🪜Step Finance: Solana Data for you
Advanced Solana Data Analytics at your service
In the dynamic realm of decentralized finance (DeFi), where data reigns supreme, Solana emerges as a blockchain powerhouse, offering a fertile ground for the cultivation of innovative financial ecosystems. Solana's robust infrastructure, characterized by its lightning-fast transaction speeds and low fees, lays the groundwork for a seamless and efficient data-driven experience.
When blockchain enthusiasts delve into the expansive universe of Solana, they are met with a treasure trove of data-rich opportunities, from decentralized applications to tokenized assets. In this blog, we embark on a journey into the heart of Solana's data landscape, exploring how this high-performance blockchain fosters a thriving environment for decentralized finance and data-driven innovation
"Step Finance: Solana Data for You," will dive headfirst into the heart of Solana's bustling ecosystem, where data takes center stage. 📊💡
Genesis of Step Finance:
Let's dive into the powerhouse behind Step Finance - a dynamic team of amazing individuals flexing their expertise! 💪 First up is Co-Founder@george_harrap, a crypto maestro with over a decade of experience as a miner, trader, builder, and entrepreneur. He's the visionary mind behind the world's first crypto remittance startup, Bitspark, attracting investments from angels and VCs. Meet another Co-Founder and 🧑💻Step's CTO,@aaron0v! A tech wizard fluent in C/C++/Solidity/Rust, he champions decentralization, privacy, and the pursuit of financial freedom.
What started out as a visionary project within the vibrant corridors of the Solana Hackathon has now blossomed into the revolutionary force known as Step Finance. Born from the ingenuity and passion of its founders, it has seamlessly fused cutting-edge technology with the decentralized ethos, offering users a gateway to a new era of financial exploration.
Step Finance, the "Front Page of Solana," not only visualize, analyze, and aggregate transactions across the Solana blockchain but also make it an engaging and seamless experience for users.
Step Finance emerged as a beacon of innovation, offering a one-stop dashboard to track balances, execute transactions, and delve into the vibrant world of decentralized applications (dApps) within the Solana ecosystem. As the DeFi sector continues to expand, the utilization of data analytics plays a pivotal role in informing investment decisions, risk management, and overall market understanding, making it an indispensable component of the evolving financial landscape.
Step Into Greatness:
Let's take a step-by-step approach to start our journey in the world of Step Finance.
1. Select a Non-Custodial Wallet: To embark on your Step Finance journey, choose a non-custodial wallet designed for the Solana blockchain. Comprehensive information on self-custodial wallets and how to connect them can be found through Step.step1 and Step.step2. Notably, Phantom and Solflare stand out as the most widely used Solana wallets.
2. Wallet Creation and Funding: After deciding on your non-custodial wallet, successfully create it and fund it with your desired assets. This pivotal step sets the stage for your interaction with Step Finance.
3. Connect Your Wallet:Link your newly created wallet to Step Finance to unlock a plethora of features. With more than 15 supported wallets, Step Finance ensures compatibility and accessibility for a seamless user experience.
4. Explore Step Finance Pages: Once connected, dive into the pages of Step Finance to discover its array of functionalities. These pages serve as your gateway to an enriched DeFi experience within the Solana ecosystem.
5. Enjoy Step Finance Features: With your wallet connected and assets ready, relish the features Step Finance has to offer. From yield farming to liquidity provision, Step Finance empowers users to maximize their engagement with DeFi on Solana.
a Dashboard
Navigate through the page to gain insights into the comprehensive status of your Solana wallet. Unveil a detailed panorama that goes beyond conventional metrics, providing visibility into your asset portfolio, NFT holdings, the valuation of yield-generating positions, reward options, account balances, and a myriad of additional features.
Delve into the immersive Step dashboard, where not only can you effortlessly claim your farming rewards, but also compound your yields for an optimized financial strategy. Navigate through a universe of comprehensive insights and wield the power to make informed decisions that transcend the conventional boundaries of wallet monitoring. 🌐💡
b Swap
Head to the 'Swap' Page located on the left sidebar. Ensure your wallet holds a balance of SOL, as transactions and swaps necessitate a small fee paid in SOL for blockchain interactions.
