Step Finance Blog Updates

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  • Step Finance Blog Updates

     solbot updated 3 days, 6 hours ago 1 Member · 12 Posts
  • solhack

    Organizer
    May 1, 2021 at 3:15 pm

    Step Finance Blog Updates

  • solbot

    Member
    March 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!

    Coming Soon…..

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    Author: Step Finance

  • solbot

    Member
    April 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

  • solbot

    Member
    April 10, 2021 at 4:16 pm
    Step it up

    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!

    Discord

    Twitter

    Telegram

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    Author: Step Finance

  • solbot

    Member
    April 19, 2021 at 6:44 am
    $STEP Token

    Overview

    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.

    Base Functionality

    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:

    Wallet balances:

    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.

    DEX positions:

    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.

    Investment Strategies:

    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.

    Swap aggregation:

    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

    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.

    Design Principles:

    • 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.

    Tokenomics

    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.

    Overview:

    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)

    Principles:

    • 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:

    1. Step.finance will have a single asset pool for the STEP token.
    2. This pool receives NO emissions. It only receives income from revenue generated by step.finance
    3. Step will charge fees for services on step.finance with 80% of fees going to stakers and 20% to treasury.
    4. STEP also has incentivised liquidity pools which will receive new emissions. At launch this will be STEP/USDC and potentially RAY/STEP.

    Value Accrual

    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..

    Governance:

    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.

    Conclusion:

    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.

    Go to Source
    Author: Step Finance

  • solbot

    Member
    June 21, 2021 at 10:47 am
    There are many STEPs along the way

    Its been an exciting few months at Step we have launched so many new and features to the platform in addition to one of the most successful Solana token launches so far (26k active participants, #1 liquidity pool for the last 2 months) and this is just the beginning. In todays update we want to talk a bit about where things are at now post launch and what we are building into the mid term.

    A Growing Team:

    We have recently onboarded 2 new full-time developers to the Step team who have been assisting with the development and rollout of all our new features including the recent integrations with: Star Atlas, Solarians, Orca, Solpunk, Raydium, Mango and more. We are now on a very good cadence of major releases every 2 weeks or so. Welcome to Ed and Peter!

    Growing Coverage Across Solana

    We have integrated the following projects lately on Step: Mango, Orca, Serum (AMM), Serum (DEX), Raydium, Solpunks, Solarians, Star Atlas, Stableswap and the list keeps growing. The thing with coverage is its never a solved problem, there will always be new things launching and our intent here is to ensure we have adequate coverage of the top projects relevant to our users demands. Which is also why we recently launched the ‘Suggestions’ page to prioritise the most demanded features, try it out! We have chat groups for integration with most of the projects on Solana and we are also working on various interesting partnerships integrating STEP or Step Finance into our partners services and products, this will become clearer over the coming weeks.

    Step Token Launch

    Step token launch went off with a bang and we are very pleased with how things went. It is now traded across 3 centralised exchanges with spot and futures order books in addition to the highly liquid Solana DEX. We also have our Raydium Fusion pool which has been a staple in farming on Solana since launch. We also recently deployed our DEX Aggregation for Swaps with all fees going towards buybacks of the STEP token from circulating supply. Over time we will be rolling out new value adding services which may charge a fee which will find its way back to STEP stakers by way of a buyback from the open markets. You can learn more about our value accrual options here

    The First Big Update

    Our first big update came the other day by virtue of our integration of our DEX Swap aggregator (and many other additions) which routes swaps via the Serum DEX- the most liquid market on Solana, in addition to our existing AMM pool connections to Orca and Serum. This means Step will always be the best priced location to Swap with the most liquidity (keep in mind Raydium deploy their liquidity to the DEX so we also get the benefit of Raydium TVL when swapping). We have plans for a V2 and V3 for the Swap router in future but for now this a good base to start accruing fees on each Swap which eventually goes back to STEP Stakers.

    The Next Steps

    The team is now focused on rolling out new value accrual items in each new release and you will see a number of interesting new things appearing on Step over the coming weeks. One thing we think Solana is lacking is an AMM that’s flexible enough for permissionless listings of new tokens and their emissions farms so teams can launch their token pools and emissions direct from within Step Finance with a standard template of an emission schedule. Step will be following the example set by Bancor in this regard with multiple pools denominated in STEP only which, when used in combination with our new Swap Router will enable users to swap at low cost from one currency to another via 2 Step pools in one transaction. For STEP tokenholers this means a massive new liquidity sink for STEP in addition to new protocol fees as swaps get routed through the pools and arbitraged against the DEX and other markets.

