Serum, an open liquidity infrastructure known to be the most widely used liquidity hub in the Solana ecosystem, is now said to be forked after the fact that it may have been compromised due to the FTX hack.
A developer with a pseudonym, Mango Max, said on Twitter a “verified build of the same version has been made and deployed” on Nov 12. In addition, the upgrade authority and fee revenues have been changed and are now managed by a multi-sig controlled by a team of trusted developers. Serum (SRM) and MegaSerum (MSRM) tokens, and also fee discounts, were not altered and are now working as usual.
Given that FTX develops Serum, many Solana developers believe the hack may have affected the protocol. Anatoly Yakovenko, a developer of the Solana blockchain, stated that developers are racing to fork Serum’s code today and resume the protocol without the involvement of FTX.
However, apparently, developers might have to require another version of Serum because the original can only be updated via a private key which is controlled by someone at FTX and not the Serum DAO. As a result of the FTX hack, that key may have been compromised. Yakovenko added, “Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised.”
Yakovenko is not the only developer who contributed to the forking matter. Mango Max said, “The serum program update key was not controlled by the SRM DAO but by a private key connected to FTX. At this moment, no one can confirm who controls this key and hence has the power to update the serum program, possibly deploying malicious code.”
Mango Max mentioned that he and some other developers have now decided to take matters into their hands and push for a “relaunch.” He also concluded that a few community projects, including Solape Finance, Open Serum, Jupiter Exchange, Switchboard, and Mango Markets, have announced that they are working to integrate with the fork.
While the plan to relaunch was happening, several Solana apps which depend on the Serum protocol began limiting their exposure. Jupiter, a widely used DEX aggregator exchange on Solana, informed users that it has turned off the use of Serum’s liquidity due to security concerns. Jupiter concluded by encouraging other integrators to do the same.
Other Solana-based applications, such as Mango Markets, Phantom, and Magic Eden, also announced they would stop depending on Serum for liquidity and have halted its use because of security concerns.
It’s no more news that the hack and bankruptcy of FTX caused so much damage in the industry, affecting other projects. Recently Galois Capital, a crypto hedge fund that deals in over-the-counter trading, disclosed that almost half of its capital is trapped in FTX.
Shark Tank star and billionaire investor Kevin O’Leary sees several leading altcoins that he believes have the potential to add problem-solving value as the blockchain world expands and evolves.
In an interview with Anthony Pompliano on The Best Business Show, O’Leary says cryptocurrencies should be viewed as functional “software” rather than simply alternate forms of money.
When it comes to determining which blockchain projects to pursue, the investor says he relies on the same process of vetting teams and vision as with traditional software companies. He cites his hands-on approach with layer-2 scaling solution Polygon (MATIC) as a real-world example of the strategy.
“I’ve seen this movie before. I was an investor in software engineers twenty-two years ago at the Learning Company when we made educational software.
The way I used to do it then is the way I’m doing it now…
If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai.I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it.
First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested.”
O’Leary says that beyond the initial concept, he wants to see the potential for a positive economic impact as well.
“Here’s the second test. What economic value are they creating?
In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea.
You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.”
The Shark Tank personality next mentions enterprise-grade public network Hedera (HBAR), which is tailored for security and regulatory compliance.
“Great team, good engineers. What’s the economic premise that would keep that growing?
Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds.
HBAR can deliver that, check the box there.”
Lastly, the billionaire mentions smart contract platform Solana (SOL) as a project seeking unique solutions.
“They’re trying to solve problems a different way to speed everything up.
Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?”
O’Leary concludes his remarks by reiterating the importance of conceptually looking at cryptocurrencies differently.
“They’re software platforms. I say to institutions, ‘You criticize me for investing in Bitcoin? You own a big position in Microsoft [and] a five-percent weighting in Yahoo. What is that? That’s software.
‘Why don’t you do the same thing in Bitcoin? Why aren’t you in Ethereum? Why aren’t you in HBAR and Polygon? Why aren’t you in Serum? Why aren’t you in Helium?’
With that attitude, it’s hard to say I’ll only invest in publicly traded software companies. One day crypto and all these software platforms are going to be the 12th sector of the S&P.”
Bitcoin (BTC) and Ethereum (ETH) are perhaps the most well-known cryptocurrencies. Serum (SRM) is a trustless decentralized finance protocol, while Helium (HNT) is an Internet-of-Things open-source public blockchain.
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Serum, a decentralized exchange on Solana, is midway through a major fundraise.
Through a token sale fundraiser, the team has secured $70 million out of a planned $100 million.