To specify the coins for the exchange, simply click on the respective currency, opening a window where you can select the coins you intend to swap between. Upon entering the desired swap amount, the platform will display an exchange rate and an estimated received amount.
When you're ready to execute the swap, hit the 'Swap' button highlighted in green. Upon a successful trade, expect a confirmation popup within a dialogue box, providing assurance of the completed transaction. Click here to know more.
c Tx History
Embarking on the DeFi journey, the intricacies of block explorers like Solscan may seem like a perplexing labyrinth for novices 🕵️♀️. Enter Step, where the conventional narrative takes a transformative turn. Witness a metamorphosis in transaction history tracking, adorned with token ids, NFT images, and a symphony of additional elements. Navigate through this avant-garde platform, where the liberty to curate your exploration extends beyond conventional boundaries.
It's a paradigm shift where transaction history tracking transcends mere functionality, evolving into an immersive journey of exploration. Filter or sort transactions, whether they're yours or someone else's, by date and platform, unraveling a cryptic dance of data points. Step into the unexplored, where blockchain history becomes an open canvas for creativity and endless possibilities!
d NFT Gallery
Embark on a whimsical adventure with Step Finance's NFT Gallery feature! 🌟 Immerse yourself in the enchanting realm of Solana, where users can not only view, but also manage and share their prized NFTs. Picture a treasure chest of digital wonders that lets you track and manage these unique gems within your portfolio
Submit your NFTs directly from the dashboard and watch as they come to life in the supported NFT gallery, where sorting and viewing become a playful exploration. Step Finance transforms into your digital playground, a dynamic hub for managing a diverse array of crypto assets, where NFTs shine as the stars of the show within the Solana universe.
e Referrals
The referral feature on Step Finance allows users to earn Step tokens by inviting others to the platform. Users can claim Step tokens after transactions done by the people they have referred.
Referral links can be obtained from the platform, and by referring others, users not only benefit financially but also contribute to the growth of the SOL blockchain and the ecosystem
This feature is designed to reward new users for onboarding others and is part of Step Finance's efforts to create a healthy tokenomics model and develop the community within the platform
f Accounts
The accounts feature on Step Finance allows users to manage their token accounts and balances within the platform. Users can view and manage their positions and balances associated with their wallet, including claiming staking rewards or closing open orders on Serum DEXs.
The platform is integrated with all major DEXs, offering the ability to cancel open orders, retrieve unsettled balances, and close token accounts within the dashboard. Users can also see empty accounts that are safe to close and reclaim rent fees. The accounts feature is part of Step Finance's efforts to provide an easy-to-use tool for managing various crypto assets within the Solana ecosystem
g Staking SOL and STEP:
The staking feature on Step Finance allows users to stake their Step tokens to earn xStep. By staking Step tokens, holders can earn yield from the revenue generated by the Step Finance protocol. The xStep token represents a proportional claim on the Step tokens in the staking vault, and it allows holders to earn rewards generated from Step Finance revenue while still having access to their tokens for use in other DeFi protocols. Staking Step tokens to earn xStep is a way for users to participate in the platform's tokenomics and earn rewards from the protocol's fees.
Additionally, Step Finance operates a Solana Validator, which is the default staking option on the Step Dashboard. All SOL staked with this validator helps decentralize the network, and users can earn rewards by staking their SOL with this validator.
The Step Ecosystem
Welcome to the vibrant tapestry of the Step Finance ecosystem, a dynamic landscape that unfolds like a digital symphony within the expansive realm of Solana. In this section we will explore the amazing projects and sub-brands under the Step Ecosystem.
📊 Step Analytics: Dive into data insights and analytics, unlocking a treasure trove of information within the Solana blockchain.
🏛️ Step DAO: Witness community governance in action as Step DAO empowers users to actively participate in shaping the future of Step Finance.
🏠 Solana Floor: Explore the foundation of the Solana ecosystem with Solana Floor, a cornerstone for decentralized finance and innovation.
