Step Finance: A Solana-Based Tool to Visualize, Analyze, Execute and Aggregate Transactions

The Solana blockchain has received a major boost from Step Finance, a portfolio manager for the ecosystem that will track, visualise, aggregate and execute transactions across multiple smart contracts.

By
Robert D. Knight
on
April 21, 2021
Category:
Project Insight


Introducing Step Finance on Solana

The protocol Step Finance has been designed to bring advanced portfolio metrics to the Solana network with automated investment vaults, aggregation across multiple swap pools, and easy access to a wide range of yield farms. It was first revealed during the March hack-a-thon that Solana hosted earlier this year. This will be combined with custom UX and granular controls, providing a highly powerful dashboard of DeFi functionality that can be accessed from one place.

Step Finance is to be supported by the STEP utility token, which will launch on its Initial Token Offering (ITO) on Solana on April 25th. Step Finance will work with Raydium to launch 4 million STEP at an implied price of 0.05 USD. Step Finance has stated that it does expect some slippage during the sale and has requested users set their slippage tolerance accordingly, but the team hopes that initial slippage will diminish as the token becomes more established.

One of the major issues which Step Finance is seeking to address is the siloed nature of many Solana protocols and projects. At present Solana users must move between a number of disparate sites and locations in order to access the full benefits of the system. Step Finance envisages a single platform that brings those individual systems into a single space. The advantages that the platform plans to provide will no doubt increase user satisfaction and help to jumpstart the Solana platform to new heights of efficiency.


About Solana

Source

Solana is a decentralized finance (DeFi) blockchain that focuses on full decentralization and efficiency. With over 50,000 Transactions Per Second (TPS) being processed on the blockchain, Solana boasts incredible user service and convenience. Some of the notable protocols existing inside of Solana include Raydium, Serum, and Orca (currently unavailable in the U.S).


About Step Finance

Source

Step Finance is a portfolio manager on the Solana blockchain that focuses on being a one-stop-shop for all user transaction requirements. The protocol relies on innovative automated investment vaults to give users automated investments across multiple swap pools. The platform also allows access to a wide range of yield farms, giving users even more benefits from using the portfolio manager.


Roadmap of Launch

The precise launch of the STEP ITO is April 25th at midnight 00:00, Hong Kong time (HKT) on Serum AMM dex on test.step.finance.

The STEP pool will be tradable immediately. The launch of the STEP token will include no locks, whitelists, caps or limits. As Step Finance explained in a recent blog post: “We believe this is the ‘fairest’ launch mechanic that is simple and open to everyone. No caps, no limits, no lists, just a simple launch via AMMs like most DeFi projects for the last year. Coins available for everyone”. Following this event Step Finance will launch further incentivization schemes related to the STEP token. The proposed pools will be as follows:

April 25th 8 PM HKT - An incentivised STEP pool will be created and users will be able to add liquidity to the Raydium AMM Fusion pool for STEP-USDC.

April 25th 8:10 PM HKT — STEP-USDC live on Fusion Pool with STEP incentives.
Following on April 26th, STEP will enter circulation via the incentivised pools on Raydium.


Final Thoughts

While BSC is well served with a number of quality aggregators including Beefy Finance, Harvest and PancakeBunny, the Solana ecosystem still has slightly fewer options. Step Finance looks like another step in the right direction for Solana’s evolving ecosystem, adding more incentive for new investors to use the blockchain.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency. Robert