Serum is a critical component of Solana’s DeFi ecosystem with nearly $2 billion in TVL.
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Serum, a leading order book-based decentralized exchange on Solana, has raised $70 million out of a planned $100 million. The funds will go toward growing Serum itself as well as toward new projects emerging within its ecosystem, according to a press release made public today.
Serum Secures $70 Million in Committed Capital
Solana’s DeFi ecosystem is getting a new cash injection.
Incentive Ecosystem Foundation, the community-led foundation largely behind the development of Serum, has revealed that it is in the middle of an ongoing $100 million fundraising round. A pseudonymous core contributor to Project Serum going by JHL told CoinDesk that the organization had already raised about $70 million in committed capital out of the targeted $100 million.
The foundation plans to grow the Serum ecosystem with the new funds, of which $15 million have been allocated for that purpose. With the new funds in place, Incentive Ecosystem Foundation plans to support emerging projects in DeFi, NFTs, and gaming. The rest of the capital will be deployed toward new hires, hackathons, and other growth initiatives for Project Serum itself.
The fundraising was conducted via token sale in which several tokens from across the Serum ecosystem were offered to investors at a discount, in most cases 15%. These tokens included Solana (SOL), Serum (SRM), Raydium (RAY), Oxygen (OXY), Pyth Network (PYTH), and others. Notable participants in the fundraising round included Commonwealth Asset Management, Tiger Capital, and executives at Golden Tree Asset Management, among others. The investments are locked for one year, after which the tokens will vest linearly over five years.
Serum and Solana
Serum is a protocol for decentralized finance dApps on Solana. Itlaunchedin August 2020.
The ecosystem is considered the backbone of DeFi on Solana, currently hosting over 70 projects that between them boast nearly $2 billion in total value locked.
Serum operates on a decentralized central limit order book system governed by smart contracts. Rather than relying on automated market makers, Serum’s smart contracts match buyers and sellers directly according to price-time priority. In this way, it is intended to compete with AMM-based exchanges like SushiSwap and Uniswap, which utilize liquidity pools to make trading possible.
Serum was originally founded by Sam Bankman-Fried, who is more well known as the founder of FTX and Alameda Research. However, it is now managed by the Incentive Ecosystem Foundation, the legal entity that staffs the team of core contributors and pays their salaries.
Disclosure: At the time of writing, the author of this piece owned SOL and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A prominent crypto trader says that he’s identified the final level Bitcoin (BTC) needs to hurdle before sparking a massive rally.
Inmortal tells his Telegram subscribers that the $64,000 level is Bitcoin’s “final boss” before it expands and never looks back. However, he says the top crypto could dip before pushing past its final foe.
“64k is the final boss, find acceptance above it and we’ll see expansion.
But maybe, we could see a shakeout first.”
Source: InmortalTA/Telegram
Bitcoin is trading at $61,114 at time of writing, according to CoinGecko.
Inmortal then predicts a huge price gain for Ethereum (ETH) based on similarities between the accumulation charts from late 2020 and now.
“Fractal / Accumulation below ATH in 2020 vs now.”
Source: InmortalTA/Telegram
The second-largest crypto asset by market cap is trading at $4,469 at time of writing, per CoinGecko.
The popular strategist then looks towards Cosmos (ATOM), which he says is ready for another rally after it nearly matched its all-time high last week, going from $31.87 to $42.95 in eight days.
He tells his 107,000 Twitter followers that ATOM is “ready for another leg up.”
Source: inmortalcrypto/Twitter
According to CoinGecko, Cosmos is trading at $37.03 at time of writing.
Finally, Inmortal looks at SRM, the utility token of the Solana-based (SOL) decentralized exchange (DEX) Serum. With Solana on the rise, Inmortal sees Serum following in the smart contract platform’s footsteps.
“SRM is showing a lot of strength, next interest areas are $11 and $14.”
Source: InmortalTA/Telegram
Serum is trading at $7.94 at time of writing, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
While Solana is still early in its development, it already has a lot to offer users.
Wallets like Phantom and Solflare make it easy to interact with the network.
Solana’s central limit order book Serum provides one of the best decentralized trading experiences.
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Launched in March 2020, Solana aims to address the scalability issues other smart contract blockchains like Ethereum face. While still in the early stages of development, users can already take advantage of a whole host of features on Solana.
Why Use the Solana Ecosystem?
