Introduction
Defi has brought a new era for decentralization. The most popular types of DeFi applications include in a free market is Decentralized exchanges (DEXs), Lending platforms, Stablecoins, Yield farming, Liquidity mining, Composability v.v.v.
SOLFARM is one of them, SolFarm is the first yield aggregation platform built on Solana with auto-compounding vault strategies
The decentralized application (dApp) is intended to take advantage of Solana’s low-cost, high-efficiency blockchain, allowing vault strategies to compound frequently. This enables stakeholders to benefit from higher APYs without the need for active management. users can provide liquidity similar to the Vault on Raydium AMM DEX.
Market Analysis
In 2021, The global Crypto market cap is $1.46 trillion and Market Capitalization of Defi is $78,2 billion.
If the audience has ever participated in AutoFarm, Beefy Finance or Pancake Bunny in the and Etherum Binance Smart Chain ecosystem. SolFarm will be a name you should not ignore at Solana ecosystem
Similar projects:
The first name cannot fail to mention is $YFI (Yearn.finance) with $137milion volume by day and a $1.2 billion market cap
Followed in 2nd place is $ALPHA (Alpha.finance) $40 million volume and many more projects like Auto, Alpaca, Harvest Finance, Beefy v.v.
But SolFram is still the leading name in the Solana ecosystem with $130 million total value lock.The market for yield aggregation platform is still huge and full of opportunities
Product Highlight
Raydium v1 Autocompound
Currently, all Raydium vaults are supported with the following SolFarm Compounder v1 strategy. The user deposits their Raydium LP tokens into the vault. Rewards are harvested every hour and sold for LP constituents which is then added to LP and compounded. In the case of Dual Yield Vaults, minor asset exchange may be required to rebalance for LP add.
You can find our Medium guide here in SolFarm doc’s
To avoid users hopping in and out of vaults to game rewards, you will be required to keep your funds in the pool for at least 2 hours to avoid any penalties. If you withdraw before this period elapses, you will forfeit any rewards accrued during that time
Let’s wait and see which project SolFarm will support in Solana’s Vaults in the near future
Fees
At the outset, the fee structure will be as follows:
Controller fee: 0.01%
Platform Fee: 0.1%
Vault Fees: 0.0%
No deposit/withdrawal fees
Fees are taken from yield generated, there are no fees charged on principal deposits. Fees are subject to change in the future based on the needs of the platform.
With extremely low deposit/withdrawal costs on solana users can maximize their profits
Supported Protocols
Raydium – https://raydium.io/
Users can deposit their LP tokens into the vault and the strategy will auto-harvest rewards and add to LP via selling half of the rewards.
- RAY-USDT LP
- RAY-USDC LP
- RAY-SRM LP
- RAY-SOL LP
- RAY-ETH LP
- STEP-USDC LP
- MEDIA-USDC LP
- COPE-USDC
- MER-USDC
- ALEPH-USDC
- ROPE-USDC
- TULIP-USDC
- SNY-USDC
- BOP-RAY
- SLRS-USD
Or you can buy TULIP and staking in TULIP-USDC LP with high APY
Wallet Support
SolFarm supports most wallets available on Solana ecosystem Sol like Ledger, Sollet, Solong, Phantom v.v.v.
Token Economy
Token Distribution
- Total Supply: 10.000.000
- Team: 2.000.000 – 20%
- Advisors: 200.000 – 2%
- Treassury: 1.200.000 – 12%
- Liquidity Provision: 500.000 – 5%
- Strategic & Growth: 1.200.000 – 12%
- Liquidity Mining/Ecosystem: 4.800.000 – 48%
- 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 provision will be reserved for AMM liquidity if necessary and possible Fusion pool rewards
Token Utility
The TULIP token is intended to be used for governance. On-chain governance is currently unavailable but is being developed by the Solana Foundation. When this is completed, the protocol will delegate governance to token holders. Holders will be able to vote on issues such as:
- Platform Fees
- Treasury Usage
- Protocol Improvements
- Pool Reward Weighting
- Value Accrual such as buy back and burn, profit share
Unique Selling Point (USP)
SolFarm is the first yield aggregation platform built on Solana
As we all know, the first project is always noticed and receives the most support. By combining with Raydium (Dex, Amm, YeilFarming, Launchpad) as a tire 1 project on Solana
Shows the rapid growth as well as the strong network of the SolFarm team
Up to now, SolFarm is still the top 1 in its field on Solana
Smooth DApp interface, easy to use
SolFarm’s dashboard fully support all the information that a yieldfarming needs even better
Deposited information,TVL, Wallet balance, Daily Apr, Fees v..v.v And automatically update every 30 seconds to 1 minute all the above information
Interesting points SolFarm also shows you rewards since the last deposit/withdraw Is the first thing I see in a project yield aggregation platform Make it easy for users to check their profits
How to Farming on SolFarm
Create LP tokens on Raydium DEX
- Step 1: Access Raydium here.
- Step 2: Go to Liquidity, select the liquidity pair you want to create. Here I will add liquidity with the STEP/USDC pair.
- Step 3: Click “Supply” and “Approve” on Sollet wallet. After successfully adding, you will see the LP token recorded in the Your Liquidity section.
Become a liquidity provider and farming on SolFarm and
- Step 1: Visit SolFarm here.
- Step 2: Connect the Sollet wallet that you created the LP token.
- Step 3: Select the liquidity pair you want to Farm.
- Step 4: Fill in the amount of LP tokens, click “Deposit” and “Approve” in Sollet wallet.
- Step 5: After adding liquidity successfully, you will see the balance of LP tokens from Wallet Balance to Deposited.
Marketing & RoadMap
PR & Marketing
- Telegram: – There are more than 704 member
- Twitter : – Has more than 19,000 followers.
- Discord : Has more than 8900 member and 1000 active member daily (main communication channel)
- Medium – Regularly post updates on the progress of a project
RoadMap
Currently, SolFarm has not updated the roadmap information on the homepage, there is only a little information about the upcoming plans of the SolFarm team as follows
- Zap feature (Deposit/withdraw assets via SolFarm UI) (Delayed)
- Audit with Solana Foundation (on waitlist)
- v2 Plans (In development)
Backer
Investor
Investors:
There is no investor information on SolFarm’s homepage and medium
Team
No LinkedIn information of SolFarm team, but it can be seen that they are all people with long experience in the field of crypto and experts in their field
Conclusion
Before embarking on projects in the DeFi (Decentralised Finance) space, users must understand the risks of projects and smart contracts. This includes risks unrelated to the project, such as impermanent loss, loss of funds due to stolen private keys, and so on. Users should adhere to common security best practices and exercise due diligence.
So this is not investment advice at all but will give you a DeepDive view of the project from which to make a good investment decision.Please DOYR (do your own research) carefully any project you want to participate in
