Step Finance acquires SolanaFloor for DeFi

On Thursday, Solana-based data platform Step Finance acquired NFT data insights platform SolanaFloor for an unrevealed amount.

Step Finance is a Solana analytics platform with over 110,000 monthly active users. Step Finance won a Solana Hackathon in March 2021, and started as a customer of SolanaFloor. Step is looking to develop its platform to incorporate NFTs, and its investment in SolanaFloor will take the company one step further in that direction.

Remarks on Step Finance acquiring SolanaFloor

Step Finance and Solana Floor

George Harrap, the Co-founder of Step Finance revealed that there are many new users entering the Solana ecosystem from different gradients.

Harrap clarified that there are users who don’t really know about DeFi and similarly, a lot of DeFi people don’t really know about NFTs, so the sum is greater than two parts.

SolanaFloor also won a Solana Hackathon and presently has 23,000 monthly active users. Wazza, the founder of the platform, stated that taking its data to Step will enhance the data wrapping around the Solana ecosystem.

You may find this useful, How to mint NFTs on Solana?

Wazza conveyed that Step is pretty much the home for DeFi and emphasized that they are pretty much the home for NFTs on Solana, so this acquisition makes perfect sense.

Since its launch last year, Step Finance has been steadily growing. Following its triumph at the hackathon, it raised $2 million from Alameda Research, which is held by crypto exchange FTX’s CEO Sam Bankman-Fried.

Step and SolanaFloor are not the only companies breaking into the Solana data insights market. In June, blockchain analytics firm Nansen declared that it would begin tracking the chain’s data amid its growing NFT minting volume.

Harrap also said that Step Finance and SolanaFloor plan to execute a blue-chip index for NFTs to give more comprehensive insights into the Solana ecosystem. The company will also use funds to onboard team members from Solana Floor to Step.

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