The surprises and opportunities in the Solana ecosystem do not stop, this time Step Finance revealed that it has burned a whopping 12.5 million $STEP tokens as part of this program.
This move is part of its larger strategy to reduce token supply and reward its community of users. Let’s discover more about Step Finance.
Step Finance’s Token Burn: Rewarding the Community
Under the “STEP SUMMER BURN” program, Step Finance plans to burn 50 million $STEP tokens over four weeks. This amounts to approximately 8% of the total token supply and 13% of the circulating supply. By reducing the token supply, Step Finance aims to create scarcity, potentially driving up the remaining tokens’ value. This benefits existing token holders and aligns with the project’s goal of delivering value to its community.
The decision to burn tokens is a intelligent strategy blockchain projects employ to manage token economics and create value for stakeholders. By reducing the total supply of $STEP tokens, Step Finance effectively increases the scarcity of the remaining tokens. This could potentially lead to increased demand and higher token prices in the long term. This can benefit both investors and users of the Step Finance platform.
Burning of the fee wallet STEP ignites our first step towards future plans to further reward the Step community. We're thrilled for what's to come. But for now, put on your shades and watch the STEP SUMMER BURN
Furthermore, burning tokens can also help to stabilize token prices by reducing the likelihood of inflationary pressures. With a smaller token supply in circulation, there is less downward pressure on prices, which can lead to greater price stability and investor confidence in the $STEP token.
More about Step Finance
Step Finance has just unveiled its latest NFT Analytics release, Analytics 1.1.6, bringing a host of new features to the platform. This update introduces enhanced NFT Analytics collection information, including valuable insights into floors, transactions, and wallet activity. Additionally, users will benefit from new collection filters for galleries, listings, holders, and floor insights, providing a more streamlined and comprehensive experience.
Step.finance is the front page of Solana. Step is the largest portfolio dashboard on Solana and provides data insights about your wallet in addition to the rest of the ecosystem. Step makes it easy for anyone to monitor their portfolio token balances, AMM LP's, and yield farms. Additionally, Step has a number of built in functions to make your life easier including Swaps, LPs, Position/Address Monitoring, Fiat Payments and more.
The catalog of products that Step Finance has on its dashboard are the following:
The Step Dashboard
The Step Dashboard is where users can see a breakdown of all their positions and balances associated with their wallet. Within the dashboard, Step’s many protocol integrations allow for visibility and management of positions such as compounding yield farms, claiming staking rewards or closing open orders on Serum DEXs.
The NFT Gallery
Step also tracks the values of NFTs within a user's wallet and offers ways to manage an NFT portfolio including a sharable NFT Gallery.
Swaps
Step is integrated with Jupiter Exchange to enable Swaps from within the Step app, providing users with the widest range of token trading pairs and lowest fees paired with reward incentives through Step Reward Options.
Step Staking
The STEP token provides utility to be used throughout the ecosystem and can earn a share of Step protocol revenue when staked for xSTEP with the Step Staking tool.
The Step Inbox
The Step Inbox is an integration with Dialect, an on-chain messaging service allowing private wallet-to-wallet messaging.
Transaction History
Step’s Transaction History is a simple and easy tool for tracking wallet transactions.
The Opportunities Page
The Opportunities page shows just that- opportunities highlighted throughout the DeFi ecosystem for Step users to take advantage of. It provides an easy to use tool for quickly finding and sorting different yield farming APRs, lending pools data and funding rates for margin trading platforms.
Support Charities
Support Charities is a page dedicated to helping charities, where users can directly donate USDC to listed causes right from the Step app, or even suggest charities and apply for their own causes to be listed.
If you liked this news, don't forget to leave your impressions in the comments. I thought it was fantastic to bring this to Binance Square and for more users to know the benefits offered by the Solana ecosystem, which is an infinite sea of possibilities. Don't forget to look at the SOL token, which will bring surprises in the coming days.
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