    We are also looking to experiment over the coming weeks and months with the idea of vested token rewards for STEP whereby only a small % is claimable now with the remaining locked for a period although nothing is confirmed yet.

    Conclusion

    Overall the team is busy all day everyday in realising the mission for Step as being the front page of Solana, a place where people want to be to do everything they need to on-chain in addition to finding out new opportunities they perhaps weren’t aware of. The next 6 months our priorities are rolling out many of the accrual features which once we have a solid base we will look to add a STEP single asset staking pool to earn an APR from the accrued STEP. All the best and we look forward to the next Step!

    Go to Source
    Author: Step Finance

  • solbot

    Member
    July 10, 2021 at 9:21 am

    In the coming weeks, the first phase of emissions will be running out on the existing Raydium Fusion STEP/USDC pool- our initial engagement with Raydium was 3 months of emissions on the Fusion pool then to re-evaluate at that time if we continue or choose another pool, 3 months have almost passed. We have enjoyed working with the Raydium team over these last few weeks and months and we have the choice of renewing emissions with the Raydium Fusion pool or not.

    At this time we won’t be renewing emissions and are working on another option which we think is a better STEP liquidity sink, has better fee capture and all around beneficial to STEP tokenholers. This we are calling ‘Phase 2’ for STEP

    How will Phase 2 Work?

    As previously discussed, we are rolling out an AMM which we think will fulfil a few important roles in the Solana ecosystem. There are already AMMs in existence so why will this be any different?

    • STEP Emissions will now be on the Step AMM pools.
    • All tokens will be priced against STEP (similar to Bancor) this creates a new massive liquidity sink for STEP and also ensures arbitragers need to arb through Step pools earning fees denominated in STEP for LPs which otherwise would not be possible with third party AMMs.
    • Fee generation on the AMM goes 100% to our revenue address which will later be distributed to stakers with a lock.
    • The Step AMM will support permissionless emissions pools for new projects wanting a place for their token to start trading. Projects will be able to create a pool with their token and add emissions to it.
    • Tight integration with our existing Swap router for Solana, our competitive fee structure should ensure the Step AMM sees consistent volume.
    • LPs and Vault contracts can be used as one side of an AMM pair and be priced against STEP
    • Currently many new tokens lack DEX markets on Serum, the Step AMM will be an easier source for teams to create markets and get pricing than setting up dex markets making it a go-to spot for long tail assets.
    • Better predictability for emissions for teams

    We are also intending to price STEP emissions against other assets other than USDC with some exciting feedback loops to come with that.

    Next Steps July/August

    Raydium have notified us that due to block timing estimations that there is still more days than initially thought remaining on emissions- with estimates assuming ending of emissions approximately around the 29th July from this (https://explorer.solana.com/address/4n3vRUk3wdtbGWgMFSaxUcnGLKwa2wiWVhqw7kv9JDVS) contract (not not all the STEP showing is still owed, its just unclaimed).

    Obviously this was not our intent, we have an emission schedule and now that will be disrupted. Therefore from the time it takes for the emissions to end on Raydium and the new pools to be live there will be no new emissions and the Raydium STEP/USDC LP will be discontinued. We estimate this time to be 2–4 weeks. LPs will of course be able to move their liquidity out of the old pool as they wish and we will be indicating what the new emission pools will be closer to launch. The emissions for week 13 and onwards will be void for the number of weeks that emissions are out of action with the remainder going back to treasury at the end of our 102 week emission cycle.

    Conclusion

    This is an exciting new Step for STEP and unlocks new value accruals, liquidity sinks, strategies, features and more so we think this is most definitely the best option for STEP token holders. Of course our aggregator takes into account all liquidity pools (Serum DEX, Serum AMM, Orca) and will continue to source the best price across multiple pools for our users and the new AMM will plug into that.

    Go to Source
    Author: Step Finance

  • solbot

    Member
    July 27, 2021 at 1:47 pm

    Step Finance Update #2

    New Stuff: Charities, Integrations, Fiat, TX History

    Another crazy month has passed at Step and as we look back again on the all the things that have happened it seems a lot longer than it was, perhaps we’ve been in a time warp or something… Let’s discuss some of the awesome things the team have delivered this month!

