With mainnet integration of Chainlink’s industry-leading oracles on the horizon, platforms running on Solana’s high-performance, low-cost blockchain are getting ready to shift into a new gear. Chainlink’s tamper-resistant, high-quality off-chain data will enable advanced high-throughput DeFi applications that accelerate the growth of Solana’s ecosystem and the entire DeFi landscape.
On Friday, Solana’s premier yield aggregation and leveraged yield farming platform, Tulip Protocol, announced that it’s integrating Chainlink Price Feeds to secure leveraged yield farm positions.
Utilizing Solana’s unique blockchain architecture, Tulip allows users to maximize returns through auto-compounding vault strategies without the need for active management. “What sets us apart is our product suite that allows users to do almost everything from one platform,” Tulip’s pseudonymous co-founder, Senx, told Chainlink Today.
With over 40 active vaults and $800 million in TVL, Tulip requires a decisive, decentralized oracle solution with sub-second updates to ensure unhealthy positions are liquidated according to accurate real-time market data. Senx said the integration of Chainlink Price Feeds will make Tulip’s liquidation mechanism more robust overall.
The integration will ultimately help protect lenders from becoming insolvent and borrowers from facing faulty liquidations. “The last thing we want is for users to get liquidated due to deviations from real price,” Senx said.
In a fireside chat at this summer’s SmartCon, CEO of Solana Labs (the architect of Solana protocol), Anatoly Yakovenko, told Chainlink Labs’ Johann Eid that he believes “the best version of Chainlink is going to be on Solana.” Senx echoed Yakovenko’s excitement, telling Chainlink Today that he’s eager for Tulip to be one of the first protocols to integrate Chainlink on Solana.
“It’s definitely great to have Chainlink on board with Solana,” he said.
To learn more about Tulip Protocol, visit their website, Twitter, Telegram, Medium and Discord.
Elizabeth Licorish is a writer and author whose work has appeared in HuffPost, PhillyVoice and Bustle. In 2008, she wrote and co-authored Innovation for Underdogs. In 2010, she wrote and edited Charles Manson Now. She received her MFA in creative nonfiction from Rutgers University and has ghostwritten hundreds of executive thought leadership pieces for some of the world’s leading experts across diverse industries. She has been writing and editing for influential blockchain projects since 2017, when she fell in love with decentralized finance’s potential to empower individuals in an economically just world. As the editor-in-chief of Chainlink Today, she’s passionate about telling the human stories behind some of the most promising technology in the fastest-growing blockchain ecosystem.