Step Finance Acquires SolanaFloor to Provide DeFi, NFT Data Insights

Once a customer of SolanaFloor's, Step Finance is expanding from a focus on DeFi to also include NFTs.

AccessTimeIconJul 28, 2022 at 2:00 p.m. UTC
Updated Jul 28, 2022 at 2:55 p.m. UTC

Cameron Thompson is a news reporter at CoinDesk.

Solana-based data platform Step Finance has acquired non-fungible token (NFT) data insights platform SolanaFloor for an undisclosed amount, the companies said Thursday.

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

Co-founder of Step Finance George Harrap told CoinDesk that there are many new users entering the Solana ecosystem from different angles.

“There are some users who don't really know about DeFi and likewise, a lot of DeFi people who don't really know about NFTs, so the sum is greater than two parts,” Harrap said.

SolanaFloor also won a Solana Hackathon and currently has 23,000 monthly active users. Wazza (a pseudonym), the founder of the platform, said that taking its data to Step will improve the data surrounding the Solana ecosystem.

“Step is pretty much the home for DeFi and we're pretty much the home for NFTs on Solana, so this makes perfect sense,” Wazza said.

Step Finance has been steadily building since its launch last year. Following its success at the hackathon, it raised $2 million from Alameda Research, which is owned by crypto exchange FTX's CEO Sam Bankman-Fried.

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

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

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Cameron Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cameron Thompson is a news reporter at CoinDesk.

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