Step Finance and Two Solana Projects Cease Operations

Step Finance, SolanaFloor, and Remora Markets cease operations after a major hack.

The DeFi aggregator Step Finance, based on Solana, has announced an immediate cessation of operations. The platform failed to recover following a major hack.

Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.

Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.

Unfortunately, we were unable to…

— Step☀️ (@StepFinance_) February 23, 2026

The decision affects all subsidiary projects. The media resource SolanaFloor and the lending protocol Remora Markets will also close.

At the end of January, unknown individuals withdrew 261,854 SOL from the Step Finance treasury. Experts at CertiK estimated the loss at $29 million.

#CertiKInsight 🚨

We have seen a security breach of @StepFinance_ treasury wallets.https://t.co/Zi3tMKaTqE

261,854 SOL (~$28.9M) has been withdrawn after stake authorization had been transferred tohttps://t.co/o51kREYPHW

Stay Vigilant! pic.twitter.com/GrxpyzI2Uv

— CertiK Alert (@CertiKAlert) January 31, 2026

After the incident, the team attempted to save the project by seeking additional funding and considering a business sale. However, these efforts failed.

Step Finance co-founder George Harrap stated he was willing to sell parts of the ecosystem if serious buyers emerged.

The developers promised to partially compensate users for their losses. The platform will repurchase native STEP tokens based on a snapshot of balances before the hack. Holders of rToken assets from the Remora protocol will also be able to reclaim funds through a redemption process.

At the time of writing, STEP is trading at $0.00058, having plummeted 37.8% in a day and 97.6% in a month. At its peak in April 2021, the token was valued at $10.20, according to CoinGecko.

The loss of a major project is another blow to the decentralized finance ecosystem on Solana. The total value locked in the network has fallen by 50% from its September peak, now standing at $6.28 billion.

The SOL coin price has also dropped to $76.65, 74% below its all-time high.

In February, the DeFi protocol ZeroLend announced a complete shutdown. Later, the team behind the on-chain analytics service Parsec declared the closure of their project after five years of operation.