Public / DeFi
Public / DeFi
Step Finance is the front page of Solana. Visualise, Analyse, Aggregate and Execute transactions across Solana in one easy to use Dashboard.
Official Website: https://step.finance/
Step Finance Blog Updates
OrganizerMay 1, 2021 at 3:15 pm
Step Finance Blog Updates
MemberMarch 26, 2021 at 4:34 pm
Today we are delighted to be launching Step.finance to the world. Born out of the recent Solana Hackathon Step aims to be the front page of Solana– the central location to track, visualise, aggregate and execute transactions across multiple smart contracts in the Solana ecosystem. Today we are launching our basic Alpha to market (https://step.finance/) which is currently tracking most coins and LPs in the Serum ecosystem as well as utilising the Serum AMM for swaps.
Over the coming weeks and months we will be building out our launch product with a custom UX and support for more granular portfolio information. Part of our vision as DeFi power users for Step is best in class portfolio metrics, automated investment vaults, aggregation across multiple swap pools and easier access into and out of many yield farms. Step will be the central location to manage your portfolio on Solana.
The biggest problem to date has been most Solana projects are silo’d 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 and understanding what is actually happening with your portfolio, unfortunately performance is usually still left to excel spreadsheet or just guessing. Step is here to solve that.
Step will be a critical part of the Solana ecosystem and as such a critical focus of the team is ensuring there are multiple value accrual mechanics for the Step platform. The team intends on outlining the roadmap to launch for the $STEP token soon which will be the value capture mechanism for the Step.finance platform. This value capture will align incentives towards the team and our users ensuring generous rewards for LPs and users executing transactions on Step. Please stay tuned for updates on that soon!
We would invite everyone to try out our Alpha (https://test.step.finance/) and be sure to leave feedback on what you would like to see in the portfolio visualisation space. Step is built by DeFi degens for DeFi degens and we are eager to show you what we have in store soon!
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Author: Step Finance
MemberApril 4, 2021 at 10:55 am
The Step Finance team is excited to announce today that we will soon be launching the $STEP token, a native Solana utility token on the 24th April 2021. Exact timing we will be providing over the coming weeks as we finalise the listing contracts with our IDO partner Raydium. IDO will be at a fixed price on a first come first serve basis. The STEP token will be core to the value accrual mechanics of the Step.finance platform and the team has spent alot of time crafting the optimal mechanics with swaps, automated strategies, yield farms, staking pools, bridges and data visualisation all involving $STEP in some capacity.
Over the coming weeks the team will be releasing further information on the tokenomics behind STEP and many of the incentive structures we will be putting in place. As always, the Step team is working closely with the DeFi and Solana community to ensure a smooth and successful launch and strong value accrual over time. The $STEP token will be purely a utility token to begin with, governance functions will not be a priority for the time being however over time we see Step moving towards a more traditional DAO as the tools evolve on Solana to best manage that transition.
The focus for the Step team over the coming weeks is continuing our many integrations underway, polishing and bug fixing the current Alpha and preparing for the launch of the STEP token. You can stay up to date with our progress by following us on Twitter, join our Discord or on Telegram
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Author: Step Finance
MemberApril 10, 2021 at 4:16 pm
Step Token Launch Mechanics
The Step Finance team has been hard at work on the upcoming STEP token Launch. Today we will go into more details on the mechanics of the launch.
We have been back and forth with a few of the IDO launchpad type projects on Solana. Ultimately after much confusion on process, mechanics and time ticking on we decided these methods were not for us and we wanted to bring it back to simplicity. Locks, whitelists, caps, limits all of these things in our opinion dont enhance the value of a project and can often exclude people for arbitrary reasons. We decided we didnt want to go down that path and therefore we have the following launch schedule:
April 25th midnight 00:00 HKT — A STEP / USDC pool will be deployed on the Serum AMM dex on test.step.finance
This pool will be tradable immediately, Initial liquidity will be 200 000 USDC and 4 000 000 STEP tokens at an implied price of 0.05 USDC and 50m FDV. There is likely to be high slippage so please ensure you adjust your slippage tolerance on the Swaps UI beforehand.
*Tentative Rewards Pool Schedule, not final, to be confirmed*
April 25th 8 PM HKT — An incentivised STEP pool will be created and users will be able to add liquidity to the Raydium AMM Fusion pool for STEP-USDC.
April 25th 8:10 PM HKT — STEP-USDC live on Fusion Pool with STEP incentives.
As you can see from the above timeline, STEP will be immediately tradable on the 25th at 00:00 midnight HKT on the Serum DEX. There will be no incentives dropped on the Serum pools at this stage. We are currently working with the Raydium team for the emissions pools. A day later the plan is new STEP will enter circulation via the incentivised (via STEP emissions) pools on Raydium. We expect liquidity to migrate to Raydium at that stage given it is the same pair but with incentives however Serum pools will remain active.
