Tulipa Capital has been deep in the DeFi trenches since 2019, managing hundreds of millions and learning from each cycle. This journey showed us something missing: curators who put risk first. Tulipa was created to fill that gap, offering transparent feedback, real accountability, and capital protection above everything else.
Tulipa was formed by DeFi natives who have been active in the ecosystem since 2019 and in crypto since 2016. We started in 2020 as a prop fund running delta neutral strategies around BTC, ETH, and stablecoins, and we have gone through multiple market cycles from DeFi Summer to the winter of 2022. We see ourselves as experts in DeFi, but we have not been immune to its risks. During this period we were affected by one hack with EULER v1 and took a small loss on Maple v1 during the Luna contagion.
As we started working more directly with teams, we saw a clear gap in the DeFi landscape around curation. This led to the idea of building a public facing arm focused on curation for lending markets and vaults. We launched this in the summer of 2024 and have since managed vaults in different forms, ranging from a few million to 250 million in assets in a single vault.
We bring together a collective of seasoned professionals in blockchain, data science, and finance.
We are committed to deploying capital at scale with our unique expertise and capabilities.
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Our thesis focuses on creating value while keeping risk at the center. The recent events with Stream Finance showed that many curators follow what we call the “yield maxi” approach, prioritizing returns instead of proper risk assessment. Our goal is to preserve capital and pursue returns that are worth the risk, or to limit exposure when they are not. We are a small boutique firm with global time coverage to ensure actions can be taken quickly when incidents occur.
Another part of our ethos is giving real and direct feedback. In risk management it is essential that everyone fully understands the issues. While our client is often the protocol or project behind a public vault, we see our fiduciary duty as being to the users of the vault. Projects will naturally look after their own best interests, and we are the ones who must hold them in check when needed.
What sets us apart is our operating philosophy. Our value does not lie in listing competencies, but in how we think and how we act. We approach every vault with the discipline of operators who have experienced the full spectrum of DeFi’s cycles. We prioritise candid conversations over polite consensus and remain willing to push back when something does not meet our standards for risk. We believe that trust is built through transparency, accountability, and consistent judgment, not through promises of yield.
Our global team combines crypto-native experience with traditional finance maturity, allowing us to respond to market shifts immediately and manage operations with confidence. We have developed our own monitoring and risk infrastructure to ensure that positions are watched, exposures are understood, and incidents are handled decisively. But more importantly, we carry a mindset that places user protection and long-term alignment above everything else.
We aim to be the partner you trust for judgment, not just execution. We provide honest feedback, ask the questions others avoid, and advocate for decisions that protect users first. We challenge where needed and support when it matters most. Our focus is in building a healthier and more resilient ecosystem rather than extracting short-term value.
Every vault and every partnership receives a tailored approach, because no two risks or opportunities are ever the same. What matters most is alignment, clarity, and the ability to operate with discipline when the market demands it.
