and other products in the Ethereum ecosystem that makes it easy for you to understand your investments.
The Solana Foundation raised $ 40 million from two crypto exchanges last month to fund more software development on the network. While Ethereum users suffer from high fees caused by blockchain congestion, Solana is said to have transaction speeds that rival traditional financial networks. Boosters from Solana and other base layers are now seeing the time to attract new users.
“The biggest problem in the Solana ecosystem is how most projects are segregated,” said George Harrap, co-founder of Step Finance, who previously ran remittance startup Bitspark.
“There’s no way you can find out your token and LP balances, current position sizes, etc. without visiting each website and logging in to understand your portfolio,” he said. “Step was born out of that need and is here to solve it.”