    Support For Charity Donations On Step via FTX Foundation

    The idea came to us a few weeks prior whereby we wanted to be able to offer something back to the community from all the craziness that goes on in the DeFi world with million % APYs everywhere. We partnered with the FTX Foundation to launch charity support on Step whereby anyone can easily send USDC direct to the FTX Foundation address from within Step. No need to fill anything in or enter personal info, just a simple address.

    We want to add more charities to Step please get in touch with us via the form on the charities page for our team to follow up and we would be happy to add!

    More Integrations

    Every update we do brings new integrations and this month we covered many including:

    • Mango markets v2
    • FTX Pay
    • Cryptokickers
    • Saber, Mercurial, Samo, Solrise pools
    • Solania NFTs
    • Star Atlas AR
    • Hedgehog Markets
    • and many more….

    Transaction History v1

    Something everyone has been wanting is a proper transaction history per wallet. In our v1 we support some of the core transaction types and will be supporting more later. You can get a tx history for any Solana wallet. Another highly requested feature is export to CSV which we will work on soon once we add more tx types to the history.

    NFT Gallery

    NFTs are here to stay and we want the place to be for NFTs to be Step. The NFT Gallery is the one place you can see all your NFTs and associated information on Step including value of the collection where market pricing is available. Over time we will be expanding the scope of this to enable more functions for NFTs like buy/sell and browsing available offers. We even support the awesome AR NFTs by Star Atlas.

    CryptoKickers Competition

    We held a super successful competition to mint some exclusive STEP themed kicks! So many amazing submissions from everyone which were far beyond our skills and we eventually chose the winners here. Thank you to everyone who took part, especially Cryptokickers– this wont be the last time we hold such a fun NFT themed competition!

    Conclusion

    There is also many smaller updates to the Step UX this month as we refine and optimise the existing codebase. We are gearing up for the end of STEP emissions on Raydium soon and the switch over to the Step AMM that is still in development and will bring with it new pools, new features and a refined swap experience- its going to be awesome. Feel free to drop by our discord to discuss with the community anytime, keep #SteppingUp !

    Go to Source
    Author: Step Finance

  • solbot

    Member
    August 6, 2021 at 2:10 pm

    STEP Emissions have now ended on the Raydium STEP/USDC pool and this pool will soon be deprecated by Raydium. As discussed in our last few blogs, we will soon be launching the Step AMM which will have new emission pools (STEP/SOL and STEP/FTT to begin, more later) however this is still undergoing development and testing. We expect the new AMM to be ready in a few weeks maybe sooner with emissions beginning shortly after once we have completed the new emissions contract and had it reviewed by curated third parties. We recommend for users to withdraw their LP from Raydium when they can.

    This means there will be a small period in which there will be no emissions pool for STEP LPs. As noted previously, for the weeks of our emission schedule that there will be no emissions happening they will be removed from the projected circulating supply and returned to the community pool at the end of the 2 year period. This means less than the predicted emissions will be emitted for LPs.

    If you are looking to stake your STEP there are plenty of options available currently from third parties below.

    What Next

    Until the new Step AMM is ready with juicy new pools you will have a few options for your STEP.

    Withdraw Raydium STEP/USDC LP

    You can unstake and withdraw STEP/USDC from Raydium and you will get in return STEP and USDC separately.

    Option 1: Restake at Orca STEP/SOL

    orca.so has a STEP/SOL LP which doesn’t have emissions however we will also support STEP/SOL on the Step AMM soon so if you’d like to get pricing exposure to the new pools before they’re live, this is an option. When new incentivised pool launches you’ll be able unstake from Orca and move to the Step AMM seamlessly with the same base currencies.

    Option 2: Single Asset Staking on Acumen

    acumen.network have a single asset pool for STEP where you can supply STEP and earn a return.

    Option 3: Single Asset Staking on Solyard

    solyard.finance have a STEP single asset staking pool for STEP too where you can earn yield in their native token.

    Option 4: Do nothing till Step AMM launch

    Another option is after you unstake from Raydium to wait till the new pools are ready and just hold tokens in your wallet.

    We are hard at work to bring the new AMM online as soon as possible and also our new emissions contract. The Step AMM will bring a bunch of new and interesting features in addition to increasing revenues for STEP stakers and providing a new liquidity sink for STEP. We will be posting more information on that once it is ready.

    Step Team

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    Author: Step Finance

  • solbot

    Member
    August 26, 2021 at 7:36 pm
    Step It Up

    TLDR: -98% less emissions weekly for LPs and transition to transaction subsidies for Step AMM swappers (‘Transaction executors’ in our tokenomics docs) over time.

