Solana’s ecosystem continues to grow in leaps. One of its projects, Step Finance, saw $2 million infused into the network via a funding round led by Alameda Research.
Step Finance Raises $2 Million In Private Sale
In a press release on Tuesday, Solana-based decentralized finance (DeFi) protocol Step Finance announced that it had raised $2 million in a private sale to scale up its platform.
The project, which was birthed from the Solana hackathon held earlier this year, saw participation from prominent investors.
Among the star-studded roster includes names like Alameda Research, the hedge fund led by pro-crypto investor Sam Bankman-Fried.
Step Finance is touted to be the “front page” of the Solana ecosystem as it enables users to monitor transactions across the Solana network on one interface.
Step Finance is a known competitor to Ethereum’s Zapper as it creates a user-friendly platform for users to monitor all their DeFi transactions.
In speaking on the necessity of the Step Platform to the overall Solana ecosystem and the DeFi world, co-founder of Step George Harrap spoke on the limitations for projects built on Solana.
Harrap argued that most projects on the platform are siloed and separated from one another.
According to Harrap, users cannot verify their token and LP balances, current position sizes, and other tidbits unless they visit each website individually and sign in to understand their portfolio’s performance.
To him, Step Finance is the answer to these disparate efforts.
Step Finance continues to ride on the waves of savvy investors desire to get into 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 24. According to the development team, the digital token will play a pivotal role in automated strategies, optimal token swaps, yield farming, staking pools, bridges, and data visualization on the Step Platform.
Ethereum Killer Solana
The Solana ecosystem is reputed to be an Ethereum killer by enthusiasts. According to the DeFi project, its high throughput of 50,000 transactions per second (TPS) makes it a suitable replacement for developers looking at an alternative DeFi platform to save and do more efficiently.
The Ethereum network has been working on a transition to a more sustainable consensus protocol.
Its much-anticipated Eth 2.0 is expected to transition to the proof-of-stake (PoS), which will see it address the challenges of network congestion and high gas fees.
But in the interim, many DeFi facilitators like the Solana ecosystem aim to capitalize on these flaws.
The Solana ecosystem has been rapidly onboarding many projects. The world’s largest stablecoin, Tether’s USDt, announced that it had found a home on the Solana network just like USDC. The Graph (GRT), an Ethereum protocol, also said it was adding 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 digital trading platform AscendEX on the Solana Program Library.
At press time, Solana’s native token SOL trades at $25.37 after falling 7% on the 24hr chart.