Step Group, one of the earliest companies to build on the Solana (SOL) blockchain, has announced a major restructuring.
As per an official statement on Nov. 5, Step Group will shut down its flagship Step Finance dashboard and pivot its focus toward its media and analytics arms SolanaFloor and crypto trading platform Remora.
The company said the decision was made to streamline operations and double down on areas showing clear product–market fit.
Step Finance was founded in February 2021, shortly after the launch of the Solana blockchain's first major DeFi protocols. It gained traction as a portfolio visualization and DeFi aggregation tool.
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At its peak, the platform claimed roughly 300,000 monthly active users. However, as decentralized finance activity across Solana and other networks declined, the company found it increasingly difficult to sustain the infrastructure costs of maintaining one of the ecosystem's most complex data systems.
"Maintaining this massive infrastructure is a burden which doesn't make sense continuing with," the team said, noting that the DeFi market's decline and limited monetization opportunities forced a reassessment.
"To get back to building new things quickly we need to take a flamethrower to the old stuff, torch it and start fresh."
Related: Solana to see 5x growth by final quarter of 2025, per analyst
What happens to funds and employees?
The Step Dashboard, APIs, and mobile app, once the core of the ecosystem, will stop operating from next month. Users have been advised to withdraw funds and find alternatives to the project's API services during the wind-down.
Step Group said no layoffs will occur, and its native token will remain unaffected. The company will now concentrate on expanding SolanaFloor, its on-chain data and news platform, and Remora, an on-chain trading.
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As part of Step Group's restructuring, SolanaFloor will now serve as the group's primary editorial and events arm.
The restructuring will also include the formation of Step Ventures — a new investment arm focused on real-world opportunities and value creation for the broader Step ecosystem.
At the time of writing, Solana (SOL) was trading 1% higher at $159.39. This comes ahead of Solana Breakpoint , which is scheduled for Dec. 11 - 13. Developers and investors behind the network are set to convene at its annual conference, where they'll unveil new products and outline expansion plans.
Earlier last week, crypto media outlet Blockworks announced it would shut down its news division to focus on its fast-growing data and analytics business.
Related: Blockworks shutters its news division, pivots to data and analytics
This story was originally reported by TheStreet on Nov 6, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
