Tulip Protocol raised 5 million USD with the participation of Alameda Research and Jump Capital

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2021-10-27 14:46:27

Recently, the Yield Aggregators platform on Solana, Tulip Protocol, has completed a funding round of 5 million USD, with the participation of very notable names.

TULIP raised 5 million USD with the participation of Alameda Research

Tulip Protocol (formerly known as Solfarm) is a Yield aggregator and leveraged farming product on the Solana ecosystem. In its latest release, the project said it has raised $5 million through a “token private sale” process.

This funding round was led by two well-known market makers, Jump Capital and Alameda Research. In addition, this funding round also featured Amber Group, Cadenza Ventures, CMS Holdings and FinTech Collective.

In addition to well-known funds, Tulip also has the backing of individual investors such as Darren Lau, Noah Dummett and Cindy Leow (of Drift Protocol).

Tulip was previously one of the winning projects in Solana’s Hackathon. The platform allows users to stake tokens and benefit from auto-compounding.

> See more: The final winners of the Solana Season Hackathon, who are they?

Currently, according to data from DeFi Llama, the total value of assets locked on Tulip hovers around $800 million. This project has also been listed on the FTX exchange and still has a “reverse storm” move in today’s market correction.

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