Step Finance, the front page of Solana (SOL/USD), recently launched an automated market maker (AMM) that reached a TVL of $2 million in its first day. The Step Finance AMM is the first AMM on Solana with an on-chain router, enabling atomic transactions across any pool on the STEP AMM. This facilitates arbitrage, TVL accumulation, and LP incentives. What’s more, no other AMMs on Solana have this. Here’s what else Invezz learned from George Harrap, Cofounder of Step Finance.

With most AMMs, you need to discuss a listing with another protocol which often gets rejected for new unknown tokens. In contrast, any project can list a token pool on Step. Step is targeting long tail assets. In other words, these are coins with low market cap that can use the AMM to gain traction and get off the ground. Eventually, institutions will face pressure to interact with the DeFi world as the space continues to grow. This will happen some time in the future. For now, DeFi projects are under no obligation to make their products suitable for institutional investors.

Atomic swaps came into prominence after the first one between Decred and Litecoin in 2017. In the world of crypto, atomic swaps are a transaction with deterministic finality at the time of creation. Every transaction on most blockchains is technically atomic, so there have been plenty of milestones in this dynamic area since the first swap.

Atomic swaps enable the exchange of cryptocurrencies without using crypto exchange platforms. In response to Invezz’ question whether there would ever come a time when these middlemen ceased to exist, George Harrap said:  

“There are no middle men on DEXes like the Step AMM. The time of no middlemen is already upon us and has existed for many years already! The invention of Bitcoin, which in turn invented DAOs (decentralized autonomous organizations) opened the door to build decentralized applications which can interact with one another, bypassing a middleman. It will be exciting to see a shift into a lack of reliance on these middlemen in the future across all industries as we start to see more decentralization.” 

The Step Finance AMM has the first router on Solana for inter-pool atomic swaps, allowing users to swap currency via the $STEP token as a bridge. Step AMM supports each Solana token. 

The post George Harrap, Cofounder of Step Finance: The time of no middlemen is upon us appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

159 +