Tulip Protocol — November Update
Hello, fellow Tulip Farmers! We hope you weathered the storm these past couple of weeks. The crypto market took a hit and we felt it too. To find out how we fared, read on!
Solana Breakpoint
The Solana Foundation’s Breakpoint Event is an international convention of industry leaders, creators, and inventors. A chance to reflect on all that has been achieved by the community thus far and be inspired for future successes.
The Tulip team had a successful presence at the breakpoint conference, and networking with developers working on Solana decentralized applications and decentralized finance. The team was able to have productive meetings with many individuals interested in learning more about what Tulip is doing. The Tulip team also previewed the next generation of blockchain technology in the Solana Saga; we’re excited to play a role in the advancement of mobile DeFi.
We also hosted DeFi Maximalism with Dialect, Hubble, Raydium, and Friktion. It was an absolute blast! We couldn’t have asked for a better time with these amazing projects that will help develop and improve the platform.
FTX/Alameda
Last week, the world was shocked when one of the largest cryptocurrency exchanges collapsed in just three days. The epic comedown of FTX crypto exchange and Alameda Research trading firm is making waves in the market for Solana.
Sollet Assets, Bad Debt, and Insurance Fund
Tulip Protocol had limited exposure to Sollet Assets (soBTC & soETH) other than a few Leveraged Yield Farming positions that were liquidated. In total, the protocol experienced approximately $120,000 in bad debt, which was covered by the insurance fund.
Treasury
We confirm that Tulip Protocol has not been affected by the FTX incident, Alameda Research or any other company. As this exposure and spread of contagion among crypto companies continues, we want to remind our users that we have no association with these affected companies and continue to operate all aspects of our protocol as usual.
Serum Community Fork — Openbook
Solana’s founder, Anatoly Yakovenko stated that the developers are forking Serum because the “upgrade key for the current version is compromised.” Created by FTX’s Sam Bankman-Fried, Serum was advertised as “completely permissionless,” however now that the exchange has failed, it’s believed that Solana’s upgrade authority is corrupted.
Mango Max published a Twitter thread in which they announced that the Serum Protocol has been forked and the community is moving forward. The key markets have been launched, and Mango Max wrote that “community projects have announced that they are working to integrate with this fork.”
We are very excited to see resilience and quick action by the Solana developer community. As always, Tulip will continue to support the ecosystem as it begins to rebuild.
Tulip Security Measures
As part of our commitment to the safety of our users, we made the decision to temporarily suspend Lending Deposits, New Leveraged Yield Farming position creation, and Whirlpool Vault deposits. Our priority was ensuring all user funds remained secure. We worked quickly and diligently to get these services back up and running in a safe and secure manner.
The Auto Vaults and Leveraged Farms are now operational after the recent fixes were put in place. The following vaults had been affected but have since been re-enabled:
- SOL/USDC
- SOL/USDT
- RAY/USDC
- RAY/USDT
- stSOL/USDC
- mSOL/USDC
CLMM Strategy Vaults
Since introducing our Concentrated Liquidity Vault strategies, we have identified key insights and are excited to share some groundbreaking updates. In a forthcoming post, we will go into more detail on the following topics:
- How price range is determined
- How rebalances occur
- Upgrades to our rebalancing algorithm
- What we’ve learned from recent market volatility
- and how our vaults react to both flat and volatile markets.
What’s Next?
As we enter the new year, Tulip Protocol is still dedicated to providing users with an unparalleled experience. We will continue to build and develop our platform and improve existing products while introducing new ones.
We are currently focused on building out and perfecting the Tulip experience on the Solana Saga. Our goal is to create an intuitive user experience for our users on the Saga. We believe the Solana Saga will revolutionize how users interact with decentralized applications.
In addition to our focus on the Solana Saga, we are still dedicated to the development of Solana-based projects and applications.
With these efforts in mind, we are still offering our Farmers’ Fund Grant Program, which helps to fund projects that are looking to build within the Tulip Ecosystem. This program is designed to support the ecosystem, and reward innovation.
