Tulip Protocol Integrates Chainlink Price Feeds on Solana to Help Secure Its Yield Aggregation Platform
Following our previous announcement stating our intent to integrate Chainlink Price Feeds to help secure our yield aggregation platform, we’re excited to announce that the integration is now live on Solana mainnet. With decentralized market data from the industry-leading decentralized oracle network, users have stronger assurances that leveraged positions will be fairly liquidated using highly accurate price data and that the protocol will remain fully collateralized at all times.
Tulip Protocol takes advantage of Solana’s high-throughput and low-cost blockchain, enabling users to more frequently reinvest their yield and compound their assets without incurring excessive gas fees. With Chainlink oracles natively integrated on Solana, we can seamlessly access the most widely used oracles in blockchain to help provide our users with advanced, secure, and reliable yield aggregation.
Tulip Protocol connects lenders who earn a yield on deposits with borrowers who want to access leverage. Users that open leverage positions must maintain a predetermined loan-to-value (LTV) ratio, which we check with asset price data supplied by Chainlink Price Feeds. If the collateral drops below our preset threshold, then their position is automatically liquidated to help ensure lenders are paid back. Accurate LTV ratios are a critical function in our smart contracts as they determine when traders get liquidated and help protect lenders’ deposits, making the price oracle solution we use a core piece of infrastructure for our protocol.
After reviewing various blockchain oracle solutions, we selected Chainlink Price Feeds because they provide access to the highest quality data on Solana with broad market coverage, robust oracle infrastructure proven to be reliable during extreme network conditions, and various on-chain monitoring systems that allow users to verify the integrity and performance of oracle networks. The end result is highly accurate, up-to-date, tamper-proof, and transparent price reference data that are made accessible on-chain for our smart contracts to consume in a single function call.
“We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform,” said Senx, Co-Founder of Tulip Protocol. “By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data and the protocol will maintain a healthy loan-to-value ratio through all market conditions.”
“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data,” stated Tomasz Wojewoda, Head of Global Sales at Chainlink Labs. “With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Tulip Protocol
Tulip Protocol is the first yield aggregation platform built on Solana with auto-compounding vault strategies. The dApp (decentralized application) is designed to take advantage of Solana’s low cost, high efficiency blockchain; allowing the vault strategies to compound frequently, benefiting yield farms with higher APYs, while no requiring active management, and with lower gas fees. Tulip now offers a wide variety of strategies for its users: Lending, Auto-Compounding LP Vaults, Leveraged Yield Farming, and our newly launched Strategy Vaults.
About Tulip Protocol
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