🛣️ Solana Crossroads: Navigate through Solana Crossroads, where paths of innovation converge to redefine the landscape of decentralized possibilities.
📈 Step Data Insights: Gain valuable insights into the Solana blockchain with Step Data Insights, an informative newsletter providing a comprehensive view of the data-driven DeFi landscape on Solana.
⭐ Solana Allstars: Solana Allstars stands as an ambassadorial program, dedicated to fostering community engagement and expansion within the dynamic Solana ecosystem.
💰 The Next Billion: Peer into the future with The Next Billion. This engaging podcast serves as your gateway to crypto education through captivating narratives and real-world experiences."
a Step Analytics
Introducing the vibrant realm of Step Analytics by Step Finance – your all-in-one data insights dashboard designed to elevate your Solana experience! 🌐✨
📊 Comprehensive Overview: Dive into an expansive data landscape, offering a holistic view of the Solana ecosystem.
📈 Portfolio Dashboard: Visualize and manage your portfolio on Solana with ease, ensuring you stay in control of your assets.
🔄 Transaction Agility: Execute transactions seamlessly, with the agility to analyze and aggregate your activities across the Solana blockchain.
🛠️ Complementing Solana's Infrastructure: Step Analytics aligns with Solana's vision, making the entire blockchain more user-friendly and convenient.
💼 Insights Galore: Uncover data insights about your wallet positions, staked yield farms, LP positions, and more, providing a 360-degree understanding of your Solana engagement.
b Step DAO
Get ready to step into the decentralized wonders of Step DAO by Step Finance - a lively hub where users take center stage in shaping the growth of the Step ecosystem! 🚀🌐
🎭 Decentralized Autonomy: Step DAO is the stage where users become stars, actively participating in various activities to fuel the expansion of Step Finance.
🏆 Engage and Earn: Dive into a world of productive tasks, from bounties to other engaging activities, contributing not just to Step Finance but also enhancing the broader Solana ecosystem.
🤝 Community Powerhouse: Step DAO isn't just a feature; it's a movement! It's the beating heart of Step Finance's commitment to community involvement, making you a key player in the platform's development and growth.
💰 Rewards Await: Earn your stripes and be rewarded! Step DAO ensures your contributions are recognized and valued, giving you a front-row seat in the ongoing evolution of Step Finance and its diverse projects.
Step into the spotlight with Step DAO, where community engagement meets decentralized excellence. Your contributions don't just matter – they make you a star in the ever-evolving tale of Step Finance!
c Solana Floor
Get ready for the ultimate DeFi and NFT data extravaganza as Step Finance welcomes SolanaFloor into its suite of offerings! 🌟
🎉 Step Finance's Grand Acquisition: Step Finance, the unrivaled "Front Page of Solana," has upped its game with the acquisition of SolanaFloor. It's not just a move; it's a celebration of data insights and NFT wonders!
🌐 Step Finance: The Data Maestro: Renowned for being the go-to platform for data insights within the Solana ecosystem, Step Finance's large user base has turned it into a digital hotspot.
🎨 SolanaFloor's NFT Magic: SolanaFloor, a top-tier NFT data insights platform, now brings its enchantment into the Step Finance galaxy. Get ready for a visual feast and a deeper dive into the NFT universe!
🚀 Expanding Horizons: Step Finance's master plan? To expand and conquer! With SolanaFloor on board, their strategy is crystal clear – embrace the NFT realm and enhance data insights across the entire Solana ecosystem.
📊 Journey to Comprehensive Analytics: This acquisition isn't just a step; it's a giant leap! Step Finance is on a mission to provide not only comprehensive DeFi analytics but also a front-row seat to the NFT spectacle within the Solana blockchain.
Get ready to witness the fusion of DeFi and NFT brilliance, as Step Finance and SolanaFloor join forces to create a data-driven adventure like never before!
d Solana Crossroads
Pack your bags for a journey to Istanbul, Turkey, where the Solana Crossroads community conference steals the spotlight as the grandest affair on Solana's calendar! 🎉
🚀 Solana's Marquee Gathering: Solana Crossroads isn't just a conference; it's a legendary annual rendezvous! It stands tall as Solana's first and largest community gathering, transforming Istanbul into the beating heart of all things Solana.