We believe this is the ‘fairest’ launch mechanic that is simple and open to everyone. No caps, no limits, no lists, just a simple launch via AMMs like most DeFi projects for the last year. Coins available for everyone. We have an upcoming announcement due next week followed by the tokenomics paper and value accrual for STEP token shortly after that, stay tuned!
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Author: Step Finance
MemberApril 19, 2021 at 6:44 am
Step Finance is a portfolio visualisation platform which aggregates all LPs, tokens, farms and positions that a user may have associated with their wallet and displays it in an easy to use dashboard with various useful metrics and visualisations. Step aims to be the page which DeFi users have open all day with all the functions and information they need to make informed decisions.
Step will also enable users to interact directly with their favourite protocols from within the dashboard which could include farming, pools, swaps and automated strategies. Many of these value added services will be done for a fee which will be collected and used to buyback and distribute tokens to STEP tokenholders. Today we will discuss the tokenomics behind STEP token.
Step must connect to the relevant Programs (smart contracts) built on Solana and query them to be able to get the information necessary to display to a user and execute transactions. Step’s core functions that are implemented or planned are:
Dashboard view of all tokens you have associated with an individual address with options to consolidate multiple wallet addresses into the one view and display value over time denominated in a selection of base currencies.
LP tokens view:
Get information related to current LP tokens you hold in Solana AMMs and visualise performance of the pools over time, vs base currency/hodling, fee revenue, impermanent loss, yield and APYs.
Yield Farming and Staking:
Step will provide a table of current yield farming opportunities on Solana with easy one-click entry into any of the farms. Enter, exit and claim yield farm rewards on this page. This page also handles single asset staking on Solana validator nodes.
The base AMM from which all DEXes on Solana are using or forked from is Serum. This is a full orderbook DEX where users can buy and sell any supported token. Step will display current wallet balances, open orders, unsettled balances and any other related information to user positions in Serum.
Step was founded in the February 2021 Solana Defi Hackathon as an automated strategy platform. This page will cover automated strategies like DCA, EMAs and RSIs and others which users can enter into with potential in future to enable users to make their own custom strategies.
All Programs on Solana are composable and as such liquidity can be fragmented among various pools and AMM programs. It is therefore important to be able to ensure users get the best possible deal on their swaps and Step being a DeFi aggregator is well placed to offer swap aggregation from within Step.
Design is crucial to STEP being the front page of the Solana ecosystem. The STEP team aims for Step.finance to be a page which is used everyday by everyone in the Solana ecosystem. Step will be something which will have coverage of all other projects on the Step dashboard, providing an easy to use ‘Wallet view’ for all the coins, LPs, farms and positions a user may have associated with their wallet.
- Dashboard should be high level view immediately for NET worth of users account
- User should be able to interrogate the information to view the underlying values associated with their wallet.
- People first, interactions should be natural and mirror how people already interact with DeFi.
The STEP token ensures there is a clear alignment of incentives between users, tokenholders and the team so that Step can continue to grow in a sustainable and productive manner for the benefit of all DeFi users. It is therefore crucial that the $STEP token have strong fundamental value accrual structures in place which build value over time.
Max Supply 1 000 000 000
Emission Period: 2 years
Weekly Emission Reduction: -4%
Airdrops % of Supply: 1%
Founders % of Supply: 20%
Founder Lockup: Lockup over 2 years vested in 25% increments every 6 months.
Treasury % of Supply: 12.219%
Presale Investors: 11.780%
Presale Lockup: 2 years vesting. 50% available after 1 year, 50% available year 2.
Community & Ecosystem % of Supply: 55% (LPs and Trade executors)
Token Type: SPL (Solana Native)
- Value accrual to the STEP token is key focus
- 2 year emission schedule with 4% weekly reduction. Early risk takers rewarded and new supply entering circulation reduces over time and helps build long term value given static or growing buyback demand. Mirrors similar tokenomics of other yield aggregators (Harvest, Pickle, Yearn, etc).
- No new emissions go to STEP native staking pool. This dilutes supply away from value productive TVL accruing activities.
- ‘Trade Executors’ are defined as users who execute transactions on the Step platform which incur a fee. We may choose to incentivise this in future.
- Community reward emissions % is split between LPs vs Exchange Executors weekly. The % split may change over time. Current split at launch is 60% to Trade Executors 40% to LP Stakers
- The Treasury should be sustainable and have enough supply to pay for top talent.
- 80% of fees on Step go to STEP stakers and 20% to the Treasury.
Staking and Buybacks:
- Step.finance will have a single asset pool for the STEP token.
