Two early platforms in the Solana ecosystem, Step Finance and SolanaFloor, announced they would cease operations shortly after the Treasury hack that hit Step Finance in late January.
Step Finance said it considered financing and acquisition options following the breach, but was unable to secure a viable path forward.
The tragic end of Solana’s nascent ecosystem platform
The closure also includes another Steplink platform, the Red Shark Market.
Step said it is working on a buyback process for STEP holders and a redemption process for Rebel rToken holders using pre-incident snapshots, adding that Rebel rToken tokens continue to be backed on a 1:1 basis.
Meanwhile, SolanaFloor announced that it will stop publishing new content, but will keep its existing website, videos, and newsletter online as an archive.
The media said it tried to continue operating after the incident that affected its parent company Step Finance, but was unable to find a sustainable path forward.
The latest closure comes in the wake of a large-scale hacking incident that was revealed in late January, depleting Step Finance’s finances and causing a sudden loss of trust.
The attack reportedly compromised devices associated with executives and gave attackers access to Treasury wallets, resulting in millions of dollars in losses for SOL.
The breach was a devastating blow to Step Finance, as it relied on financial resources to support its operations and ecosystem expansion.
After the hack, the value of STEP tokens plummeted and the company faced increasing pressure to stabilize its finances while maintaining multiple products.
Step Finance is one of Solana’s original DeFi infrastructure names. We built a widely used portfolio dashboard to allow users to track a wide range of on-chain activity across wallets, yield positions, LPs, and Solana in one place.
For many users during Solana’s formative years, Step served as the core utility layer.
SolanaFloor played a different but equally important role. It has become one of the most prominent Solana-focused media and analysis platforms, covering ecosystem launches, market trends, NFTs, DeFi, and project updates.
Together, the closures mark the loss of two long-standing Solana brands.
