$STEP Token

Overview

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. Step aims to be the page which DeFi users have open all day with all the functions and information they need to make informed decisions.

Base Functionality

Step must connect to the relevant Programs (smart contracts) built on Solana and query them to be able to get the information necessary to display to a user and execute transactions. Step’s core functions that are implemented or planned are:

Design

Design is crucial to STEP being the front page of the Solana ecosystem. The STEP team aims for Step.finance to be a page which is used everyday by everyone in the Solana ecosystem. Step will be something which will have coverage of all other projects on the Step dashboard, providing an easy to use ‘Wallet view’ for all the coins, LPs, farms and positions a user may have associated with their wallet.

  • User should be able to interrogate the information to view the underlying values associated with their wallet.
  • People first, interactions should be natural and mirror how people already interact with DeFi.

Tokenomics

The STEP token ensures there is a clear alignment of incentives between users, tokenholders and the team so that Step can continue to grow in a sustainable and productive manner for the benefit of all DeFi users. It is therefore crucial that the $STEP token have strong fundamental value accrual structures in place which build value over time.

  • 2 year emission schedule with 4% weekly reduction. Early risk takers rewarded and new supply entering circulation reduces over time and helps build long term value given static or growing buyback demand. Mirrors similar tokenomics of other yield aggregators (Harvest, Pickle, Yearn, etc).
  • No new emissions go to STEP native staking pool. This dilutes supply away from value productive TVL accruing activities.
  • ‘Trade Executors’ are defined as users who execute transactions on the Step platform which incur a fee. We may choose to incentivise this in future.
  • Community reward emissions % is split between LPs vs Exchange Executors weekly. The % split may change over time. Current split at launch is 60% to Trade Executors 40% to LP Stakers
  • The Treasury should be sustainable and have enough supply to pay for top talent.
  • 80% of fees on Step go to STEP stakers and 20% to the Treasury.
  1. This pool receives NO emissions. It only receives income from revenue generated by step.finance
  2. Step will charge fees for services on step.finance with 80% of fees going to stakers and 20% to treasury.
  3. STEP also has incentivised liquidity pools which will receive new emissions. At launch this will be STEP/USDC and potentially RAY/STEP.

Value Accrual

It is essential to the success of the project that STEP actually generates revenue and adds value to the token. Therefore there are several value accrual mechanisms for the token itself which will further generate positive interest and incentives in a positive feedback loop. The below is a list of value accrual mechanics that the team intend to implement on the Step platform:

Governance:

Step.finance has a core team of 3 who initially will guide the direction of the project. There will be no governance functions initially but the team is open to exploring further tokenholder involvement in the decision making process once STEP token is established.

Conclusion:

This is the initial token mechanics for the STEP token and may be subject to change at any time. The Step team is focused on value accrual for the Step platform with our core principle being that Step Finance should be the platform everyone has open everyday when monitoring their portfolio. Given this, with user attention there are many ways we can add value to users which in turn will benefit STEP tokenholders and our team are constantly evaluating the best options here going forward.

Step Finance is the front page of Solana. Visualise, Analyse, Aggregate and Execute transactions across Solana in one easy to use Dashboard

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