In Brief:
- Tulip Protocol raised $5M in a strategic funding round.
- Jump Capital and Alameda Research co-led the funding round with other investors.
- Tulip Protocol currently holds over $800M worth of funds.
A Solana-based yield aggravator, Tulip Protocol has raised $5million in a strategic funding round.
Jump Capital and Alameda Research, two well-known market makers, led this funding round. Additionally, Amber Group, Cadenza Ventures, CMS Holdings, and FinTech Collective participated in this funding round.
The round was also supported by angel investors such as Darren Lau, Noah Dummett, eGirl Capital’s “Fjvdb7,” and Drift Protocol’s Cindy Leow.
The funds raised will be utilized to further develop the protocol, with team expansion being the main goal. Tulip Protocol is currently looking for junior developers with web3/Solidity experience.
With over $800M in crypto funds, Tulip Protocol is Solana’s first and leading yield aggregator. Currently, the protocol offers three products: auto-compounding vault techniques, token lending, and leveraged yield farming.
Tulip was among the winners of this year’s Solana Season Hackathon and rebranded from the name “SolFarm” after the victory.
Recently Solana-based DEX Drift Protocol raised $3.8M in a funding round led by Multicoin capital and other investors.
