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

bitcoinistPublished on 2026-02-26Last updated on 2026-02-26

Abstract

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.

Solana projects Step Finance and its sister platforms have announced they are winding down operations following an exploit last month. This also comes as crypto prices struggle amid the current bear market, with SOL still below the psychological $100 level.

Solana Projects To Wind Down Following Exploit And Amid Price Struggle

In an X post, Solana DeFi aggregator Step Finance announced that it and its sister projects, SolanaFloor and Remora Markets, will be winding down all operations. This follows the hack towards the end of last month involving the firm’s treasury wallets, which resulted in a loss of around $40 million.

Related Reading: This Analyst Predicted Solana Sell-Off At $250, And Is Back With A New Prediction

StepFinance stated that following the hack, they explored every possible path forward, including financing and acquisition opportunities. However, the Solana project was unable to secure a viable outcome, which is why it has decided to end all operations effective immediately. The firm also revealed that it is working on a buyback for STEP holders based on a snapshot taken before the incident.

The STEP token is down over 40% in the past week amid this announcement, currently trading at around 0.00060. The token is down by over 99% from its all-time high (ATH) of $10, set in August 2021.

Furthermore, Step Finance stated that it is also working on a redemption process for Remora rToken holders, with these tokens still backed 1:1. Remora Markets, a tokenized stock marketplace on SOL, also confirmed that it is winding down operations alongside its parent company, Step Finance. Remora stated that they are currently working on a redemption process to allow holders to redeem their tokens for USDC and that they will share more details soon.

Media Outlet To Also Wind Down

Solana media platform Solana Floor, a sister company to Step Finance, also confirmed that it is winding down operations. The platform will no longer publish new content, but the existing website, videos, and newsletters will remain available as an archive. Solana wallet Solflare stated that it will pause its News section inside the wallet due to Solana Floor’s sunsetting.

Related Reading: XRP, Solana Secure Inflows As Institutions Move $1 Billion Out Of Bitcoin And Ethereum

Solflare also revealed that it is considering opening up the space to community-driven articles published directly in the wallet. This will include original long-form articles, fresh insights, analysis, and strong opinions, deep dives into SOL projects/trends, educational crypto explainers, and market analysis.

Meanwhile, Step Finance co-founder George Harrap indicated that there was still the possibility of an acquisition of any of their projects. He stated that some people have reached out about acquiring various businesses and that they will pursue those if serious and have interest, but warned that they are working on a “time crunch.

At the time of writing, the Solana price is trading at around $89, up 8% in the last 24 hours, according to data from CoinMarketCap.

SOL trading at $87 on the 1D chart | Source: SOLUSDT on Tradingview.com

Related Questions

QWhy are Step Finance and its sister platforms winding down operations?

AStep Finance and its sister platforms are winding down operations due to a significant exploit last month that resulted in a loss of around $40 million from the firm's treasury wallets, and they were unable to secure financing or acquisition opportunities to continue.

QWhat is the current trading price of the STEP token and how much has it fallen from its all-time high?

AThe STEP token is currently trading at around $0.00060, which is down over 40% in the past week and represents a decline of over 99% from its all-time high of $10 set in August 2021.

QWhat will happen to the SolanaFloor media platform?

ASolanaFloor will no longer publish new content, but its existing website, videos, and newsletters will remain available as an archive. The wallet Solflare will also pause its News section due to this sunsetting.

QWhat is the process for STEP and rToken holders following the shutdown?

AStep Finance is working on a buyback for STEP holders based on a snapshot taken before the exploit. For Remora rToken holders, a redemption process is being developed to allow them to redeem their tokens 1:1 for USDC.

QWhat was the co-founder's statement regarding the possibility of an acquisition?

ACo-founder George Harrap indicated that some people have reached out about acquiring various businesses, and they will pursue serious offers, but warned that they are working on a 'time crunch'.

Related Reads

Bitcoin Price Could See Another Crash, But What Is The Long-Term Prognosis?

Bitcoin recently surpassed $78,000, reigniting bullish sentiment and expectations of reaching six figures. However, analyst Behdark warns of a potential price crash before any sustained recovery. He suggests current optimism may be misleading, possibly a tactic by market makers to attract buyers before a downturn. Technical analysis indicates bearish patterns, such as a triangle or diamagnetic formation, signaling a likely decline. Key resistance levels to watch are $77,000 and $80,552, where a reversal may occur. If a correction happens, support levels are identified near $72,800, $67,885, and $67,677, with a break below possibly leading to a further 10% drop. The long-term outlook remains above the $60,000 cycle support, suggesting eventual recovery after a short-term dip.

bitcoinist45m ago

Bitcoin Price Could See Another Crash, But What Is The Long-Term Prognosis?

