Step Update #3
Step has been moving as quick as ever and growing at a rapid pace recently with the recent launch of the Step AMM and onboarding 2 new team members. Some of the exciting developments happening at Step are below.
A new type of AMM for Solana
The Step AMM is unique in a few ways:
- The first atomic AMM router contract on Solana enabling cheaper and more deterministic swaps (50–66% cheaper in fees)
- All pools being denominated in $STEP- pioneered by Bancor many years ago whereby the AMM pools become a liquidity sink for the token and create a continuous revenue stream for stakers
- Permissionless pool creation
- Exciting updates coming soon for third party projects interested in yield farming
Previously Step was the first to deploy a swap aggregator (open sourced by Serum) which executed transactions across many liquidity pools (Serum CLOB, Serum AMM, Orca) however we found this model to be more error prone with increased support cases and weird edge cases involving DEX related swaps and low value accrual for STEP tokenholders given current fee structure. We decided instead to create our own AMM and router tailored towards what Step is built for- easy, fast and cheap transactions for any Solana token.
The launch of the AMM attracted 3m TVL in 2 days and is continuing to grow, we expect AMM TVL to be a key driver for STEP tokens’ value accrual with TVL having a much greater impact on value than other AMMs where value accrual to tokenholders is only possible via a fraction of Swap fees. We estimate STEP AMM TVL to be lower than other AMMs but at a minimum 10x more impactful to STEP tokenholders (given 50% of all LPs are STEP).
We previously had paused integrations to focus on other important areas of development like the AMM and a few unannounced features. We are circling back over the next few weeks adding new pools and projects to Step if they meet our standards of readiness for integrations. Its important that Step has coverage of other projects on the Dash but this is a minor part of the overall product offerings coming for Step.
Updates and future development
We recently deployed responsiveness updates for all Step ensuring mobile users should now have a much better experience in addition to many new projects, pools and yield farms. We also have onboarded more people to our dev team, our first QA and part time support roles for Discord.
The team has previously discussed our focus on yield farms and an NFT marketplace but there are other smaller achievements along the way too. The next few weeks should see the next big milestone for us out the door which we will be happy to share with you as soon as possible!