From the average user’s perspective, the biggest advantage to using Solana is the network’s high speed and low cost. With transactions priced in fractions of pennies, the fees for interacting with dApps are barely noticeable. Additionally, other complex transactions are also much cheaper. The cost of minting NFTs, which can set users back an exorbitant amount of gas on Ethereum, is vastly reduced on Solana, even during times of high network congestion.
Solana’s consensus mechanism also helps alleviate one of the biggest problems other competing blockchains face—transaction frontrunning. With Solana’s Proof-of-History consensus, transactions are time-stamped and processed in the order they are submitted for validation, making it nearly impossible for other users to profit from stacking transactions. The protection against frontrunning improves the end user’s experience and makes Solana a more attractive platform for future developments such as tokenized stock trading.
Choosing a Wallet
Getting started with Solana requires setting up a compatible wallet.
For those looking for an in-browser Web3 wallet similar to MetaMask, the two best choices on the market today are Phantom and Solflare. Both wallets are non-custodial and offer features such as SOL staking, in-wallet token swaps, and NFT support with full video and audio capability. Solflare’s browser extension is only available for Firefox, while Phantom boasts compatibility with Google Chrome, Brave, Firefox, and Microsoft Edge.
Mobile wallet options are more limited. The Exodus wallet might be the best option available today, partly because it allows for SOL staking. However, as Solana grows, more wallets should start offering mobile versions; Solflare has already announced that it will develop a mobile app.
Once you have decided on your wallet of choice, download the extension or app from the wallet’s website and follow the steps to create a new wallet. Make sure to write down your seed phrase and store it safely. If you already have a seed phrase from an existing Solana wallet, you can import it to Phantom or Solflare after downloading the browser extension.
After your wallet has been set up, the next step is to add some funds so that you can start using the network. Solana’s native token is SOL; you need it to pay transaction fees. The easiest option is to use a centralized exchange such as Coinbase or Kraken to buy SOL with fiat. Once you’ve purchased some SOL, follow the steps to withdraw the coins to your Solana wallet. On Phantom and Solflare, you can find your wallet’s address at the top of the browser extension; click it to copy the address to your clipboard and paste it directly into your withdrawal transaction.
Trading on Solana
Once you have a wallet set up and have transferred over some SOL, you will be able to start exploring Solana’s growing DeFi ecosystem.
All DeFi apps in Solana’s ecosystem can operate through a central limit order book (CLOB) exchange called Serum. Made possible by Solana’s incredibly fast block times, Serum allows any app on the network to share its liquidity. Unlike dApps such as Uniswap, Serum does not use liquidity pools to facilitate trades; it matches sellers and buyers like a traditional exchange instead. To the end user, this means lower slippage and fewer price fluctuations when using Serum.
Trading on Serum is simple. After navigating to thewebsite, enter the app by clicking the “Trade on Serum DEX” button. Next, connect your wallet using the button in the top right corner of the page. Whether you’re using Serum or any other app, you’ll usually find the connect button in the same place on every site.
Once your wallet is connected, you can start making transactions. First, select your trading pair from the dropdown box on the left of the site. Next, create an order by using the fields on the right-hand side. In the below example, Crypto Briefing buys SOL on the SOL/USDT market. Select your trading pair of choice, enter the price that you want to buy or sell the asset for in the top box, then enter the quantity you want to buy or sell in the box below. A final box located to the right should automatically fill and show the cost of your order.
Trading SOL/USDT on Serum (Source: Serum)
After double-checking that everything is correct, send the order by clicking the buy or sell button. In this case, the button says “Buy SOL.” Depending on which wallet you’re using, you may need to click through permissions before your trade goes live. Make sure you only give trustworthy sites permission to interact with your wallet; otherwise, you could lose your funds. Once your order has been filled, you need to navigate down to the page and click the “Settle” button for your newly purchased asset. Funds will not appear in your wallet until you settle them, so make sure to remember to do it after every transaction.
Trading on Serum is just the tip of the iceberg when it comes to Solana. If you’re looking for more advanced trading options, be sure to check out Mango Markets. The user interface is similar to Serum, and it also allows users to take advantage of on-chain margin trading and perpetual contracts for select assets.
Another of Solana’s most popular apps is Raydium. While Serum solely uses an order book to facilitate trades, Raydium takes a dual approach. Using Serum’s order book combined with its own liquidity pools, Raydium can route through both to find the best trades with the lowest slippage. Additionally, as Raydium uses liquidity pools, users can provide liquidity and earn interest from the fees generated by the protocol. Currently, users can make 15.93% APY through the SOL/USDC pool on Raydium.
