The first three weeks of TULIP have exceeded everyone’s expectations! We have made significant progress which we would like to share with you. In this article, we will summarize this progress and present what’s next for our protocol.

📌Accomplishments:

• The $TULIP presale raised 90,000 $ROSE in ~30min.
• Tulip is the first algorithmic stablecoin pegged 1:1 to the price of $ROSE via seigniorage.
• Launched our native DEX named “TulipSwap”.
• TulipSwap was listed as an Oasis Emerald DEX on DEXScreener.com
• We held the first governance vote on Oasis Emerald using Snapshot.org
• Successful migration of liquidity from YuzuSwap to TulipSwap as per community vote.
• Introduced auto-compounders (Bouquet).
• Added the LP Zap function from wROSE into $TULIP and $PETAL.
• Reference implementation of bridge providing ROSE gas for 1st-time users.
• Established one of the most thriving communities on Emerald!

TulipSwap

TulipSwap is our native DEX which was originally used for trading TULIP, PETAL, wROSE, and ROSE. Our next major goal is fostering the healthy development of Oasis Emerald as a whole by offering a launchpad with an array of services (KYC, audit, mentoring, launch assistance & support, token whitelisting on TulipSwap, etc). We will play a crucial role in Oasis DeFi by providing an opportunity for more projects to engage with Emerald. With a new paratime (Oasis Runtime) like Emerald, we understand community building is crucial in its early stages to create a healthy ecosystem. The best way to accomplish this is to build relationships with projects both on Emerald and elsewhere, and to streamline everyone’s adoption of the Emerald ecosystem.

Introducing: TSWAP

The first major step towards meeting our goal will be launching our governance token named TSWAP. Use cases for TSWAP include liquidity pools for new projects. These liquidity pools will provide rewards other than PETAL. By doing so, Tulip will negotiate equal terms with projects we would like to onboard where both communities will greatly benefit.

📆 Dutch auction for TSWAP will begin at 17:00 UTC on Saturday, February 5th. There will be three separate auctions using TULIP, PETAL, and wROSE. The auctions will run simultaneously for 48 hours. (NOTE: subject to change)

The initial TSWAP token supply will be divided into three allocations.

• 10,000,000 tokens for initial offering. Initial emission of 10,000,000 a year; 2.5% emission drop monthly. We will maintain control over the emission rate so we can give the best value to our LP providers. We have a trained Applied Mathematician working with our team, who is going to use the initial data from our DEX and TSWAP price behavior to develop an algorithmic approach to balancing emission rate and pool emissions for the maximal benefit. We hope to provide this in Q2 of 2022.

• 1,000,000 tokens allocated for additional farming rewards. There will be a linearly decreasing multiplier on all farming rewards for the first 30 days. Initial liquidity pool allocation is based on the floor of the Dutch auction.
• 2,500,000 Team Tokens, vested linearly over one year.

🌷 TULIP:

• Maximum raise: 200,000 TULIP
• Maximum bid: 0.3 TULIP per TSWAP
• Minimum bid: 0.03 TULIP per TSWAP
• Maximum per wallet: 5,000 TULIP
• Total available TSWAP: 700,000
• Burn: 50% of tokens raised will be burned
• 50% will be deposited in the Treasury for Bond (BUD) Buybacks

🌸 PETAL:

• Maximum raise: 300 PETAL
• Maximum bid: 0.001 PETAL
• Minimum bid: 0.0001 PETAL
• Maximum per wallet: 20 PETAL
• Total available TSWAP: 300,000 TOKENS
• Burn: 100% of tokens raised will be burned

🌹 wROSE:

• Maximum bid: 0.5 ROSE
• Minimum bid: 0.05 ROSE
• Total available TSWAP: 9,000,000
• Maximum per wallet: 50,000 wROSE
• 50% of tokens raised will be used for Liquidity Pair (locked forever). These will be minted after the initial mint, determined by the price of TSWAP at that point in time.
• 15% of tokens raised will be used as incentives for new projects.
• 5% of tokens raised will be allocated for marketing.
• 30% of tokens raised will be used for team growth.

To summarize, our main priorities are threefold:

• 🚀 Provide greater value to the Tulip Ecosystem.
• 🧱 Create utility for $TULIP within the larger Emerald ecosystem.
• ⏫ Foster the overall development of the Oasis Emerald DeFi community.

The goal of TSWAP is to grow strong relationships with great projects currently on Emerald and on other chains. This expansion will provide additional use cases for the TULIP protocol which will enrich everyone. For more details on the auction and TSWAP, please attend our AMA on Friday (exact time and details will be shared shortly).

• 🌐 Official Website
• 🌷 Twitter Account
• 👾 Discord Server

Post submitted by the community.