Solana-based yield aggregator Tulip Protocol raises $5 million in token sale

Tulip Protocol (formerly SolFarm), a crypto yield aggregation platform built on the Solana blockchain, has raised $5 million in strategic funding.

Jump Capital and Alameda Research co-led the funding, with Amber Group, Cadenza Ventures, CMS Holdings, FinTech Collective, and others also participating.

Angel investors, including Darren Lau, Noah Dummett, eGirl Capital’s "Fjvdb7," and Drift Protocol’s Cindy Leow, also backed the round.

The funding was secured via a private token sale round, Tulip Protocol's anonymous co-founder, who goes by "Momo," told The Block. Momo and the three other co-founders "senx," "therealssj," and "post" also remain anonymous for "privacy reasons," they said.

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Tulip was one of the winners of the Solana Season Hackathon earlier this year. The protocol currently allows users to stake tokens from the Solana ecosystem and earn yields with auto-compounding strategies.

Over $800 million worth of funds are currently locked in Tulip Protocol. Right now, it's the seventh-largest protocol in the Solana ecosystem, according to DeFi Llama.

Momo said the funding will help further develop the protocol and expand the team. There are currently six people working for Tulip, and it plans to hire some developers.

The TULIP token is listed on crypto exchanges, including FTX, and is currently trading at around $17, according to CoinGecko.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.