STEP is one of most actively traded and widely supported Solana coins listed on many CEXes incl with PERP (FTX) and lending markets (Acumen, Port and Jet awaiting Pyth support). STEP has an active PERPS mkt often #3-#4 in Solana token volume. STEP also has an AMM in which 50% of all pairs are STEP acting as a stabilising liquidity sink (to move price alot you need to arb through every other pool on the AMM).
The existence of lending and PERPs markets also bring arbitrage opportunities to Mango, if funding is too high on FTX or interest rates on lenders then the arb is to open up positions on Mango and visa versa. This promotes more liquidity, volume and activity on Mango.
Step was also the first Dapp to integrate and support Mango, many months ago. V1, V2 and V3 coming soon.
I recommend STEP listed with same specs as SRM which are more conservative than the current 20X available on FTX.
thx sers
EDIT: A summary in the post below buts some data to this listing too:
STEP is #2 in number of trades according to Max’s own post Token Listing COPE
STEP has 5x the volume and 2x the OI and MNGO on FTX-PERP mkts atm
The only other Solana tokens with higher OI and VOL are SRM, RAY.
STEP has more CEX listings than every other Solana coin other than SRM and RAY.
STEP has support on Switchboard oracle with Pyth pending, only a few Solana coins have oracle support.
STEP can be used as collateral on Acumen with other Protocols pending.
STEP is currently not allowed as collateral on FTX (unlike RAY or SRM). The 20x leverage referenced by George is on the STEP-PERP derivative. The FTX spot market allows no margin on STEP positions (like COPE, MNGO).
There’s only so many slots in the short-term for adding tokens and I don’t think STEP meets the basic quality standard, and certainly not for parameters on par with SRM:
The supply mechanics have previously led to significant market instability due to hyperinflation early on (increasing risk of social loss)
The rates they have offered on farming in the past have caused significant spikes in STEP borrow rates (and, consequently, massive divergences in perpetual funding), so this would have to be baked into considerations of the rate formula. If they think this was smart before, they’re likely to do it again, so need to prepare for the worst if it were listed. As has been pointed out, this asset, STEP, is considered too low quality to have a lending market on FTX.
With the mark price on perpetual currently being based on index alone, any such mechanics like (1) or (2) this will lead to a lot of chaos on any perpetual market (people longing and being marked at an immediate loss), until mark price can be adjusted to account for this
And fwiw, this thread seems heavily astroturfed with low-quality replies that do not contribute to reasonable discussion or consideration on the proposal, who have all “liked” each others posts. This is the community’s vibes i guess:
IMO listings should focus on higher quality tokens with more volume (not just Solana ecosystem either) that will translate well to Perps (to get the most out of the limited slots).
Step is one of the most promising projects in solana ecosystem. They are so dedicated and hardworking. George is a clever guy and i think he will continue to add intriguing features to front page of solana. I thing step should be in all c/dexs.
Low quality reply by a Twitter account who is blocked by Step for spreading fud previously. Has no actual valid concerns related to the points in OP. Shouldnt be taken seriously, loves to hate and be wrong
Irrelevant to discussion. Unlike every other DeFi token, STEP launched with PERPs on day 2 with the ability to short and farm with almost 0 circ supply. Most low quality defi tokens are not good enough to have a PERP market on day 2 and thus this lead to big interest in delta neutral hedging via PERPs and the farm.
This isnt ‘instability’ its literally stable price farming with PERPs a primary venue for this. Would have been good if Mango was available instead on day 2 for this, would bring lots of vol/liq to mango protocol.
Again, hes talking about farming from 3 months ago, not sure how this is relevant? STEP suffered no massive price moves which caused liquidations. This literally incorrect take.
Incorrect, STEP is supported on more CEXs and AMM pools than almost any other Solana token and thus has much lower risk profile than other tokens in consideration. There are many venues on which to get pricing information or hedge positions.
This poster also seems to call anyone not supporting his incorrect takes to be ‘astoturfed’ whatever that means. This thread was highlighted on Step twitter aswell, people are showing their support. This is not a shock.
To put things into perspective. At time of writing
STEP is #2 in number of trades according to Max’s own post Token Listing COPE
STEP has 5x the volume and 2x the OI and MNGO on FTX-PERP mkts atm
The only other Solana tokens with higher OI and VOL are SRM, RAY.
STEP has more CEX listings than every other Solana coin other than SRM and RAY.
STEP has support on Switchboard oracle with Pyth pending, only a few Solana coins have oracle support.
STEP can be used as collateral on Acumen with other Protocols pending.
STEP is clearly top tier Solana proven by the actual data.