bitcoinist45m ago

Prediction Markets Under Bias

The article "Prediction Markets Under Bias" by Jeff Park of Bitwise argues against the common media portrayal of prediction markets as mere gambling or a social ill. It distinguishes between gambling and investment based on whether a participant's strategy has a positive expected value (+EV), not the market's structure. The author contends that prediction markets, like poker, are skill-based and can be a legitimate form of investment, offering individuals autonomy, truth discovery, and decentralized value. The piece critiques the common conflation of prediction markets with casino gambling, highlighting their role in risk hedging and capital efficiency, similar to insurance and securitization. A key differentiator is their precision and finite expiration, which makes prices directly anchor to factual outcomes, rewarding deep research and information advantage rather than punishing the uninformed. The author concludes that media opposition often stems from a structural bias, as these markets challenge traditional information gatekeepers and promote a more democratic, transparent system for pricing truth. The real debate is not about information having a price, but about who controls and profits from it.

marsbit1h ago

Prediction Markets Under Bias

marsbit1h ago

Why Do You Always Lose Money on Polymarket? Because You're Betting on News, While the Pros Read the Rules

Why do you always lose money on Polymarket? Because you bet on news, while the pros study the rules. This article explains how top traders ("che tou") profit by meticulously analyzing market rules, not just predicting events. Polymarket, a prediction market platform, often sees disputes over event outcomes due to ambiguous rule wording. For instance, a market asking "Who will be the leader of Venezuela by the end of 2026?" was misinterpreted by many who bet on Delcy Rodríguez, assuming she held power. However, the rules specified "officially holds" as the formally appointed, sworn-in individual. Since Nicolás Maduro was still recognized as president officially, he won the market—even being in prison. To resolve such disputes, Polymarket uses a decentralized arbitration system via UMA protocol. The process involves: 1. Proposal: Anyone can propose a market outcome by staking 750 USDC, earning 5 USDC if unchallenged. 2. Dispute: A 2-hour window allows challenges with a 750 USDC stake; successful challengers earn 250 USDC. 3. Discussion: A 48-hour period on UMA Discord for evidence and debate. 4. Voting: UMA token holders vote in two 24-hour phases (blind then public). Outcomes require >65% consensus and 5M tokens voted; otherwise, four re-votes occur before Polymarket intervention. 5. Settlement: Results are final and automatic. Unlike traditional courts, Polymarket’s system lacks separation between arbitrators and stakeholders—voters often hold market positions, creating conflicts of interest. This leads to herd mentality in discussions and non-transparent outcomes without explanatory rulings, preventing precedent formation. Thus, success on Polymarket hinges on deep rule interpretation, not just event prediction, exploiting gaps between reality and contractual wording.

marsbit1h ago

Why Do You Always Lose Money on Polymarket? Because You're Betting on News, While the Pros Read the Rules

marsbit1h ago

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

DeepSeek, a leading Chinese AI company, has initiated its first external funding round, aiming to raise at least $300 million at a valuation of no less than $10 billion. This move marks a significant shift from its founder Liang Wenfeng’s previous idealistic stance of rejecting external capital to maintain independence. Despite strong financial backing from its parent company, quantitative trading firm幻方量化 (Huanfang Quant), which provided an estimated $700 million in revenue in 2025 alone, DeepSeek faces mounting challenges. Key issues include a 15-month gap in major model updates, delays in its flagship V4 release, and the loss of several core researchers to competitors offering significantly higher compensation. The company is also undergoing a strategic pivot by migrating its infrastructure from NVIDIA’s CUDA to Huawei’s Ascend platform, a move aligned with China’s push for technological self-reliance amid U.S. export controls. However, DeepSeek lags behind rivals like智谱AI and MiniMax—both now publicly listed—in areas such as product ecosystem, multimodal capabilities, and commercialization. The funding round, though relatively small in scale, is seen as a way to establish a market-validated valuation anchor, making employee stock options more competitive and facilitating talent retention. It also signals DeepSeek’s transition from a pure research-oriented organization to a commercially-driven player in the global AI ecosystem.

marsbit1h ago

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

marsbit1h ago

Warsh, Trump's Next 'Scapegoat' at the Federal Reserve?

Kevin Warsh, a nominee for the Federal Reserve chair, faces a challenging confirmation hearing amid political pressure from former President Donald Trump to implement immediate and significant interest rate cuts. Warsh has proposed reforms including reducing the Fed’s communication frequency and shrinking its $6.7 trillion balance sheet. However, market expectations for rate cuts remain limited, creating tension with Trump’s demands. Warsh’s stance has shifted over time, from hawkish during the financial crisis to more dovish recently, citing AI-driven productivity gains. His confirmation is further complicated by Republican Senator Thom Tillis’s threat to block the nomination unless an investigation into current Chair Jerome Powell is dropped. Trump has warned of firing Powell if he doesn’t leave on time. Observers note that Warsh risks becoming a "scapegoat"—either by yielding to political pressure and fueling inflation, or by resisting and facing Trump’s backlash. His ties to Trump’s circle and Wall Street support may aid his nomination, but his ability to balance political demands with the Fed’s credibility remains uncertain. Historical precedents, like Arthur Burns’s compliance with Nixon, highlight the risks of political interference in monetary policy.

marsbit2h ago

Warsh, Trump's Next 'Scapegoat' at the Federal Reserve?

marsbit2h ago

Trading

Spot
Futures

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of SOL (SOL) are presented below.

活动图片

Top Questions

Hot Categoriesright-arrow

Hot Tagsright-arrow