Step Update #7
We are already ending Q1 soon and a lot has happened here at Step it feels like ancient history. Lets get into some of the recent updates and learnings at Step.
New Charities Support
Step was the first to pioneer charitable donations on Solana with initially launching support for the FTX Foundation mid last year. We would have loved to have added more charities early on however getting charities comfortable with accepting SPL tokens within their existing legal framework became an issue. Luckily things have moved on since then and we have added a number of new charities to the donations page (https://app.step.finance/#/charities) through a collaboration with the good folk at Getchange.
DeFi on Solana
We have also added a new ‘DeFi on Solana’ page where you can search any project name or token for some historical pricing, stats and explainers. Only tokens added to the token list registry will show up here. We will also be building out this page with many more analytics as time goes on. Step is good at showing you what you have, new pages like DeFi on Solana the idea is to show you what you don’t have. This helps increase exposure of the Solana ecosystem.
Speed enhancements and more dynamic pools
A number of integrations are loading their pools and other information dynamically, this means quicker support for new pools on step without us needing to manually add. We are still refining this and often third parties have strange structures that don’t lend themselves to this level of automation but every bit counts and you would have noticed coverage has increased a lot over the last few months.
We have a number of new collabs happening across the Solana ecosystem, focusing on new STEP pools, sponsorships and data partnerships. Some of these we can’t about at this time but others, like a new STEP Friktion covered call Volt will be live soon.
Developments for Q2
On the tokenomics side, we previously mentioned our intention to go down the path of Tribeca vote locking for Step. After thoroughly investigating the mechanics on how such a system would fit with our existing AMM, Farms and non-quarry pools, we decided the end solution would be too convoluted to be a valuable usage of resources and therefore will focus on other areas. Vote locking hasn’t really taken off yet in Solana so we are happy to watch it develop from the sidelines and see where things get to.
We have some other better solutions underway with a shorter time to market, like expanding the usage of our Reward Options to new things which we will be rolling out this quarter adding even more utility to STEP. As always tokenomics enhancements at Step must be balanced with portfolio coverage and also non-value accruing features. Balancing all 3 demands for Step is important, we cant have our cake and eat it too.
That’s it for todays wrap-up, stay tuned over the coming days for some exciting new announcements!