Breaking Solana’s Step Finance Raises $2M, Aims to Compete With Ethereum

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In Brief
  • Step Finance has raised $2 million to build its Step Platform, which aims to be the front page of the Solana blockchain.

  • Users will be able to visualize, analyze, execute, and aggregate transactions across the Solana ecosystem in one place.

  • Step Finance also announced they will launch their platform’s native token on April 24.

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Step Finance raised $2 million in a private sale to develop and build its Step Platform.

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Emerging from the Solana Hackathon, Step Finance has now launched their Alpha product. With the Step Platform, Solana users will be able to visualize, analyze, execute, and aggregate transactions across the ecosystem in one place.

“The biggest problem in the Solana ecosystem is how most projects are siloed from one another. Step was born out of this necessity and is here to solve that,” said George Harrap, Step Finance co-founder. 

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Step Finance origins

The launch of Step Finance was first announced on March 26. Within a week, it accrued over 3,000 followers on Twitter and 3,000 on Discord. Due to the rapid onset of interested parties, the initial raise was heavily oversubscribed.

Step Finance said they had to turn away many would-be investors. Instead they focused on institutions and individuals with a common interest in the success of the Solana ecosystem. 

The funding was led by Alameda Research, whose founder Sam Bankman-Fried recently spoke with Bloomberg about his firm’s successful strategy. Other participants included Raydium, One Block, Solidity Ventures, and 3 Commas Capital.

Step Finance has also announced that they will launch a native token for their platform, $STEP, on the Solana mainnet on April 24. 

Solana blockchain establishes itself as an Ethereum competitor

As blockchain adoption increases, gas prices on Ethereum (ETH) continue to rise, while decentralized finance (DeFi) projects expand cross-chain. In light of this flourishing environment, the Solana Blockchain has been establishing itself as an Ethereum competitor, due to its speed and cheap transaction fees.

As previously reported, the AscendEX exchange announced that it launched support for operations over the Solana Program Library, or SPL. The announcement had been another recent boon for Solana. At that point, the SOL native token had reached a new all-time high. It has since risen even further reaching just under $30.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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