Wen V2? Now!
Hello Tulip Farmers, the time has arrived! Tulip Protocol is now live with our V2 upgrade alongside with a new product release.
Strategy Vault
We have created a new vault structure that will be able to run multiple strategies on single asset deposits. Our first vault will be USDC as a deposit asset with a lending optimization strategy. The vault optimizes lending rates across multiple venues (Tulip/Solend/Mango), ensuring the pool is accessing the best aggregated lending rate across the entire ecosystem. We will look to onboard more lending protocols to this strategy in the future. Deposits will be capped at $5m at launch and we will look to increase this as we scale. A second USDC strategy is already in development. Users that provide working parts of a new strategy may be eligible for a bounty! RAY will be our next strategy vault and is currently being tested on mainnet.
Composability
With the introduction of a new vault structure, deposits in Strategy Vaults and Auto Vaults V2 will generate transferrable vault shares. This means any protocol can also compose on Tulip by using vault shares tokens which are interest bearing due to auto-compounded yield. Protocols can also accept Tulip vault shares as a deposit asset which further develops a composable Solana DeFi ecosystem.
To prevent rewards gaming, we utilized a locking mechanism with a 25 minute cooldown that prevents immediate withdrawal. When a user deposits, the middle section of the deposit UI will turn into a countdown. Once the countdown elapses, vault shares can be released into your wallet. In the locked state, our UI will be able to track gained rewards since last unlock. When vault shares are released into your wallet, we will no longer be able to track any gained rewards. There is no requirement to release your funds immediately after the countdown unless you wish to withdraw from the vault or transfer the vault shares.
Auto Vaults
We have rebranded our LPauto-compounding vaults to “Auto Vaults” to differentiate between our vault products. With new architecture, Auto Vaults V2 is now capable of supporting Orca double dip vaults and other protocols. You can toggle between V1 and V2 vaults on the top right of the “Auto Vaults” page.
We will be looking to onboard new protocols after we update/add all Saber farms.
Swap Page
We have integrated a swap page natively to make it easier to convert assets, especially after closing off a leveraged position. Thanks to your friends at Jupiter Aggregator, you can now get the best aggregated prices across Solana.
Governance
Our staking contract has been completed and the UI is being developed. Tulip tokens must be staked in order to be used for voting. Governance process and utility will be detailed in a Medium post closer to launch.
Thank you for all the continued support from every Tulip farmer and as always, happy farming!
