“Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities. Unfortunately, we were unable to secure a viable outcome and have made the difficult decision to end all operations effective immediately,” the project said.
Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.
Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.
Unfortunately, we were unable to…
“We are working on a buyback for STEP holders based on a snapshot prior to the incident, and a redemption process for Remora rToken holders. Remora tokens remain backed 1:1. We are deeply grateful to our community for the support over the years and are confident that this is the best outcome given the circumstances. We want to thank our millions of customers over the years for joining us on this journey.”
What is Step Finance?Some people have reached out on acquiring various businesses and we will pursue those if serious and have interest but we are on a time crunch…
DeFi casualties mountIndustry observers say the wave of closures reflects broader structural challenges in crypto markets. Following the ZeroLend shutdown, Deigo Martin, CEO of Yellow Capital, told Decrypt that as adoption grows, companies with tokens that lack clear utility are increasingly struggling to survive. “The key challenge is fragmented liquidity. Crypto trading and custody is fragmented across many exchanges, custodians and blockchains,” he said.
“This leads to unstable pricing and short-term liquidity gaps when demand increases… For consumers, this makes crypto a less predictable and appealing option to pay with.”