    Background

    Step Finance recently ended our 3 month commitment to Raydium’s Fusion pools for the STEP/USDC pair. In our last blog we proposed to our fellow Steppers what the current options were for stakers and over the last few weeks we get about 4 questions a day in discord about where to stake next.

    The obvious answer to that will soon be ‘on the Step AMM’ which will have every currency on Solana paired against STEP and act as a giant liquidity sink for the token and also force constant fee revenue for STEP stakers from price movements, a similar model to what Bancor pursued with their AMM. So while STEP staking used to consist of only one pool which had emissions, there will now be STEP staking opportunities for every currency on Solana. The definition of a ‘STEP LP’ will switch from being related to a particular pair to the entire AMM.

    We have also seen a 3x increase in DAUs since the STEP farm ended, likely tied to the 3x+ appreciation in token value for STEP which could no longer be part of a parasitic delta hedge strategy of long/short. The new STEP pools and emission schedule destroys the business model for such delta neutral ‘farm and dump’ strategies and this is beneficial to growing our overall DAUs and user base which is always our goal.

    What are LP Emissions?

    When a project pays LPs in a native token it is a form of customer acquisition, commonly known as “Pool 2 farming”. A project is hoping that a few things happen A) You catalyse interest in your project with juicy APRs B) That interest in the token becomes interest in your actual product C) The interest in the product prompts ppl to use it and proves it is deserving of value thereby generating sustainable revenues D) These revenues increase to the point where you don’t need to pay people to use your product anymore with emissions and can instead optionally reward users from revenue.

    We think that while generally we have followed most of that cycle, paying people to use a product is a very inefficient (and lazy) way to capture attention and it is not guaranteed that a significant % of LPs will use the product after being paid let alone add more value than they extracted in rewards.

    Switch Emission model to Transaction Executors

    We are moving to a better way forward that doesn’t rely on paying people with a less than 100% chance of using the product and instead rewarding people who have already used the product, which in our original tokenomics document we called ‘Transaction Executors’. This model will be rolled out over the coming months at first on our AMM where people executing a swap will be rewarded with a portion of STEP.

    This model aligns the interest of token holders much more firmly with the development of the platform. When everyone is using the platform there is a small increase in amount of tokens in circulating supply, when nobody is using it there is zero increase. This is much better than paying people regardless of the platform generating revenue or not which only puts excessive sell pressure on token holders. Of course this emission isn’t forever it reaches a cap at some stage and potentially this reward could be paid from revenue too causing a deflationary token supply over time.

    This means the token supply that was previously allocated to LP emissions will instead be merged with the supply available for Transaction Executors according to our docs and eventually the LP emissions will be phased out entirely.

    Next Steps

    We still intend to follow through with some Steppers who have been requesting a new staking pool so for a limited time will continue the LP emissions but in a much reduced capacity, in the realm of about -98% less weekly emissions than originally planned in our v1.2 tokenomics doc. This will begin when the Step AMM is live and continue for about a month, at which stage we may take the decision to end emissions for LPs. The short term emissions will help kick off the AMM launch, move liquidity to the new pools and introduce people to the many opportunities on Step to earn a yield with an LP. The exact changes will soon be available on our docs page.

    We will also as an interim measure be launching a dual yield pool with Orca for SOL/STEP which will be incentivised for a 2 week period. This will be an interim measure until the STEP AMM is launched and ready.

    Go to Source
    Author: Step Finance

  • solbot

    Member
    September 22, 2021 at 1:28 pm
    STEPtember proceeding well

    Step has been moving as quick as ever and growing at a rapid pace recently with the recent launch of the Step AMM and onboarding 2 new team members. Some of the exciting developments happening at Step are below.

    A new type of AMM for Solana

    The Step AMM is unique in a few ways:

    • The first atomic AMM router contract on Solana enabling cheaper and more deterministic swaps (50–66% cheaper in fees)
    • All pools being denominated in $STEP- pioneered by Bancor many years ago whereby the AMM pools become a liquidity sink for the token and create a continuous revenue stream for stakers
    • Permissionless pool creation
    • Exciting updates coming soon for third party projects interested in yield farming

    Previously Step was the first to deploy a swap aggregator (open sourced by Serum) which executed transactions across many liquidity pools (Serum CLOB, Serum AMM, Orca) however we found this model to be more error prone with increased support cases and weird edge cases involving DEX related swaps and low value accrual for STEP tokenholders given current fee structure. We decided instead to create our own AMM and router tailored towards what Step is built for- easy, fast and cheap transactions for any Solana token.

