Ready for Harvest — TULIP
Introducing SolFarm’s native token
Fellow SolFarmers, thank you for joining us for our public beta over the past 2 weeks. SolFarm has been a huge success, with TVL averaging over $100MM. We are thankful for all of your support!
SolFarm launched without a token, as we wanted to ensure that we were focused on building and delivering our product during this period. With the beta phase coming to a close, we are proud to announce the launch of SolFarm’s native token — TULIP.
Token Utility
The TULIP token is designed to transition into a governance token as the protocol moves towards full decentralization. The Solana Foundation has informed us that there are on-chain governance tools in development. We look forward to shifting the protocol governance to token holders once this becomes available. Governance will involve activities such as treasury administration and protocol improvement proposals.
TULIP Tokenomics — 10,000,000 tokens
- All team tokens are vested on-chain with a cliff of 6 months and 3 year linear vesting
- Advisor/partnership tokens are subject to similar vesting periods
- The treasury bootstrap will be used for future protocol upkeep and possible protocol incentives, ie. buy back and burn with future revenue
- Liquidity provisioning will be reserved for AMM liquidity if necessary and possible Fusion pool rewards
Retroactive Rewards
SolFarmers are rewarded based on their participation of our public beta period (from launch to ending at May 16, 00:00 UTC). We have taken periodic snapshots of our vaults and users will be rewarded based on their TVL over the duration of the two weeks.
Launch Pools will receive 0.9% split equally
- RAY-USDT LP
- RAY-USDC LP
- RAY-SRM LP
- RAY-SOL LP
- RAY-ETH LP
- STEP-USDC LP
- MEDIA-USDC LP
Dual Yield and Raydium pool will receive 0.1%
- FIDA-RAY
- OXY-RAY
- MAPS-RAY
- KIN-RAY
- Raydium
We had initially planned dual yield pools after the beta and the Raydium pool was not in our plans. However, the development of these vaults was accomplished faster than expected. By popular demand, the single asset Raydium pool has also been included in the calculation of retroactive rewards.
There will be no further steps needed from users. Our team will airdrop the token into your wallet.
Initial Liquidity Mining Program
SolFarm will be introducing the first liquidity mining program which will last for a period of 90 days, from 00:00UTC May 19th to 11:59UTC August 17. A total of 10% of the total supply is scheduled to be emitted through this program, and is allocated as follows:
Launch Pools will receive 7.5% split equally (approx. 1.0714% per pool)
- RAY-USDT LP
- RAY-USDC LP
- RAY-SRM LP
- RAY-SOL LP
- RAY-ETH LP
- STEP-USDC LP
- MEDIA-USDC LP
Dual Yield and Raydium pool will receive 2.5% split equally (0.5% per pool)
- FIDA-RAY
- OXY-RAY
- MAPS-RAY
- KIN-RAY
- Raydium
We will continue to take periodic snapshots and rewards will be distributed daily as a stopgap measure as our automated on-chain reward distribution system has not yet completed testing. Our dev team is working hard for our latest major upgrade, which is also being entered into the Solana Hackathon. The distribution system will be completed after we push our next feature.
Thank you for the continued support, the team is looking forward to the next major update that is sure to elevate your farming experience on Solana. Until then, happy farming SolFarmers!
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About SolFarm
