Decentralized finance (DeFi) portfolio tracker Step Finance said it will wind down operations with immediate effect.
The Solana-based platform was the subject of a hack in late January where 261,854 SOL, worth around $27 million at the time, were stolen.
Step said it was unable to secure a viable outcome following the hack after it “explored all possible avenues forward, including financing and acquisition options,” in a post on X on Monday.
The project is working on a buyback for holders of native token STEP based on a snapshot of holdings and value before the event.
STEP lost almost 96% of its value after the incident and is down another 36% in the last 24 hours after the closure announcement.
Founded in 2021, Step Finance offered a collection of dividend farms, liquidity provider (LP) tokens and other DeFi positions from a single platform.
Associated projects SolanaFloor, a Solana-focused media outlet, and tokenization platform Remora Markets will also close.