🤝 Connect, Learn, Celebrate: This extravaganza is more than just an event; it's a dynamic platform for the Solana community to forge connections, share knowledge, and dive deep into the latest and greatest in the Solana ecosystem.
🌍 Global Community Convergence: Solana Crossroads draws enthusiasts, developers, and industry leaders from across the globe, turning Istanbul into the ultimate hub for Solana aficionados.
🗣️ In-Person Spectacles: Brace yourself for the magic of face-to-face interactions, captivating presentations, and lively discussions that make Solana Crossroads an unforgettable experience.
🎉 Key to Community Engagement: Solana's heartbeat reverberates through Crossroads, making it an essential chapter in the saga of community engagement. It's not just an event; it's a celebration of the Solana spirit!
Join the global Solana community at the crossroads of innovation, networking, and revelry, making memories that last a lifetime!
e Step Data Insights
Step into the world of data mastery with Step Data Insights, the brainy sibling of Step Finance that doesn't just analyze data – it crafts an epic saga of regular newsletters and quarterly ecosystem data reports! 🚀📰
🌐 Data Dynamo: Step Data Insights is not just an arm; it's the beating heart of Step Finance's data prowess. Dive into regular newsletters and quarterly reports that unveil the intricate tapestry of on-chain activities, ecosystem growth, and captivating narratives within the Solana blockchain.
🔍 In-Depth Analysis Galore: Prepare for a deep dive! Step Data Insights isn't just about data; it's about uncovering the hidden gems. Gain profound insights into the Solana ecosystem, akin to peering through a crypto crystal ball.
💡 Sophistication in Analytics: For investors navigating the crypto cosmos, Step Data Insights is the beacon. Offering sophisticated data analytics services, it stands shoulder to shoulder with renowned platforms like Messari, guiding users through the intricate maze of data-driven decisions.
📈 Empowering Informed Decisions: Step Data Insights isn't just about data; it's about empowerment. Users unlock a treasure trove of comprehensive, data-driven analyses, becoming the architects of informed decisions within the dynamic Solana ecosystem.
Embark on a journey where data becomes a narrative, and insights pave the way for informed decisions. Step Data Insights – where the crypto crystal ball comes to life!
f Solana Allstars
Get ready to jet set across the globe with Solana Allstars, where in-real-life (IRL) events become the epicenter of education and community engagement in cities twice a month! 🌟🎓
✈️ IRL Extravaganza: Solana Allstars transforms cities worldwide into vibrant hubs of education and camaraderie, hosting in-real-life events twice a month. It's not just an event; it's a global Solana fiesta!
🎓 Educational Showdown: Step into a realm where education takes center stage! Solana Allstars events are meticulously designed to deliver enlightening content, fostering knowledge and understanding within the Solana ecosystem.
🤝 Community Building Bonanza: These events aren't just gatherings; they're community-building extravaganzas! Much like the Binance Angels program, Solana Allstars becomes the glue that binds enthusiasts, developers, and Solana aficionados together.
🌐 Promoting Awareness: Solana Allstars isn't just about the present; it's about shaping the future. These events play a vital role in spreading awareness, understanding, and fostering adoption of Solana's cutting-edge technology and ecosystem.
Embark on a globetrotting adventure where education meets community building, and every Solana Allstars event is a celebration of knowledge and connection! 🌏🎉
g The Next Billion Podcast
Prepare to dive into the crypto cosmos with The Next Billion, Step Finance's dynamic podcast spotlighting the trailblazers and entrepreneurs dedicated to ushering in the next billion into the world of crypto! 🌍💼
🚀 Crypto Trailblazers Unleashed: The Next Billion isn't just a podcast; it's a voyage into the minds of builders and entrepreneurs shaping the crypto landscape. Engage in compelling discussions with industry leaders, innovators, and visionaries actively propelling the crypto ecosystem forward.
