SolanaFloor, which serves as a leading news hub and resource for DeFi, NFTs, prices, and market insights on the Solana blockchain, announced today it is ceasing operations following financial difficulties at parent company Step Finance.
The move comes after Step Finance confirmed in an official statement that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations effective immediately. The company said that following the hack at the end of January it explored financing and acquisition opportunities but was unable to secure a viable outcome.
Step Finance added that it is working on a buyback for STEP holders based on a snapshot taken prior to the incident, as well as a redemption process for Remora rToken holders. Remora tokens remain backed 1:1, the company said.
The platform, which grew from a small social media presence into a prominent source of ecosystem news and analysis, said it explored options to continue but could not identify a viable path forward.
SolanaFloor will no longer produce new articles, videos, or newsletters, though its existing content library will remain accessible as an archive, the team stated.
Step Finance, which operates as an analytics dashboard on Solana for tracking DeFi positions and managing portfolios, announced last November that it had undergone restructuring. The company retired the Step Dashboard, APIs, and Mobile App while shifting focus to its high-growth brands, SolanaFloor and Remora.
The company said at the time that the dashboard and API infrastructure, though widely used by hundreds of thousands of users over its lifecycle, was becoming costly to maintain and difficult to monetize.
The overarching goal of these changes was to focus on initiatives with clear market fit, enhance operational efficiency, and support the growth of high-value brands. Step Finance also planned to expand SolanaFloor’s editorial, video, and event operations to strengthen its advertising and promotional revenue streams.
Earlier this year, Step Finance was hit by a wallet compromise that resulted in the theft of approximately $30 million in SOL. The STEP token crashed by roughly 90% in response to the incident and extended its losses amid a market-wide pullback.
The token was valued at $0.0008 at press time, down 99% from its pre-incident levels, per CoinGecko.
Editor’s note: Added information regarding Step Finance’s official statement.
Source: https://cryptobriefing.com/solanafloor-blockchain-challenges-shutdown-step-finance/
