Step Finance Introduces Data API to Support Solana's Growing Institutional Adoption

Step Finance has launched a new Solana Portfolio Data API designed to meet the increasing demands of institutional players in the cryptocurrency industry. Targeting Tier 1 exchanges, DeFi projects, and other financial institutions, the API offers real-time, comprehensive data on wallet positions, transaction histories, and asset values across the Solana blockchain.

Disclaimer: SolanaFloor is owned and operated by Step Finance

The Challenge of Solana Data for Builders and Institutions

For many companies, especially those migrating from other ecosystems like Ethereum, accessing and managing Solana data has been a significant challenge. 

The complexity of Solana's onchain data and the lack of comprehensive tools have been hurdles for new projects looking to build on Solana. Step Finance recognized this pain point early on and has worked to provide solutions that simplify data access and enhance the usability of Solana's blockchain.

Years of Data Compilation Yield the Widest Coverage

Step Finance has spent years compiling and indexing Solana's onchain data, resulting in the most extensive token coverage available on the network. This effort, initiated since the project's launch in 2021, involved direct collaboration with numerous projects across the Solana ecosystem. The company's long-term focus on data collection has enabled the creation of a service that stands out for its depth and reliability, providing institutions with the most detailed view of onchain activities.

"The API represents the culmination of years of work," said George Harrap, Co-founder of Step Finance. "We've focused on creating a service that provides the most comprehensive coverage and can meet the growing data needs of institutions."

Step Finance has been one of the early believers in Solana, launching its platform in 2021 during a time when the ecosystem was still nascent. Despite the challenges and volatility in the market, Step Finance remained aligned with Solana, continuing to build and expand its offerings. This dedication has paid off as Solana's user base has grown, leading to increased usage of Step Finance's portfolio dashboard, which now serves 300,000 monthly active users. Today, it stands as the leading portfolio dashboard on Solana, with the widest coverage of any similar service.

Rising Institutional Demand for Solana

Institutional interest in Solana has surged in recent months, signaling growing confidence in the blockchain's potential. Asset management giants VanECK and 21Shares have filed for Solana ETFs in the United States, while Brazil has already approved the world's first Solana ETF.

Franklin Templeton, managing $1.53 trillion in assets, has identified Solana as part of the "big three" of this market cycle, alongside Bitcoin and Ethereum.

Hamilton Lane, which oversees $857 billion in assets, recently launched the first institutional-grade private credit fund on the Solana blockchain.

These developments underscore the increasing institutional embrace of Solana, highlighting the need for reliable, scalable data solutions like those offered by Step Finance.

Scalable, Compliant, and Comprehensive: Addressing Institutional Needs

According to the press release, Step Finance's API stands out for its ability to scale seamlessly to handle millions of data requests, thanks to its robust in-house indexing infrastructure. This scalability ensures that institutions can depend on Step for fast, accurate data, even during periods of high demand—a crucial capability in the rapidly evolving crypto landscape.

Moreover, the API's extensive coverage and detailed insights are designed to help companies comply with the SEC's SAB 121 guidance, which imposes stringent requirements on the reporting and management of crypto assets. Step's API provides a complete history of transactions associated with any wallet, ensuring that institutions have the information they need to meet these regulatory obligations.

Expanding Step Finance's Role in the Solana Ecosystem

In addition to launching the Solana Portfolio Data API, Step Finance has introduced a limited beta version of its V3 platform. This update includes new features designed to enhance the user experience, such as multiple wallet integrations, real-time trading charts, and an improved user interface optimized for mobile devices.

V3 Exclusive Look

As institutional interest in Solana continues to increase, Step Finance is positioning itself as a key provider of data services within the ecosystem. The company's extensive coverage, scalable infrastructure, and focus on compliance make it a valuable resource for institutions navigating the complexities of the Solana blockchain.

 

Disclaimer: SolanaFloor is owned and operated by Step Finance

 

Read More on SolanaFloor

 

Is an easily avoidable 0.85% swap fee too high?

Phantom Attacked Over Swap Fees, Reigniting Web3 Revenue Stream Debate