🎤 Conversations with Crypto Pioneers: This podcast isn't your average chat; it's a symphony of insights. Tune in for captivating discussions with the architects of crypto's growth and development, gaining firsthand perspectives from those on the forefront of innovation.
🌐 Global Crypto Perspectives: The Next Billion isn't bound by borders. It's a global initiative, aiming to provide valuable insights and perspectives on the ongoing endeavors to expand crypto adoption worldwide. Step Finance opens the door to a global audience, demystifying crypto accessibility.
💡 Mission: Crypto Accessibility: Through The Next Billion, Step Finance takes on a noble mission – providing a treasure trove of insights that goes beyond just awareness. It's a beacon guiding the way to enhanced crypto adoption and accessibility.
Embark on an auditory journey where crypto visionaries take center stage, and every episode unlocks a new realm of possibilities in the crypto space! 🌌🔊
The Step Token
Evolving beyond its initial scope, Step envisions itself as the go-to page for Solana users, a one-stop hub offering functions and information vital for informed decision-making throughout the day.
The various projects under the Step umbrella cater to diverse audiences, serving as pathways either leading users back to the core product – the Dashboard and Analytics – or independently generating revenue. Notably, all fees amassed by Step-owned projects flow into the fee address, earmarked for purchasing STEP tokens on the open market, subsequently directing these acquired tokens to the staking contract.
a Tokenomics
Delving into the tokenomics of the STEP token, Step Finance adheres to fundamental principles:
Value Accrual to STEP Token: A central focus across all Step projects and products is ensuring value accrual to the STEP token.
Comprehensive Solana Ecosystem Coverage: The Step Dashboard and Analytics commit to maintaining over 90% coverage of the Solana ecosystem.
Data Security Commitment: Step Finance maintains a commitment to user privacy, assuring that personal data such as emails and passwords will never be solicited.
Elimination of Unproductive Token Emissions: Avoidance of unproductive token emissions, such as paying for Total Value Locked (TVL).
xSTEP Staking Yield Mechanism: The yield from staking xSTEP tokens is derived solely from protocol fees.
Staking (xSTEP) emerges as a central feature, allowing users to stake their STEP tokens and receive xSTEP tokens in return. The fees collected by the Step protocol are channeled to a fee wallet, utilized for market buying STEP tokens, subsequently distributed to the xSTEP staking contract, benefiting the stakers.
b Distribution, and Circulation
Step Finance's tokenomics unfold with careful consideration of token distribution, vesting, and lockups. Key wallets that play distinctive roles, shaping the ecosystem are:
1. Treasury
(Wallet:2zvdDgj3DnKZp8V1aLgx9bQA1mqAxKUUW5SmHv9rWgRG): This wallet functions as the financial epicenter, covering Step.finance's operational costs—ranging from team salaries to server and marketing expenses.
2. Treasury Fee Accrual Wallet
(Wallet:5Cebzty8iwgAUx9jyfZVAT2iMvXBECLwEVgT6T8KYmvS): The revenue hub for the STEP protocol, this wallet collects fees from various Step brands and projects. Auto compounding fees, DEX settlement fees, and more contribute to this pool, which periodically feeds the xSTEP staking contract, generating yield for xSTEP token holders.
3. Community Pool
(Wallet:HRr8EW8FYSuNHkJc822ZuDRCWRwaRyJ7xaWAr8xWV7Jy): Dominated by the majority of the supply, this wallet is dedicated to StepDAO contributors, rewarding those actively engaged in tasks that foster the growth of the Step Ecosystem.
4. Airdrop Pool
(Wallet:EWYtiuJkv9fuMJvgG6vxFYHMQGfLBWkqgkxBJDbJAX6t): Reserved for future airdrop rewards, this pool is poised to engage with innovative mechanisms, potentially attracting new users and rewarding existing Solana enthusiasts.
