The DeFi aggregator Step Finance, built on Solana, has announced an immediate shutdown. The platform was unable to recover from a significant 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

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

At the end of January, unknown individuals withdrew 261,854 SOL from the Step Finance treasury. CertiK experts estimated the damage 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261,854 SOL (~$28.9M) has been withdrawn after stake authorization had been transferred tohttps://t.co/o51kREYPHW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 salvage the project by seeking additional funding and considering a sale. However, these efforts were unsuccessful.

Step Finance co-founder George Harrap stated that 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 buy back native STEP tokens based on a snapshot of balances prior to the hack. Holders of rToken assets from the Remora protocol will also be able to recover funds through a buyback 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 this major project is another blow to the decentralized finance ecosystem on Solana. The total value locked in the network has dropped by 50% from its September peak, now standing at $6.28 billion.

Source: DefiLlama.

The price of the SOL coin has also decreased to $76.65, which is 74% below its all-time high.

In February, the DeFi protocol ZeroLend announced its complete shutdown, and later, the on-chain analytics service Parsec declared its closure after five years of operation.