Three Major Solana Platforms Announce Full Shutdown: Report

Step Finance, SolanaFloor, and Remora Markets are shutting down all operations effective immediately. The team confirmed the closure on February 23, 2026, via an official post on X, citing the fallout from a late-January security breach that drained roughly $29 million from the platforms' treasury wallets.

Despite weeks of searching for a way forward, including talks with potential buyers and investors, no deal came through. Three platforms that once formed a key part of the Solana ecosystem are now gone.

What Did These Platforms Actually Do?

Step Finance launched in 2021 and quickly earned the nickname "the front page of Solana." It was a DeFi dashboard and portfolio tracker that pulled data from dozens of Solana protocols into one place. Users could monitor tokens, LP positions, staked yields, and wallet activity without jumping between apps.

SolanaFloor operated as a Solana-focused media and analytics outlet. It covered DeFi, NFTs, market trends, and ecosystem news. What started as a small X account grew into one of the most-read Solana news platforms in the space.

Remora Markets ran as a tokenized equities platform that allowed users to trade real-world assets like stocks on-chain. Together, these three brands served millions of users over the years.

Last November, Step Finance actually restructured its operations. It retired the Step Dashboard, APIs, and mobile app to focus on its higher-growth brands: SolanaFloor and Remora. That pivot now ends alongside everything else.

What Happened in the January Hack?

On January 31, 2026, Step Finance reported that several treasury and fee wallets had been compromised. The team described the attacker as a "sophisticated actor" who breached executive devices during APAC hours.

This was not a smart contract exploit. The attacker gained access through endpoint security weaknesses. The compromise came from the human side, likely through phishing or device infiltration, rather than a flaw in the code itself.

Blockchain security firm CertiK confirmed that approximately 261,854 SOL tokens were unstaked and transferred during the attack. At the time, that amount was worth roughly $29 million based on SOL's price. Some reports have placed total losses as high as $40 million when accounting for all affected assets and price fluctuations.

The team worked with cybersecurity experts and managed to recover about $4.7 million using Solana's Token22 protections and partner support. But the remaining damage proved too deep to overcome.

What Happens to Token Holders?

The team laid out two remediation plans in its shutdown announcement:

• STEP token holders will be eligible for a buyback program. The buyback will use a snapshot taken before the January hack, meaning holders will be compensated based on pre-incident balances using whatever assets remain.
• Remora rToken holders will have access to a 1:1 redemption process. The team confirmed that all rTokens remain fully backed, and a mechanism for redeeming them for USDC is being developed.

No timeline has been shared yet, but the team said more details are coming soon.

SolanaFloor separately noted that while it will stop publishing new content, its existing website, videos, and newsletters will stay online as an archive.

How Did the Market React?

The STEP token collapsed. After the January hack, it dropped over 96% in value, falling from pre-hack levels to around $0.0006. Following the shutdown announcement, it fell an additional 35%, hitting a new all-time low near $0.00055 to $0.00059 on February 24, per CoinGecko. The token's market cap now sits under $200,000.

SOL itself has been under pressure in early 2026. The token was trading around $76 on February 24, down roughly 45% from its January highs. While the Step Finance situation contributed to negative sentiment, SOL's broader decline reflects wider market conditions and large token unlock events.

Community reactions on X were mixed. Some users offered sympathy and expressed interest in acquiring or reviving parts of the platforms. Others accused the team of poor security practices, with a few going as far as labeling the incident a rug pull. Step Finance co-founder George Harrap posted that his priority was finding roles for the team and that he would pursue acquisition offers if serious parties came forward.

What Does This Mean for Solana DeFi?

This shutdown removes three established names from the Solana ecosystem in one stroke. Step Finance was a core utility layer for tracking on-chain activity. SolanaFloor was a go-to source for ecosystem news. Remora Markets was pushing into real-world asset tokenization.

The closure also highlights a recurring vulnerability in DeFi: endpoint security. Smart contracts can be audited and hardened, but when attackers target the humans behind the wallets, even battle-tested protocols can fall. Industry figures have called for a full post-mortem to share lessons on the attack vector.

Solana's DeFi ecosystem is not collapsing. The network still holds roughly $9 billion in TVL and generates millions in daily dApp revenue. But incidents like this erode trust and remind everyone that security in crypto extends far beyond the code.

For now, affected users wait for buyback and redemption details. The platforms that once helped millions navigate Solana are winding down for good.

Sources:

• Step Finance on X - Official shutdown announcement posted February 23, 2026
• crypto.news - Detailed reporting on the hack timeline, $4.7M recovery, and loss estimates up to $40M
• Decrypt - Coverage of the shutdown, CertiK confirmation of 261,854 SOL stolen, and STEP token collapse
• BeInCrypto - Background on SolanaFloor's separate announcement and archival plans
• CoinGecko - STEP token price data showing all-time low of $0.00054 on February 24, 2026
• Crypto Briefing via BitcoinEthereumNews - Details on Step Finance's November 2025 restructuring and SolanaFloor's operational history