During Solana Summer, many new projects launched that by now have become leading platforms within the Solana ecosystem following a series of hackathons. There are now hundreds of projects built on Solana across applications such as wallets, DEXes, lending protocols, staking platforms, games, entertainment, storage solutions, NFT marketplaces and so much more.
You can provide liquidity for pools on Raydium, auto-compound your yield farming on Tulip, trade decentralized markets on Orca, access prime brokerage using Oxygen, buy SAMO for the community vibes, listen to music on Audius, stake SOL using your Phantom wallet, connect to NFT celebrities on Only1, and figure out where you are in the real world with Maps.me.
But how do you keep track of all these different positions, across so many different applications? Easy. You use Step Finance, the front page of the Solana blockchain.
What is Step Finance?
If there is any one tab you’d keep open all day when you are managing all your Solana activities, it’s Step Finance. It is the only dashboard you need to visualize, analyze, execute and aggregate transactions across all Solana contracts.
You can easily interact with your favorite protocols from within the Step dashboard which could include farming, pools, swaps, and automated strategies. Directly from your Step dashboard you can also stake the Step token (12% APR) , create Step pools and farms, view your NFTs in a dedicated gallery, and support charities in a collaboration with the FTX Foundation.
Some of these features on Step Finance are fee-paying services, which are paid to STEP token stakers through buybacks and distributions, a common model used in other DeFi protocols.
The STEP Token
The STEP token was launched shortly after the application went live on the Solana blockchain in early 2021. The token has enabled the protocol to lock in $101 million in liquidity, as an early indicator of the platform’s success as many investors bought into the quality team building real value-adding projects.
The token has been infused with strong fundamental accrual structures such as simply charging fees on transactions and then paying out 80% of those collected fee STEP token stakers, with the remaining 20% reserved for the protocol’s treasury. Supply emissions reduce gradually over time at a set rate of 4% on a weekly basis. This mirrors similar tokenomics designed by other applications on different blockchains such as Yearn, Pickle, and Harvest.
In terms of price action, STEP had a pretty big pop when it hit the trading markets reaching $10.20. However, as with most tokens in the early phase, that level proved to be unsustainable and the token has mostly traded downwards, hovering around $1 for months, eventually bottoming out at around $0.20. According to Cryptoslate, the STEP token currently ranks 14th in terms of market cap within the Solana ecosystem, with SOL, RAY, and SRM leading the way.
Step keeps stepping up
What’s probably most impressive about this project is that the team relentlessly pushes out upgrades, fixes, and new features. Keeping tabs on their Twitter, you’ll see that they issue release updates every Wednesday without fail. As part of their roadmap for 2022, they are currently working on an open-order accounts feature and a Reward Options, adding utility to the xSTEP token (the token you receive for staking STEP), UX improvements, and overall app performance.
The team has also said they will be focusing on integrating major projects more thoroughly than before to include more complete transaction histories, picking and choosing the integrations carefully based on demand. Just last week at the end of January, the team also announced a partnership with crypto-friendly mobile bank Be One. In addition to 10 fiat currencies and cryptocurrencies like BTC, ETH, SOL and USDC, you can now buy, sell and pay with the STEP token directly from your Be One bank account.
To get started with the Step Finance application on Solana, you need to create a wallet with a leading app like Phantom, Solong or Sollet and provide authorization for Step to query your accounts to get the information necessary to display and execute transactions. You can buy STEP on AAX and send it directly to your dedicated Solana address.