Wondering what’s going on with Solana? Projects Take Massive Hit As Prices Drop
Solana’s projects Step Finance and its sister platforms have announced they will suspend operations following the exploit last month. This also comes as crypto prices are struggling at the moment bear marketand SOL is still below the $100 psychological level.
Solana Projects Will Decline Following Exploitation And Amid Price Struggle
In an X postSolana DeFi aggregator Step Finance has announced that it and its projects, SolanaFloor and Remora Markets, will suspend all operations. This follows a string of robberies late last month involving the company’s walletresulting in a loss of approximately $40 million.
Related Reading: This Analyst Predicted Solana to Sell at $250, and He’s Back with a New Prediction
StepFinance said that following the hack, they explored every avenue forward, including financing and acquisition opportunities. However, the The Solana Project could not find a valid result, hence decided to stop all operations effectively immediately. The company also revealed that it is working to refund the owners of STEP based on the photo taken before the incident.
The STEP token has fallen over 40% in the past week between this announcement, currently trading at around 0.00060. The token is down more than 99% from its all-time high (ATH) of $10, set in August 2021.
In addition, Step Finance said it is also working on a redemption process for Remora rToken holders, these tokens are still backed 1:1. Remora Markets, a stock tokenized marketplace in SOL, and confirmed that it is closing operations alongside its parent company, Step Finance. Remora said that they are currently working on a redemption process to allow holders to use their tokens in USDC and that they will share more details soon.
Media Outlet To And Wind Down
Solana Social Media Solana Floor, a sister company to Step Finance, and confirmed that it stops working. The platform will no longer publish new content, but the existing website, videos, and newsletters will remain available as an archive. Solana Bag Solflare said that it will suspend its News section within the fund due to the sunset of the Solana Floor.
Related Reading: XRP, Solana Secure Inflows As Institutions Move $1 Billion Out Of Bitcoin And Ethereum
Solflare also revealed that it is considering opening a space for community-driven articles published directly on the fund. This will include original long-form articles, new insights, analysis, and strong opinions, deep dives into SOL projects/trends, crypto academic explainers, and market analysis.
At that time, the founder of Step Finance George Harrap showed that it was still possible to find any of their projects. He pointed out that some people have reached out by finding different businesses and will follow them if they are willing and interested, but warned that they are working in “difficult times.
At the time of writing, Solana’s price is trading at around $89, up 8% in the last 24 hours, according to the report. data from CoinMarketCap.
Featured image from Pxfuel, chart from Tradingview.com
Planning process because bitcoinist focuses on delivering well-researched, accurate, and unbiased content. We maintain strict sourcing standards, and each page is diligently reviewed by our team of senior technical experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