Solana’s NFT ecosystem has also seen growth following crypto’s first “NFT summer.” Arguably the best marketplace for Solana-based non-fungibles today isSolanart. Over the past few weeks, NFTs have boomed on Solana, with floor prices for popular projects such as Degenerate Ape Academy rising at a rapid rate. Last week, a Solana Monkey Business NFT sold for $2.1 million; it was minted for 2 SOL only a few weeks prior. While Solanart is not as streamlined as the leading NFT marketplace OpenSea, it has all the basic functionality to buy, sell, and discover NFTs on Solana.
Getting acquainted with Solana early can give users a serious edge over other market participants. The network is growing at a rapid rate and is likely to become more popular as the crypto space grows in the future.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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Popular crypto trader and analyst Scott Melker is predicting new rallies for Polygon and two other altcoins while saying that Tezos is cleared for take-off.
Melker tells his 595,300 Twitter followers that Ethereum scaling solution Polygon (MATIC) is primed to move higher after taking out its diagonal resistance that has kept the altcoin in a downtrend last month.
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“MATICtarget $1.79. Then higher.”
Source: Scott Melker/Twitter
From MATIC’s current value of $1.28, Melker’s initial target represents an upside potential of nearly 40%.
Another coin on the trader’s list is decentralized derivatives exchange Serum (SRM). According to Melker, SRM is following the footsteps of MATIC and appears poised for potential gains of over 50%.
“SRMtarget ~$13.”
Source: Scott Melker/Twitter
Next up is decentralized cross-chain money market Kava.io (KAVA), which Melker says has also ended its market slump and is gearing up for a 46% surge from its current price of $6.28.
“KAVATarget $9.20.”
Source: Scott Melker/Twitter
Looking at smart contract platform Tezos (XTZ), the crypto analyst believes that the altcoin is one resistance away from printing a new all-time high and heading into uncharted territory.
“Already almost 3x from first entry and a 2X from second entry (black circles). Flirting with price discovery, currently just the tip. Close above $8.4 and sky is the limit.”
Source: Scott Melker/Twitter
At time of writing, Tezos is exchanging hands at $8.33, according to CoinMarketCap.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Solana-based DEX and ecosystem Serum (SRM) today shared its updated roadmap 2.0 which,among other objectives,focuses on bringing DeFi to the masses.
A Look at the Milestones Accomplished to Date
Serum (SRM), a decentralized exchange (DEX) and ecosystem built on Solana blockchain today shared its updated roadmap which builds on the DEX’s impressive success to date.
Since its inception in September 2020, Serum has cemented itself as a major DEX in the wider cryptocurrency industry primarily due to its on-chain central limit order book and matching engine which provides liquidity and price-time priority matching to traders and composing projects.
Currently, Serum is in Phase 3 in the form of Serum DEX V3 that vastly reduces dependency on the request queue and ensures the order books are always up-to-date.
Some of the milestones achieved by Serum to date include over $5.51 billion of volume since inception, regular $100+ million in daily volume, 969 Serum V3 markets as of June 2021, and order books as thick (or thicker) than Binance or Huobi.
What’s in Roadmap 2.0?
As mentioned earlier, Serum’s long-term vision continues to bridge the gap between the emerging DeFi landscape and the mainstream audience. To that end, the DEX is committed to developing the right technical infrastructure and forging the required partnership with various industry stakeholders.
Among the upgrades discussed, Serum will enable permissioned markets, automated settlements via associated token accounts, and offer reduced trading fees to SRM holders.
Further, Serum is also mulling launching perpetual futures products and spot margin trading in Q1 2022-Q2 2022.
In terms of making itself more decentralized, Serum says it will work toward decentralizing cranking coordination to enable new projects to avail existing crank services, and fully decentralize the SRM buy and burn process.
Importantly, the updated roadmap also talks about forging alliances with CeFi partners, developing standardized API interfaces to the Serum DEX and projects in the Serum ecosystem, developing market maker incentive programs, and optimizing RPC server performance for common DEX operations.
At press time, SRM, the native coin of the Serum DEX is trading at $3.46 with a market cap of more than $172 million, according to data from CoinGecko.
Serum—one of the world’s actively used DEX on the Solana blockchain preferred because of its low transaction costs and speed–concurrently burned and dropped to stakers a combined $1.3 million of SRM, an update on May 3 reads.
The first SRM burn was in Sep 2020 where $400k of SRM was destroyed in line with the project’s schedule. This represented 100 percent of Serum’s revenue.
There was another burn in late April 2021 where $600k of SRM was burnt and dropped to stakers.
Only 50 million SRM tokens are currently in circulation.
