Decentralized finance (DeFi) wallet tracker Step Finance has announced that it will cease operations with immediate effect.
The Solana-based platform was hacked in late January, which resulted in the theft of 261,854 SOL, worth approximately $27 million at the time.
Step said it was unable to achieve a viable outcome following the hack after “exploring all possible avenues, including financing and acquisition opportunities,” in an article on X on Monday.
The project is working on a buyout for STEP native token holders based on a snapshot of holdings and value before the incident.
STEP lost nearly 96% of its value following the incident, and fell a further 36% in the 24 hours following the closure announcement.
Step Finance was founded in 2021 and offered an aggregation of yield farms, liquidity provider (LP) tokens, and other DeFi positions from a single platform.
Affiliated projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets, will also close.
