Step Finance, a Solana-based DeFi portfolio manager, announced it will cease operations following a $29 million hack that severely impacted its treasury and token value. The project plans a buyback for STEP token holders based on pre-hack snapshots and will redeem Remora token holders 1:1. This closure aligns with recent trends of DeFi projects shutting down amid operational difficulties, declining on-chain activity, and liquidity fragmentation.