Still, the team is keen on keeping circulation low to improve the scarcity of the SRM token through continuous coin burns.
According to the DEX project, 80 percent of trading fees will be used as part of a buy-back program and burning. The remainder, 20 percent, caters to DEX hosting expenses.
Efforts to Increase SRM’s Scarcity
Over time, the number of tokens burnt will grow linearly, depending on adoption levels.
The project’s creators predict to eventually attract a billion users and command over $1 trillion of assets in years to come.
At those levels, SRM’s scarcity will increase as its demand increases. SRM acts as a utility and governance token. As a result, users who pay fees using SRM receive a discount.
In addition to burning, node operators can also lock up or stake their SRM tokens.
All these efforts contribute to SRM’s scarcity, boosting prices in the long haul.
SRM Charts to New 2021 Highs
As of writing on May 3, the SRM price is trading at new 2021 highs, changing hands at $12, according to trackers.
SRM’s expansion is boosted by the increasing number of intuitive user interfaces like Bonfida and Raydium, offering more accessible access to the DEX’s trading books.
Its valuation is rising in tandem with Solana. SOL is charting new 2021 highs boosted by adoption and migration to cheaper, high-throughput smart contracting platforms.
As BTCManager reported, Serum launched its first AMM in Oct 2020.
Serum (SRM) is an efficient decentralized exchange (DEX) leveraging cross-chain support to create personalised and innovative financial products.
It will rebuild the DeFi network and decentralized derivatives market through its trustless cross-chain transactions.
Most DeFi protocols run on the Ethereum (ETH) network, but high fees and slow transaction times have resulted in more and more Ethereum-based projects seeking other network ecosystems such as the Solana ecosystem, which offers faster transaction processing time and lower fees.
Therefore, projects like Serum (SRM), which runs on the Solana (SOL) blockchain, have also become increasingly popular and gained market share.
Part of the recent increase in SRM’s price is due to the increasing number of front-end user interfaces in Bonifida (FIDA), which builds on the Serum network. And the increase in visits to Raydium, the automated market maker (AMM) of the Serum decentralized exchange (DEX), has also contributed to the surge of Serum’s price.
In the past two days, the price ofSerum (SRM) has soared from a low of $5 to a record high of $11.24, an increase of 124%.
Judging from the daily candlestick chart, a long green bullish candlestick accompanied by an increase in trading volume indicates that SRM successfully broke through the previous resistance level of $8.22. This resistance level was successfully transformed into a support level.
Today, Serum broke through the previous high of $11.07 and once again set a new all-time high of $11.24. At the time of writing, Serum is trading at $10.49. So far, SRM’s rate of return is very impressive, rising by more than 900% from $1.04 to $10.49, since the beginning of 2021.
The transaction price of SRM/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.
The stochastic Relative Strength Index is sloping upwards towards the overbought zone, which suggests that SRM may open a faster upward channel. This indicates that the altcoin will not encounter strong selling pressure on its way up. Serum is very likely to break through $15 in the short term.
Step Finance, a Solana-native DeFi protocol, announced the completion of a private token sale for $2 million, which will help build and develop its platform.
The round, disclosed on Tuesday, saw participation from notable Solana backers including Alameda Research, the hedge fund known for launching and backing FTX and Serum. Other investors include Raydium, One Block, 3 Commas Capital, Solidity Ventures, and some undisclosed individual investors within the Solana ecosystem.
Step Finance is a DeFi position manager and aggregator, offering similar functionality to Ethereum’s Zapper. George Harrap, co-founder of Step, explained the current issues that the project is trying to solve:
“The biggest problem in the Solana ecosystem is how most projects are siloed from one another. 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.”
The Step Finance project emerged from the Solana hackathon held in March in collaboration with Serum. Though the project did not win any prize during the event, it appears to have provided the team with the necessary experience to pursue further funding. Harrap added:
“It’s hard to track anything on Solana because what Step is doing doesn’t exist yet, so there is a clear market fit that investors saw. Our team is made up of known people in the crypto industry who have raised money, built projects, companies, and start-ups, and the investors knew that their money was in safe hands.”
Beyond the position and yield aggregation, the platform also seeks to provide insight into the user’s portfolio risk through parameters like the Sortino score. The platform is primarily meant for power users in Solana DeFi, where projects generally focus on more traditional trading platforms.
Solana is making a powerful push toward onboarding the “accessory” projects that simplify usage of other DeFi protocols. In the latest Hackathon, winners also included projects that emulate the functionality of platforms like Synthetix or Yearn.Finance, in addition to unique additions such as tax reporting management.
