Solana-Based mostly Yield Aggregator Tulip Raises $5M

Solana-based decentralized finance (DeFi) app Tulip raised $5 million in a bid to increase its yield aggregation and crypto lending merchandise.

The seven-month-old protocol, which at press time held over $800 million in crypto property, stated Bounce Capital and Alameda Analysis led the “strategic funding.” Tulip not too long ago rebranded; it gained a $25,000 hackathon prize as “SolFarm” in June.

Pseudonymous CEO “Senx” stated in a telephone interview that Tulip intends to double its five-person workforce. A scarcity of Solana-focused engineers may complicate that purpose, he stated, underscoring the heated competitors for DeFi developer expertise.

Tulip permits customers to chase double-digit yield on their token deposits and facilitates crypto lending in addition to leveraged yield farming. Senx stated over 150,000 distinctive wallets have interacted with these instruments and 10,000 wallets preserve “lively, significant positions” within the 5 figures.

An upcoming “v2″ can have “larger managed methods” for customers, he stated.

He stated the protocol stays “self-sufficient” by capturing round 1.2% of Tulip’s nine-figure complete worth locked (TVL), which is the U.S. greenback worth of the cryptocurrency dedicated to DeFi protocols which are constructed on a layer 1 blockchain. Funding will assist them make investments extra in TULIP tokenomics.

The traders – principally enterprise capital companies: Amber Group, Cadenza Ventures, Fisher8 Capital, CMS Holdings, Rarestone Capital, FinTech Collective and DV Chain – will obtain TULIP governance tokens from a vesting sensible contract, he stated.

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