5. Pre-Sale Investors Pool
(Wallet:DdWYfUZYWKX5NayWjs8iKyhDFjKzT9D1KvNqDnvQsDmQ): All Presale investor tokens have concluded their vesting period. Any remaining tokens stem from investors who did not claim their allocations post-vesting.
b(1). Token Burn Update (as of October 5, 2021)
Step Finance executed a substantial supply burn, approximating 37% of the total supply. The breakdown includes:
🪙50% of Team tokens yet to be emitted (Burned: 75,000,000 STEP)
🪙50% of Community Pool Emissions (Burned: 232,398,073 STEP)
🪙50% of Treasury (Burned: 57,495,135 STEP)
🪙50% of Airdrop Supply (Burned: 5,000,000 STEP) The cumulative burned amount reached approximately 369,893,208 STEP, resulting in a Total Supply of 630,106,792 STEP.
c Reward Options and Listing
Step Finance offers a unique reward system called Reward Options, which function as call options on the STEP token with a strike price 10% higher than the price of STEP at the time of minting.
✅These options are valid for 15 days and become "in the money" (ITM) if the STEP price rises by 10% or more during that period.
✅To exercise an ITM call option, users need to hold USDC and press the Claim button for the option to prompt a wallet transaction.
✅In a bear market, Reward Options are likely to expire out of the money (OTM), resulting in no dilution for token holders.
✅If the Reward Option price falls below the Strike, rendering it 'OTM' (Out of The Money), it becomes non-exercisable. To exercise the option, users must hold a USDC balance.
✅The USDC paid for exercising options is directed to the Step Treasury, facilitating STEP buybacks.
Community
Community is a crucial aspect of the Web3 and crypto ecosystem. Engaged Web3 communities drive awareness, adoption, and participation for platforms through member education, governance involvement, ecosystem expansion, and more. Community plays a vital role in the success of Web3 and crypto projects, providing a platform for collaboration, feedback, and support, and driving awareness, adoption, and participation
Step Finance has an active and engaged community on both Twitter and Discord platforms.
a Twitter
Step Finance's official Twitter account (@StepFinance_) is a popular source of information and updates about the platform.
1. The account shares news, announcements, and insights about the Step ecosystem, including its products, features, and partnerships.
2. Twitter users can follow the account to stay updated on the latest developments and participate in discussions about finance, cryptocurrency, and Step Finance.
b Discord
1. Step Finance's Discord server is a community server offering a space for users to discuss financial topics, share tips, and engage with the Step team.
2. The server hosts various events, such as Community Calls, where users can interact with the Step Co-Founder, George Harrap, and ask questions about the platform.
Musings and Reflection
Upon delving into Step Finance, I am captivated by its role as the "Front Page of Solana," offering a comprehensive platform for visualizing, analyzing, aggregating, and executing transactions across the Solana ecosystem.
The platform's tokenomics, designed to drive platform usage while rewarding users and holders, further underscore its dedication to fostering an engaged and active user base. Additionally, Step Finance's active presence on various cryptocurrency exchanges, such as Raydium, Orca, and Gate.io, highlights its integration within the broader crypto trading landscape.
Furthermore, the community-centric approach of Step Finance is evident in its regular Community Calls, where users can engage directly with the co-founders and share their thoughts and questions.
In conclusion, Step Finance's multifaceted offerings, community engagement, and integration within the Solana ecosystem position it as a significant player in the evolving landscape of crypto finance. My reflections on Step Finance have left me with a sense of excitement and optimism for its continued growth and impact within the crypto space.
If you liked my thoughts on the Step Finance, consider following me on
X: @kairavweb3 and @hashnode which is my blog on web and crypto.
Thank you for giving your time to engage with my blog on Step Finance. I feel honored for being a part of this journey with you, and I look forward to share and learn together. See you soon!
References
This article wouldn't exist without:
Official Step Finance Website: https://www.step.finance
Step Finance Docs: https://docs.step.finance
Step Finance X: https://twitter.com/StepFinance_
Step Finance Medium: https://stepfinance.medium.com
The photos and logos pertaining to Step Finance were taken from their website, and other official documents as given above.
GIFs: https://giphy.com
Royalty Free Photos: https://unsplash.com/s/photos/