Solana DeFi Project Step Finance to Wind Down Weeks After $29M Hack
Decrypt
by Callan QuinnFebruary 24, 2026
AI-Generated Deep Dive Summary
Solana-based decentralized finance (DeFi) projects Step Finance, SolanaFloor, and Remora Markets have announced their shutdown following a $29 million hack in January. The breach led to a significant collapse in the value of Step’s native token, STEP, which dropped by nearly 96%. Despite efforts to secure financing and explore acquisition opportunities, the teams were unable to find a viable path forward, leading to the difficult decision to close operations immediately.
Step Finance, founded in 2021, was a portfolio manager for Solana-based assets before expanding into SolanaFloor, a news outlet focused on the Solana ecosystem, and Remora Markets, a tokenized stock marketplace. The hack occurred when unauthorized access to the project’s treasury wallets resulted in the theft of 261,854 SOL tokens worth approximately $29 million at the time. This incident, coupled with the subsequent collapse of STEP token value, has left the projects unable to recover.
The shutdown of Step Finance and its affiliates is part of a larger trend of DeFi project closures. Other high-profile platforms like ZeroLend have also announced their winding down due to operational challenges, declining on-chain activity, and rising security risks. These developments highlight broader structural issues within the crypto industry, particularly in DeFi, where projects often struggle with fragmented liquidity, limited utility for tokens, and increasing regulatory scrutiny.
Co-founder George Harr
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Originally published on Decrypt on 2/24/2026