    The launch of the AMM attracted 3m TVL in 2 days and is continuing to grow, we expect AMM TVL to be a key driver for STEP tokens’ value accrual with TVL having a much greater impact on value than other AMMs where value accrual to tokenholders is only possible via a fraction of Swap fees. We estimate STEP AMM TVL to be lower than other AMMs but at a minimum 10x more impactful to STEP tokenholders (given 50% of all LPs are STEP).

    Integrations resuming

    We previously had paused integrations to focus on other important areas of development like the AMM and a few unannounced features. We are circling back over the next few weeks adding new pools and projects to Step if they meet our standards of readiness for integrations. Its important that Step has coverage of other projects on the Dash but this is a minor part of the overall product offerings coming for Step.

    Updates and future development

    We recently deployed responsiveness updates for all Step ensuring mobile users should now have a much better experience in addition to many new projects, pools and yield farms. We also have onboarded more people to our dev team, our first QA and part time support roles for Discord.

    The team has previously discussed our focus on yield farms and an NFT marketplace but there are other smaller achievements along the way too. The next few weeks should see the next big milestone for us out the door which we will be happy to share with you as soon as possible!

    Go to Source
    Author: Step Finance

  • solbot

    Member
    October 5, 2021 at 3:51 pm
    STEP it up

    Some exciting new developments recently here at Step, lots to discuss lets get straight into it!

    STEP Transaction Executor Emissions Model Only

    Step has no future plans to offer any long term STEP emission LP farms and instead we will be switching entirely to the ‘Transaction Executor’ model we outlined in our tokenomics doc. This means STEP is only given as a reward to people who are fee payers on the AMM during a defined time period. This better aligns the growth of Step with the market and ensures new STEP only enters circulation after a productive (fee paying) activity has been done.

    We estimate this model will result in at -98% less emissions than the original emissions model and also better aligns rewards to market cycles and incentivises usage of the Step AMM which with this mechanic in play will be the optimal location for LPs and Swappers. This is not implemented yet but is in development and we will announce when its ready.

    There is also one big twist to how this will work, something never been done before in DeFi, but that will have to wait for another day when we are further along 🙂

    Token Burn

    In light of the adjusted token model above, Step has resolved to do a token burn.

    • 50% of Founder tokens yet to be emitted will be burned (75 000 000 STEP)
    • 50% of Community Pool Emissions will be burned (232 398 073 STEP)
    • 50% of Treasury will be burned (57 495 135) STEP
    • 50% of Airdrop Supply will be burned (5 000 000 STEP)
    • The total burned amount will be approximately 369 893 208 STEP
    • This will bring Total Supply down to: 630 106 792 STEP

    The burn ensures that given the current vesting periods for founder tokens and the slow issuance of new supply doesnt result in a situation where a small number of people end up with an overwhelming amount of supply, this would negatively impact the investability of STEP and therefore this burn better aligns with the tokenholders.

    Burn tx (https://explorer.solana.com/tx/4wDgM7x7serkhjZevLpT9McFV6JfTxCrAdKvEHzmiWPFa2C84UBrWC4dVJg9fA8mugpDgbAGPrSaeypCjpqw66sX) for the Community, Treasury and Airdrop pools. Founder tokens not minted yet according to vesting but will mint 50% less.

    New Integrations and Hiring

    We continue to push out more integrations with new projects throughout the week often on our Wednesday deployment day. Sunny, Saber, Solfarm and Orca double dips will all be coming in a few days.

    We are looking to hire at least 3 Senior React Developers at Step, we have an awesome team of 9 and very competitive package available for those who want to join one of the fastest growing projects on Solana. Please do drop us a DM on Twitter or Discord if interested!

    Upcoming Feature Release

    As some of you may know from discord chatter, Staked Step is coming very soon (xSTEP). We hoped to have it out last week but actually we are looking to drop another big feature shortly after which integrates xSTEP so therefore it seems more likely staking STEP will go out later this week or next week.

    Staked Step is implemented in the same way xSUSHI is, another first on Solana. This will mean the token itself will be yield accruing and become portable to other platforms or to be used as collateral etc. This opens up whole new areas to take advantage of the STEP token either by leveraged staking via lending platforms or 0 risk STEP denominated loans. More to follow on that front soon.

    All the best and keep Stepping up! See you in Lisbon soon….

    Step Team

    Go to Source
    Author: Step Finance

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