Many see Tulip Protocol, the Solana-based yield farming platform as a yield aggregation network that is the very first with a compounding value system. This gives investors higher yield than what is obtainable in many platforms, even though no active management actions are required of the investor to accomplish this.
The platform which was formerly known as SolFarm was rebranded after winning the Solana Season Hackathon‘s Pyth price. In a recent interview, the team explained what makes Tulip Protocol tick.
According to senx, a representative of Tulip, the platforms intends to become the one-stop shop for all yield farming needs on the Solana network.
According to them:
“We currently have Orca/Raydium/Saber farming strategies integrated and also offer leveraged farming on certain pairs and single asset lending for a lot of altcoin pairs. We have a few interesting managed vault strategies in development so follow us to keep up with our development progress!”
On the vision behind the Yield farm, senx said that the team saw a need that have not been met in any other blockchain that necessitated the building of a compounding yield protocol that fits into the demand of the market.
They stated that prior to the yield farm which is their most successful project till date that they have been involved in collaborations in projects built on the Ethereum network. The emphasis on the auto-compounding yield network has been on simplification to make it easy for the investor to not bother about details after investing their digital assets.
If farmers are the salt of the earth, then DeFi natives are the seasoning of blockchain. This week’s flavour of Serum Story takes on a floral note, as we we’re joined by the @TulipProtocol team (formerly SolFarm) who tell us about their life on the farm!https://t.co/qvO7eQ6JLS
— Serum (@ProjectSerum) October 20, 2021
On the transition to Solana after doing similar EVM on the Ethereum network, senx said that the high cost of gas fees on the Ethereum network made the decision to move to Solana an easy one for the team. The low transaction cost to the team made the decision to transit to Solana, which they described as more forgiving for new projects.