Tulip Protocol is the pioneering decentralized yield aggregator on the Solana blockchain, featuring auto-compounding vault strategies. It leverages Solana’s low-cost, high-efficiency blockchain, allowing vault strategies to compound frequently, thereby providing stakers with higher APY and reducing the need for active management. Though currently in beta and with all its code being experimental, the platform seeks to offer users an optimal experience with competitive APYs and “set and forget” strategies. It draws inspiration from platforms like Uniswap on Ethereum and PancakeSwap on BSC by supplying liquidity to Solana-native DEXes such as Raydium and SABER. Participants can provide liquidity through Tulip Protocol and earn interest on their investments along with the platform’s native governance token, TULIP, while the exchanges benefit from improved liquidity. The Tulip Protocol team has implemented several advancements since its inception. For example, they introduced double-asset reward pools post-launch and enabled leveraged farming. Looking ahead, Tulip Protocol plans to optimize its user interface to enhance the user experience and work on a V2 version of the platform.

Tulip Protocol was established by a group of anonymous individuals with expertise in the DeFi sector. The co-founders are known as “Momo” and “senx.” Momo possesses four years of experience in managing blockchain projects, with a strong focus and interest in DeFi products. Senx has extensive operational experience with tier 1 cryptocurrency exchanges and is skilled in on-chain farming. The Lead Developer for Tulip Protocol is “therealssj,” who has been active in the field since 2017. “Post” serves as the Senior Developer; he is a blockchain developer with a background in systems administration and has been part of the ecosystem since 2011. “Littlepoggers,” an enthusiast in mining and node running, holds the position of System Administrator and Junior Developer. Lastly, “barney” is responsible for UI/UX development and has worked with two unicorn startups.

Tulip Protocol, previously known as Solfarm, is recognized for its leveraged yield farming as a primary value proposition. Similar to traditional yield farming, leveraged yield farming involves a borrower and a lender. Participants deposit their assets into the lending pool to earn a variable deposit rate with automatically compounding interest. This approach allows yield farmers to amplify their positions and achieve higher annualized yields, although it still exposes them to smart contract and liquidation risks. Tulip Protocol enforces liquidation at an 85% loan-to-value ratio. When this threshold is reached, the position will be forcibly closed, and the collateral will be returned once the loan is settled and the liquidation bounty is fulfilled. Leveraged yield farming also introduces directional risk. For instance, a farmer who supplies USDC and borrows RAY to engage in the RAY-USDC liquidity pool is essentially short on RAY. An increase in the asset's price will result in RAY being sold from the pool, exposing the borrower to the risk of impermanent loss. If the position is left unmanaged, it may lead to liquidation. Tulip Protocol provides competitive vault fees, detailed below: Raydium Vault Fees - Controller fee: 0.1% - Platform Fee: 1.4% - Vault Fees: 0.0% - No deposit/withdrawal fees SABER Vault Fees - Controller fee: 0.1% - Platform Fee: 1.4% - Vault Fees: 0.0% - No deposit/withdrawal fees For more information and up-to-date data, visit Eulerpool's website.

TULIP has a total supply of 10 million tokens. The distribution of the token supply is as follows: - Team: 20% - Advisors: 2% - Treasury: 12% - Liquidity Provision: 5% - Strategic & Growth: 12% - Liquidity Mining/Ecosystem: 48% All team tokens are vested on-chain with a six-month cliff and a three-year linear vesting period, while advisor tokens are subject to similar vesting terms. The treasury funds will be allocated for future protocol maintenance and potential incentives, such as buybacks and token burns. Liquidity provision will be set aside for Automated Market Maker (AMM) liquidity if needed, and possible Fusion pool rewards. For more detailed information, please refer to Eulerpool.

Tulip Protocol represents the inaugural yield farming solution established on the Solana blockchain. Solana is renowned for its rapid transaction speeds and minimal transaction fees, positioning it as a formidable challenger to Ethereum. As a layer one blockchain, Solana employs a proof-of-stake consensus mechanism augmented by partial Byzantine Fault Tolerance. It operates 200 nodes globally, capable of processing up to 50,000 transactions per second at peak performance. This remarkable throughput is achieved through a series of coordinated optimizations, allowing Solana to process transactions in a multi-threaded manner, distinguishing it from slower blockchain networks. For further details and metrics, refer to Eulerpool.

Solfarm commenced operations in late April 2021, and the TULIP token was introduced following the conclusion of the public beta, which ended two weeks later. Participants in the public beta period were retroactively rewarded based on their level of involvement.

TULIP is accessible on Serum, Gate.io, and Raydium.