- This pool receives NO emissions. It only receives income from revenue generated by step.finance
- Step will charge fees for services on step.finance with 80% of fees going to stakers and 20% to treasury.
- STEP also has incentivised liquidity pools which will receive new emissions. At launch this will be STEP/USDC and potentially RAY/STEP.
It is essential to the success of the project that STEP actually generates revenue and adds value to the token. Therefore there are several value accrual mechanisms for the token itself which will further generate positive interest and incentives in a positive feedback loop. The below is a list of value accrual mechanics that the team intend to implement on the Step platform:
Transaction fees: The most basic and simple value accrual is STEP taking a fee on certain interactions on the STEP platform (swaps, yield farms, automated strategies, bridges etc). The majority of this fee revenue goes to stakers of the STEP token (80%) with the remaining 20% sent to the treasury.
Buyback and distribute: The core value accrual mechanic of STEP is buyback of STEP tokens from revenue generated by transaction fees in the protocol which are then distributed to stakers. This gives a native APY for staking the STEP token and aligns incentives of tokenholders and the team with the success of the STEP platform. This is awarded proportionally to the liquidity an LP stakes in this pool.
Reducing supply emission rate: Supply emissions should reduce over time without any large cliffs (like evident with SWRV which did a 90% cliff in emissions that made their TVL fall from $700m to $3m and cause people to forget/leave the project). The optimal scenario is a gradual reduction in new emissions over time at a set rate. For STEP this emission reduction will be 4% weekly of the community and ecosystem reserve. With a steady or increasing demand and a falling emission rate there reaches an inflection point where buybacks volume is greater than new emissions creating NET positive buy pressure on the STEP token.
Aggregation: A core part of the Step Finance platform is being an aggregator for various user actions like AMM Swaps and Yield Farms. Step will implement a swap router on Solana for improved liquidity and price discovery in AMM swap pools and also offer a number of tools for yield farmers like single asset entry/exit into LPs, autocompounding yields and managed yield farm vaults. Fees collected for these services will flow back to STEP stakers.
Lockups: Incentivising users to take coins off the market is one way to reduce potential sell pressure and ensure given flat or growing demand that there is NET positive buy pressure. STEP intends to implement various lockup LP pools where tokens will be locked for a specified amount of time and be able to share in a higher rate of emissions or staking revenue compared with staking pools which allow immediate withdrawal.
Automated Trading Strategies: Step started as an automated strategy platform and our intent has always been to build out this functionality. There are various automated vaults and trading strategy contracts on Solana which STEP will be exposing to users on the Step dashboard. Step will charge a fee to enter and exit these vaults and potentially for some strategies a performance fee as well. These fees will accrue to STEP stakers.
Stake for Access: There are a number of investment indicators, analytics, portfolio insights which Step plans to make available to users who are stakers of STEP. Stake-for-access is a superior model to subscriptions or paid plans and adds additional value to STEP token holders.
Fiat-Defi integrations: Step intends to implement arms length widgets which can handle fiat on/off ramps into Solana via Step. This brings more money into the Step ecosystem, puts it to productive use in Step strategies and swaps and ensure Step remains a focal point for access into and out of the Solana ecosystem. Step has a fiat partner onboard for this once we are ready for development.
Referrals: Referrals are a growing value additive mechanism in the crypto world with DeFi projects such as 1INCH utilising it effectively. One user may refer others via a weblink and earn a share of the fees. Step intends to implement this system for Swaps and potentially other automated strategies.
Cross chain Integration: Being multi-chain capable is a core principle at STEP finance, there are several bridges under development on Solana, we will support all of them and likely take a small fee on each tx. Adding additional blockchains is a path towards more TVL, users, revenue streams for STEP..
Step.finance has a core team of 3 who initially will guide the direction of the project. There will be no governance functions initially but the team is open to exploring further tokenholder involvement in the decision making process once STEP token is established.
It is important in the beginning of a project’s life that the founding team has control over the direction and development of the project. Only after reaching a phase in the project’s life where the direct day to day input of the founders are not necessary to the continued development of STEP would a governance DAO be considered.
This is the initial token mechanics for the STEP token and may be subject to change at any time. The Step team is focused on value accrual for the Step platform with our core principle being that Step Finance should be the platform everyone has open everyday when monitoring their portfolio. Given this, with user attention there are many ways we can add value to users which in turn will benefit STEP tokenholders and our team are constantly evaluating the best options here going forward.
For updates to STEP tokenomics over time we will be posting here on our blog but also at https://docs.step.finance. This will also include specific formulas for fees. At time of writing the general rule is 80% of any fee charged will go to the STEP staking pool and 20% to Treasury.
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Author: Step Finance
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