Step Update #5
Its about that time again for another update on Step and all the happenings over the last month, lets get into it!
Permissionless Farms Going Well
We recently launched staked Step (xSTEP) and Permissionless Farm creation whereby any project or team can create their own yield farm without any intervention from us- more in depth discussion about it all is here. At time of writing there is over $5m TVL in the farms alone and just over $21m total on the Step AMM/Farms/Staking which is an awesome number approaching our first target of $50m TVL.
This is especially interesting as Step TVL is farm more productive to LPs and token holders because 50% of our AMMs and farms are STEP denominated whereby more TVL → more fees → more buybacks → more buy pressure on token which LPs hold as 50% of their LP. This has more feedbacks than if we had opted for an ‘any token to any token’ model of the AMM. If you compare the fees generated on an any-token model and compare it to the amount of STEP needing to be bought/sunk in our model, simple fee generation models result in 50x less STEP being bought/sunk than if we opted for standard AMM approach.
We are also glad to see many new and interesting farms popping up from the community, with a few more on the way to our knowledge. Framing the farms as an ‘IDO launchpad’ could be another potential narrative we look to draw upon given simple LP farms is how the vast majority of DeFi projects actually launched over the last year or two.
Easy self service yield farms for everyone, we welcome anyone to try it out!
Solana Lisbon Conference
The Step team were excited to attend the Solana conference in Lisbon and more importantly meet our community members and fellow Solana projects over an action packed week. While we didn’t get to do see everyone we wanted to (am not sure anyone did, so busy) we got to meet many of you and its so cool to see Steppers out in the wild and to talk shop!
We hosted probably the largest side event of the conference in partnership with Phantom, Star Atlas, Marinade and YAP. It was an excellent event, about 590 persons through the door which is slightly over the venue capacity of 500 and was a night to remember.
We had some Step merch that we brought to lisbon but it got snapped up in about 5 minutes flat so I think in future we will definitely need more and to figure out some shipping options for everyone and get you some of the cool swag!
Towards now till the end of the year we are working on fewer big ticket items and more integrations. We got sidetracked for a few months there with some big ticket items which, while necessary, did detract from the time we had available to work on shoring up coverage of the solana ecosystem on the Step dashboard. That is our core product so its important we improve coverage there and over the coming weeks you should see almost complete coverage of many missing pools/protocols. It is a hampster wheel though, there is always new things emerging we need to add quickly and that can be impossible if we don’t firstly connect with the teams to get information necessary to integrate. We would welcome discussion with any Solana teams deploying to main net to get in touch.
We are excited to have onboarded 2 new Team members recently to help us work on the frontend at Step. We are continuing to hire and seek out talented engineers and builders who want to work in a fast paced, dynamic team on the cutting edge of DeFi! Just get in touch with us if that is you :)
Next Feature Update
We have another big announcement coming later in the week. Stay tuned !