Solana: Tulip Introduction

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It's been some time since we visited a Solana project which have been going strength to strength. The Proof of History Block Chain once touted to be one of the fastest if not fastest networks currently on the market able to provide 50,000 transactions per second. Given that Solana is still relatively new and developers are continuing to upgrade systems we can bet on Solana being able to deliver on these speeds despite live set backs.

After all, Solana when performing system tests exceeded 50,000tps reaching close to 100,000tps which can be evidenced Here.

For today's article I wanted to take a look at Tulip which was formally known as SolFarm and is one of Solana's best performing projects.

What is Tulip?

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Tulip Protocol is a digital asset yield aggregator that offers auto-compounding APY across Raydium, Saber and Orca protocols built on the Solana Block Chain. Tulip currently hosts 40 auto-compounding vaults that investors can participate in with a "set and forget" strategy.

Auto-compounding vaults mean that investors only need to make one deposit, their initial and than Tulip Protocol will continue to claim and re-deposit their funds without the need to claim. This ensures an investor is never missing out on growing rewards and takes the hassle out of needing to visit the protocol often to claim and re-stake. Although, investors are advised to visit often to ensure their investments are performing and address any issues that may arise.

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A quick assessment of the vaults on offer which can be accessed HERE and we can see that there are a large range of positions on offer with some significantly large APY's. Larger APY's often mean risk and are most likely assets that investors will suffer the largest impacts of impermanent loss on.

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Options available to investors are the ability to switch between Solana protocols and search for stable, new or ended vaults. The UI is developed for ease of use and to quickly navigate to what you're looking for. There is even a search bar to enable investors to seek a specific vault if they already know what they want.

Lending

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Beyond being a digital asset aggregator Tulip also offers Lending similar to what is offered by Compound and AAVE on Ethereum Block Chain. With a large range of digital assets on offer for investors to deposit as collateral Tulip is a more advanced project on the Solana block chain.

Project History

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In June 2021 Tulip which was than known as Solfarm won the Pyth Prize at the Solana Hackathon netting the project $US25,000 to commence development and further drive the project source. The project was developed by four friends whom continue to remain anonymous and go by the user names “Momo,” “senx,” “therealssj,” and “post” Source

Tulip is in the process of expanding it's team after securing a $US5 Million private sale of their native governance token which will also enable holders to participate the the governance of the protocol. The project team has stated that they are currently planning on expanding options available to investors and will provided further investment strategies in the near future source

Despite early setbacks Solana has bounced back and producing some really worth while protocols which will most likely see the chain continue to thrive. Tulip is a project that I will continue to monitor and check back on in the near future.

What are your thoughts on the protocol and what do you think can be improved?

Image sources provided. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

Posted Using LeoFinance Beta



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5 comments
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boom_vyb2.jpg

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Thank you my friend, Merry Christmas to you and the family. Although is Christmas next year for you my friend?

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Are the vaults essentially double tokens LPs? It seems very similar to kingdoms and it's great for passively earning. However CUB has things such as depositing CAKE or CUB alone.

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