Haciyev Reşit 
A significant development has shaken the Solana ecosystem. Following a major hack at the end of January that resulted in approximately $27 million in losses, three key Solana-based platforms have decided to cease operations. The security breach affected not only the projects directly involved but also damaged overall confidence within Solana’s DeFi and NFT ecosystem. Limited funding and recovery options after the attack prevented the platforms from continuing operations. This event once again highlights how vulnerable small and mid-sized DeFi projects can be to security risks. According to analysts, the incident has brought security and sustainability concerns back to the forefront of the Solana ecosystem.
Step Finance to Shut Down After Hack
Step Finance, a Solana portfolio dashboard and DeFi aggregator, announced that it will gradually wind down operations and enter a shutdown process following the January security breach. Project management stated that all potential options—including fundraising, seeking new investments, and possible acquisition deals—were evaluated after the hack. However, no viable solution was found to ensure the project’s sustainable continuation.
In an official statement, the team said:
“Following the January hack, we explored all possible avenues, including funding and acquisition opportunities, but were unable to find a viable outcome. Therefore, we have decided to cease operations.”
The shutdown was not limited to Step Finance.
SolanaFloor, an NFT analytics platform within the Solana ecosystem, and Remora Markets, a lending and yield protocol, also announced they would discontinue operations. As a result, the security breach triggered a chain reaction that led to multiple platform closures across the ecosystem.
$27 Million Hack Confirmed
On January 31, Step Finance disclosed a security breach affecting certain treasury wallets. According to blockchain security firm CertiK, approximately 261,854 SOL—worth around $27 million at the time—was transferred during the attack. Following the incident, the team launched an investigation in collaboration with cybersecurity firms. However, the stolen funds could not be recovered. After the hack, the project’s native token, STEP, experienced a severe decline in value.
STEP Token Crashes
The STEP token suffered a dramatic drop following the hack. In the days after the attack, the token lost up to 96% of its value. After the shutdown announcement, it declined an additional 36%, currently trading around $0.00057. For comparison, STEP reached its all-time high of $10.20 in August 2021, meaning the token has lost nearly all of its value from peak levels. The team announced that they are working on a buyback plan for STEP holders based on a snapshot taken before the hack. Additionally, a reimbursement process will be initiated for Remora rToken holders.
The shutdowns are viewed as another blow to Solana’s DeFi ecosystem. Data shows that the network’s Total Value Locked (TVL) has declined by approximately 52% since its September peak, falling to around $6.3 billion. SOL price performance has also remained under pressure. Currently trading near $78, SOL has dropped more than 70% from its January 2025 peak of $293.
Assessment
The decision by Step Finance, SolanaFloor, and Remora Markets to shut down following the $27 million hack has reignited concerns over security and sustainability within the Solana ecosystem. These developments represent a critical test for investor confidence and ecosystem growth in both the DeFi and NFT sectors. In the coming period, security improvements on the Solana network and the performance of new projects will play a decisive role in determining the ecosystem’s recovery trajectory.
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