Step Finance Raises $2M in Round Led by Alameda Research

Step Finance, a Solana app which aggregates users’ DeFi activities across the blockchain’s open finance ecosystem has raised $2M in a round led by Alameda Research, Three Comma Capital and others.

“The biggest problem in the Solana ecosystem is how most projects are siloed from one another,” Step co-founder Georga Harrap wrote in a press release. “There is no way to know your token and LP balances, current position sizes, etc., without actually visiting each website individually and logging in to understand your portfolio – and performance. Step was born out of this necessity and is here to solve that.” 

Step’s funding shows that the Solana ecosystem is mature enough that users need their DeFi activities aggregated. Dashboards like Zapper and Zerion have been instrumental in making DeFi manageable to Ethereum users by shipping features which allow users to take liquidity provider positions and deposit into yield aggregator protocols with one-click. Step aims to do the same for Solana. Zapper and Zerion received 3.4M and 1.8M visits respectively in March.

The native token for the app, STEP, will soon be launched on Solana mainnet, adding to an ecosystem whose base token, SOL, has jumped 86% in the last 30 days.