Tulips Farm is a multi-asset farming protocol, operating with three core tokens, namely Tulip Seed Token (sTLP), Pink Tulip Token (pTLP), and Red Tulip Token (rTLP). Each of these crypto-assets performs a distinct function and has unique properties, enhancing a synergic gamification process.
According to the Tulip blog post, the farming game’s principal aim is to obtain the Red token (rTLP), which provides different benefits to users. It is the Red Tulip which drives the token minting and governance processes.
In the future, using its garden protocol, Tulips Farm will function as a field for growing other projects. Ultimately, the focus of Tulip Farm is to transform the platform into a self-governing and self-sufficient decentralized ecosystem.
Currently, the Tulip Garden software runs the platform. However, it plans to have ERC20 staking pools integrated with the Polkadot protocol. This will increase security, scalability, and interoperability. Tulip Farm functionalities rely on its three key components, Tulips Garden, Shitcoin Fertilizer, and Governance Tavern.
The Garden is the smart contract gateway governing the entire Tulip platform, whose primary function is to mint new tokens and burn the existing ones. It regulates the farming, growing, and liquidity provision processes. Also, the Garden is the custodian and Launchpad of all-new tokens, fulfilling the original vision of making it an airdropping platform for its community-based projects.
In particular, the Garden performs the following functions:
• The token sale
• Auto liquidity provisioning on Uniswap
• Auto liquidity locking
• Founder token locking
• Bounty token locking
• Mint functionality locking
Using the garden platform, users can choose the rewards they want in return for farming and liquidity provision. However, currently, all rewards are in sTLP.
The shitcoin fertilizer is a separate smart contract with a pre-minted supply of 20 000 sTLP, in three pools, namely sTLP/ETH, pTLP/ETH, and rTLP/ETH. The pools provide much-needed liquidity stability. Specifically, the fertilizer’s primary function is to mint sTLP.
All holders of the rTLP tokens participate in decision making through initiating proposals and approving or disapproving suggestions. For example, they vet potential projects, such as the introduction of new tokens. Thus, they have a role to play in mapping the direction of the Tulip platform.
As alluded to earlier on, Tulip Farm has three tokens, sTLP (Seeds), pTLP (Pink Tulip), and rTLP (Red Tulip) tokens. These tokens do not have a fixed supply because of constant minting and burning. However, the initial supply was 200 000 seeds, 100 pink tulips, and 0.5 red Tulips.
As a fact, the platform does not burn the red Tulip. Likewise, it is interesting to note that Uniswap has listed all three tokens.
Tulip seed: Basically, Seed Tulip is the base token for the platform. Someone should start with the sTLP to acquire the other types of tokens, specifically, pTLP and rTLP. A user has to burn the sTLP to grow the pTLP.
Pink Tulip: By design, this is the currency of the Tulips Garden and the means for individuals to obtain the scarce Red Tulips. Therefore, for a user to get rTLPs he/she should burn the Pink Tulip.
Red Tulip: This is the token that generates the highest yield on the Tulip Farm platform. When you own Pink Tulips or Red Tulips, you earn dividends, which the platform generates through listing fees.
Tulip Farm has unique services, thereby attracting many followers. Interested individuals are free to join the following social platforms to receive updates or pass on their suggestions.