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Wondering What’s Going On With Solana? Projects Are Taking Massive Hit As Price Plunges

Solana projects Step Finance, along with its sister platforms SolanaFloor and Remora Markets, are winding down all operations following a $40 million treasury hack last month. Despite exploring financing and acquisition options, the team found no viable path forward. The STEP token has plunged over 40% in a week and is down 99% from its all-time high. Remora Markets is working on a redemption process for token holders, while media outlet SolanaFloor will archive existing content but cease new publications. Solflare wallet will pause its news section due to the shutdown. Despite these setbacks, Solana’s price saw an 8% increase in 24 hours, trading around $89.

bitcoinist02/26 22:02