Wondering What’s Going On With Solana? Projects Are Taking Massive Hit As Price Plunges
Solana projects Step Finance and its sister platforms have announced they are winding down operations following an exploit last month. This also comes as crypto prices struggle amid the current bear market, with SOL still below the psychological $100 level.
Solana Projects To Wind Down Following Exploit And Amid Price Struggle
In an X post, Solana DeFi aggregator Step Finance announced that it and its sister projects, SolanaFloor and Remora Markets, will be winding down all operations. This follows the hack towards the end of last month involving the firm’s treasury wallets, which resulted in a loss of around $40 million.
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StepFinance stated that following the hack, they explored every possible path forward, including financing and acquisition opportunities. However, the Solana project was unable to secure a viable outcome, which is why it has decided to end all operations effective immediately. The firm also revealed that it is working on a buyback for STEP holders based on a snapshot taken before the incident.
The STEP token is down over 40% in the past week amid this announcement, currently trading at around 0.00060. The token is down by over 99% from its all-time high (ATH) of $10, set in August 2021.
Furthermore, Step Finance stated that it is also working on a redemption process for Remora rToken holders, with these tokens still backed 1:1. Remora Markets, a tokenized stock marketplace on SOL, also confirmed that it is winding down operations alongside its parent company, Step Finance. Remora stated that they are currently working on a redemption process to allow holders to redeem their tokens for USDC and that they will share more details soon.
Media Outlet To Also Wind Down
Solana media platform Solana Floor, a sister company to Step Finance, also confirmed that it is winding down operations. The platform will no longer publish new content, but the existing website, videos, and newsletters will remain available as an archive. Solana wallet Solflare stated that it will pause its News section inside the wallet due to Solana Floor’s sunsetting.
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Solflare also revealed that it is considering opening up the space to community-driven articles published directly in the wallet. This will include original long-form articles, fresh insights, analysis, and strong opinions, deep dives into SOL projects/trends, educational crypto explainers, and market analysis.
Meanwhile, Step Finance co-founder George Harrap indicated that there was still the possibility of an acquisition of any of their projects. He stated that some people have reached out about acquiring various businesses and that they will pursue those if serious and have interest, but warned that they are working on a “time crunch.
At the time of writing, the Solana price is trading at around $89, up 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pxfuel, chart from Tradingview.com
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