Permissionless staking and farming comes to Solana (SOL) with Step Finance 🚨 This article is 3 years old...
Permissionless staking and farming comes to Solana (SOL) with Step Finance
Users can visualize, analyze, execute and aggregate transactions across all Solana contracts in one place on Step Finance.
2 min read
Updated: Jul. 24, 2022 at 11:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Step Finance, the so-termed front page of Solana, has launched the industry’s first farm creator where projects can seamlessly create emissions pools from Step’s website, creating a level playing field for big and small projects and bringing high DeFi yield and earning opportunities to all Solana projects.
Easier DeFi on Solana
DeFi opens up opportunities to remove the middleman from financial transactions, but many crypto projects are still fraught with barriers of entry like a review process and high fees, which prevent projects from having their own emissions pools.
With the Step Finance farm creator, projects can create their own emissions pools via Steps webpage, and seamlessly create an entirely new revenue stream for themselves and token holders to deposit into, showing how it has never been easier to be your own bank and use high yield earning strategies to grow your treasury.
“We’re trying to build tools that are accessible by anyone and easy to use. Projects shouldn’t have to jump through hoops to be able to create emissions pools, so we create a seamless process where anyone can list via Step’s homepage,” said George Harrap, co-founder of Step Finance, in a statement.
“Step is not just for Developers, but any user can now take advantage of the array of liquidity options on Solana via Step Finance,” he added.
Newer innovations
The Step Farm Creator opens the doors for new innovations, like the ability to airdrop your token on new users via a farm, to continuously grow and support the burgeoning Solana ecosystem.
Projects can use xStep tokens, which are a yield-earning Solana native token, as collateral to create their farms.
While the price of SOL skyrocketed more than 13,000 YTD (year to date), the ecosystem also saw a massive upswing in users the second part of this year, and many Solana projects are looking for ways to diversify their treasuries and provide users with utility for their coins.
This is the first project in DeFi to allow permissionless farming, which puts the power into the project’s hands.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Step Finance
$0.11576
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.