Another hack.
By Maxime Laurent · 2026-02-24 09:55
Another hack. Three projects gone.
Step Finance, SolanaFloor and Remora Markets shut down — and STEP is down 99% from ATH.
This one hurts, especially for early believers.
After a January exploit, three projects from the Solana ecosystem —
Step Finance,
SolanaFloor and
Remora Markets —
have announced they’re shutting down.
The team couldn’t secure new funding or sell the business after the attack.
And the token? Brutal.
STEP collapsed 96% after the hack — and dropped another ~36% on the closure news. It now trades around $0.00057.
Its all-time high in 2021? $10.20.
That’s not a correction.
That’s extinction.
This is the uncomfortable side of crypto cycles.
In bull markets, dashboards, analytics platforms, yield tools, and side projects flourish. Capital is abundant. Valuations stretch. Tokens pump.
But after a major exploit, funding dries up fast. Investors become cautious. Treasury runways shrink. And if there’s no strong revenue engine underneath, recovery becomes almost impossible.
Hacks don’t just drain funds.
They drain trust.
And in DeFi, trust — even in a “trustless” system — is oxygen.
From my terrace in the south of France, watching Solana still push innovation while smaller ecosystem players disappear, I’m reminded of something simple:
Crypto is Darwinian.
Not every project survives a winter.
Not every token deserves a comeback.
But the base layer? It keeps building.
And every cycle leaves fewer, stronger players standing.
C’est brutal, mais c’est la sélection naturelle du marché. 🔥🌊
#Solana #DeFi #Crypto #STEP #Web3 #MarketCycles
Step Finance, SolanaFloor and Remora Markets shut down — and STEP is down 99% from ATH.
This one hurts, especially for early believers.
After a January exploit, three projects from the Solana ecosystem —
Step Finance,
SolanaFloor and
Remora Markets —
have announced they’re shutting down.
The team couldn’t secure new funding or sell the business after the attack.
And the token? Brutal.
STEP collapsed 96% after the hack — and dropped another ~36% on the closure news. It now trades around $0.00057.
Its all-time high in 2021? $10.20.
That’s not a correction.
That’s extinction.
This is the uncomfortable side of crypto cycles.
In bull markets, dashboards, analytics platforms, yield tools, and side projects flourish. Capital is abundant. Valuations stretch. Tokens pump.
But after a major exploit, funding dries up fast. Investors become cautious. Treasury runways shrink. And if there’s no strong revenue engine underneath, recovery becomes almost impossible.
Hacks don’t just drain funds.
They drain trust.
And in DeFi, trust — even in a “trustless” system — is oxygen.
From my terrace in the south of France, watching Solana still push innovation while smaller ecosystem players disappear, I’m reminded of something simple:
Crypto is Darwinian.
Not every project survives a winter.
Not every token deserves a comeback.
But the base layer? It keeps building.
And every cycle leaves fewer, stronger players standing.
C’est brutal, mais c’est la sélection naturelle du marché. 🔥🌊
#Solana #DeFi #Crypto #STEP #Web3 #MarketCycles
Disclaimer: This content is for informational purposes only and not financial advice.