Solana’s ecosystem continues to grow by leaps and bounds. One of his projects, Step Finance, injected $ 2 million into the network through a funding round led by Alameda Research.
Step Finance raises $ 2 million for private sale
In a press release on Tuesday, Solana-based DeFi Protocol (decentralized finance) Step Finance announced that it had raised $ 2 million in a private sale to expand its platform.
Prominent investors took part in the project that emerged from the Solana hackathon earlier this year.
Stars include names like Alameda Research, the hedge fund headed by pro-crypto investor Sam Bankman-Fried.
The decentralized exchange Raydium (RAY), a block, 3 Commas Capital, Solidity Ventures and several new names also relied on the project.
Step Finance is touted as the “home page” of the Solana ecosystem as it allows users to monitor transactions over the Solana network on one interface.
Step Finance is a well known competitor to Ethereum’s Zapper as it creates an easy to use platform for users to monitor all of their DeFi transactions.
Step co-founder George Harrap spoke about the need for the Step platform for the entire Solana ecosystem and DeFi world, and spoke about the restrictions on projects based on Solana.
Harrap argued that most of the projects on the platform are isolated and separate from each other.
According to Harrap, users can only check their token and LP balances, current position sizes, and other tidbits by visiting each website individually and logging in to understand their portfolio’s performance.
For him, Step Finance is the answer to these different efforts.
Step Finance continues to ride the waves of savvy investors who want a promising project before it grows.
In a blog post, the crypto startup mentioned that it would launch its native utility token $ STEP on April 24th. According to the development team, the digital token will play a central role in automated strategies, optimal token swaps, income farming and staking pools, bridges and data visualization on the Step platform.
Ethereum Killer Solana
The Solana ecosystem is known by enthusiasts as the Ethereum killer. According to the DeFi project, its high throughput of 50,000 transactions per second (TPS) makes it a suitable replacement for developers looking for an alternative DeFi platform to save money and work more efficiently.
The Ethereum network has been working on a transition to a more sustainable consensus protocol.
The highly anticipated Eth 2.0 is expected to move to Proof-of-Stake (PoS), which will address the challenges of network congestion and high gas charges.
Meanwhile, many DeFi moderators like the Solana ecosystem are trying to capitalize on these shortcomings.
The Solana ecosystem quickly incorporated many projects. The world’s largest stablecoin, Tether’s USDt, announced that it has found a home on the Solana network just like USDC. The Graph (GRT), an Ethereum protocol, also said it would add support for the Solana network.
In a fundraising round, the Solana Foundation raised $ 40 million from crypto exchanges like OKEx and others to better develop the Solana network software. It also received support from the AscendEX digital trading platform in the Solana program library.
At press time, Solana’s native SOL token is trading at $ 25.37 after falling 7% on the 24-hour chart.
Jimmy has been following the evolution of the blockchain for several years and is optimistic about its potential to democratize the financial system. When he’s not engrossed in the daily events of the crypto scene, he can watch legal reruns or try to beat his Scrabble high score.