Solana DeFi Project Step Finance to Wind Down Weeks After $29M Hack
Solana-based DeFi projects Step Finance, SolanaFloor, and Remora Markets are shutting down following a January hack that drained over 261,000 SOL (worth about $28.9 million) from Step’s treasury. Despite attempts to secure financing or acquisition, operations are ending immediately. A buyback for STEP token holders and a redemption process for Remora rToken holders will be conducted, with Remora tokens remaining fully backed. STEP lost nearly 96% of its value after the breach. Step Finance, launched in 2021 as a portfolio manager, later added SolanaFloor and Remora Markets as affiliated services. Co-founder George Harrap cited the need to support affected team members and possible asset acquisitions under time constraints. This closure follows a broader trend of DeFi project shutdowns, such as ZeroLend and Alpaca Finance, attributed to operational challenges, security risks, and insufficient token utility. Industry analysts highlight fragmented liquidity and declining on-chain engagement as major factors behind these shutdowns, contributing to unstable pricing and reduced appeal for crypto users.
