Tulip Protocol
The business, the turning points, and the decisions behind them.
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Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Tulip Protocol was the first yield aggregator built on the Solana blockchain, launched in April 2021 under the name SolFarm ('Solana Farming Protocol'). Its auto-compounding vault strategies — plus leveraged lending pools and yield farming — let DeFi users deposit assets once and earn high APYs with minimal active management, initially built on Raydium farms and later extending to Orca and Saber. Rebranded to Tulip Protocol in October 2021, it raised venture funding led by Jump Capital with Alameda Research and Amber Group, and at its peak held over $1 billion in total value locked. The TULIP governance token later lost essentially all of its value, falling from an all-time high of $50.22 to a few cents.
02 / FAILURE REASONS
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03 / EVENT HISTORY
Events in the structured record
- Launched
SolFarm launches in April 2021 as the first yield aggregator on Solana, with auto-compounding vaults built on Raydium farms.
- Rebranded
In October 2021 SolFarm rebrands to Tulip Protocol; a venture round led by Jump Capital with Alameda Research and Amber Group is announced.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
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Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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