Step Finance launches $5 million fund to boost the growth of critical tools on Solana blockchain 🚨 This article is 3 years old...
Step Finance launches $5 million fund to boost the growth of critical tools on Solana blockchain
The $5 million fund will be utilized for rewarding users who will successfully create data critical tools to bolster Solana's ecosystem
2 min read
Updated: Dec. 15, 2021 at 6:11 pm UTC
Photo by Shubham Dhage on Unsplash
Step Finance, the “front page of Solana blockchain,” has launched a $5 million fund to make the Solana ecosystem more robust by building critical data tools. The fund launched will encourage users to contribute their skills in developing useful critical tools that will strengthen the Solana ecosystem and will enable users to stay updated on the latest price changes and analytics.
Solana blockchain has recently undergone many critical changes, including implementing an environment-friendly infrastructure proposal that aims to make Solana more sustainable and cost-efficient.
What is Step Finance?
As stated by George Harrap, the co-founder of Step Finance:
“Step Finance is already the place you go to find out about your portfolio and interact with farms, and it will soon be the place you go to get data on the Solana network. This is a step towards that direction.”
Recently, the increased user activity on the Solana blockchain has prompted the company to launch funds that can encourage users to create scalable data tools that can help with its mainstream adoption.
On blockchains like Ethereum, critical data tools such as The Graph and Covalent have long delivered accurate price analysis to the users. Similarly, the funds introduced by Step Finance will be aimed at encouraging users to develop critical tools that can make Solana more adept and sharp in terms of delivering quality performance. Harrap further stated:
“This fund will enable Solana projects to get the support and eyes on their project they need to scale, and thus this is a huge benefit to all Solana users and investors on the platform. Without proper data indexing tools, Solana can’t scale, and this fund not only brings new developers to the platform but tools that will be leveraged for faster and better trading. We aim to add these projects to Step over time.
Solana is a high functional open source project that has gained more than 15000% users on its platform. The sudden surge can be attributed to the network’s cost-effective transaction fee ($0.01), which is lower than Ethereum. Along with that, the network adopts a unique mining model that delivers transactions at a lightning-fast speed.
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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.
