About Turtle.Club
Turtle.Club is the first Phantom Liquidity Protocol that operates without smart contracts. The protocol has many benefits for its members including:
Source: Turtle Club Website
- Exclusive Access: to backroom liquidity deals to boost yields that a user would not normally have access to;
- Friendly environment: Open to everyone, not just institutions or accredited investors;
- Steady Growth: Contribute to and benefit from the sustainable growth of partner protocols;
- DAO Framework: Operate within a decentralized autonomous organization that realigns incentives among key Web3 stakeholders, including developers, LPs, venture capitalists, and auditors;
- 0 Fees: Enjoy zero management and performance fees;
- No Smart Contracts: Avoid the complexities and risks associated with smart contracts;
- Self-Custody: Your funds remain entirely under your control;
- Influence and Returns: Gain vested interest and influence in partner protocols, boosting your yields; Turtle aims to align the incentives amongst key DeFi players, Liquidity Providers (LPs), Developers, Venture Capitalists, Security Auditors, and Miners.
The core mission of Turtle.Club is to offer a safeguarding layer in DeFi, ensuring that liquidity is deployed with transparency and due diligence, promoting superior risk-adjusted returns for all stakeholders while mitigating protocol and downside risks.
How Does It Work?
Source: Turtle Club Docs
Liquidity Providers
- Liquidity providers (LP) register their wallets with Turtle.Club by accepting the terms and conditions.
- After, LPs do their habitual activities with protocols. If protocols are partners with Turtle.Club, LPs generate 5% to 50% of additional token emissions sent to the TurtleDAO Treasury.
- LPs will be issued with Turtle Tokens based on the amount of emissions they helped the TurtleDAO receive.
Source: Turtle Club Website
Protocols
Turtle.Club collaborates with protocols as well. That’s a win-win story, as protocols provide the yield as a catalyst to fuel the Turtle Flywheel.
The Turtle.Club’s mission is to acquire as many tokens in their Partner Protocols as possible. That’s why the protocol has a serious motivation to help and support them to grow their existing liquidity base. Protocols also get a share of Turtle tokens, allowing them to participate in the TurtleDAO.
Turtle Token
Turtle Tokens are not for generating passive income for holders, are not a form of participation, contribution, or investment in the Turtle Protocol, and are not designed for making payments. Instead, benefits to Turtle Token holders come through some technical functionalities and utilities, such as contribution-based rewards.
- No fees: Turtle Tokens do not charge any management fees;
- Staking rewards: Turtle Protocols tokens are staked within the TurtleDAO treasury compound, increasing the TurtleDAO's holding of Turtle Protocols tokens;
- Deflationary rebasement: Through the protocol’s innovative asymptotic Turtle Token issuance model, minting Turtle Tokens becomes increasingly contribution-intensive over time;
- Subscription & protocol fees: if the Turtle Token community opts to launch a fee-generating membership program and service in the future, a portion of those fees will be used to purchase Turtle Partner Protocol tokens to increase the interest-bearing price floor of each Turtle Token;
- Turtle token pledging: a strategic distribution model rewards Turtle Token stakers who commit to longer-term liquidity commitments to Turtle Partner Protocols with extra Turtle Token as staking rewards.
Yield on Linea
Source: Turtle Club Website
Turtle Linea LPs will gain a 5% multiplier on all LXP-L rewards accrued during the Surge campaign. This enhancement supplements the LXP-L activity multiplier inherent to Linea LPs actively deploying liquidity within the Linea ecosystem.
This improvement allows both Turtle and Linea LPs to optimize their earnings and boost Turtle yield across every layer within the Linea ecosystem, including:
1. Linea LXP-L rewards: Turtle Linea 5% LXP-L multiplier.
2. Asset Protocols: weETH, ezETH, and wrsETH, with additional RWAs and Stablecoin protocols forthcoming.
3. Linea dApps: ZeroLend, theNile.exchange, Renzo, Ether.fi, Kelp, with Lynex & Velocore joining soon.
4. Linea Vault Aggregators: Turtle.Club's forthcoming vault aggregators are to be launched in the coming weeks and months.
Is Turtle Club Safe?
The protocol never acts as a counterparty in any LP transaction within Web3. You deposit right in the protocols themselves. Turtle.Club never controls members’ liquidity, ensuring total security and self-custody.
The absence of smart contracts on Turtle has the following advantages:
- Providing agility and adaptability, seamlessly integrating with various protocols.
- Minimizing technical debt and counterparty, as there is no additional smart contract layer.
- Eliminating gas fees for depositing and withdrawing funds from partner protocols.
Turtle.Club has partnerships with such credible companies as ConsenSys Diligence, Omniscia.io, Code4Arena, and Creed, and they also have an in-house auditing team and community.
Q & A Session
What added value does Turtle Club create for DeFi-investors?
Turtle.Club levels the playing field by opening up backroom liquidity deals fairly and transparently. Allowing LPs of any size to monetize their liquidity by making deploying and pledging their liquidity to protocols across the Turtle.Club liquidity ecosystem. Similar to how Eigenlayer allows ETH holders to restake their ETH to monetize the security and trust of the Ethereum network.
Can users earn points in partner protocols without being a member of Turtle Club?
Users receive the same amount of yield and rewards from Partner Protocols, whether they are part of the Turtle liquidity protocol or not. Turtle LPs are issued Turtle points for generating revenue and yield boosts for the TurtleDAO for retaining and deploying new liquidity in any of our Partner Protocols.
Does Turtle Club charge any fees?
Turtle.Club does not have any smart contracts, charges no protocol, and or gas fees. Thus, our users get an additional yield boost in the form of Turtle points whilst taking on zero additional risk.
What year do you plan to issue your token?
We are working hard to launch our Turtle token staking contracts by the end of Sept. Nothing has been confirmed yet, after the staking contracts have been deployed and audited, we will conduct our TGE.
When will the Strategies and Profile sections be released?
We are working on updating the entire site, and creating a landing page and web application. Our new front-end dev is starting on the 29th of July. Hopefully not too long after that.
Are there any public audits of your smart contacts?
We have no smart contracts, we do not direct, pool, route, or siphon off any liquidity or rewards. Our users are always in full control of their liquidity and where they wish to deploy it. Thus, our users deploy their liquidity directly from their wallets into the smart contracts of our partner protocols.
Which chains do you support? Which ones do you want to add?
Turtle is integrated with Linea and Mode. And is scheduled to integrate with and pay yield boost on Scroll, Swell L2, Peaq, BoB, and a host of other L1’s and L2’s very soon. However, we have several integrations in place on the asset and dApp lvl that are paying out Turtle points on the majority of EVM-based chains.
You are actively developing, what are the most important milestones you expect to pass soon?
We are set to pass the 100k wallet/member count this week. This is a huge milestone given that we have not spent any money on marketing since we launched our MVP on the 11th of March. Who knew that paying LPs an additional yield boost across every layer of the web3 stack without exposing them to any additional technical, counterparty, and or financial risk would work.
Final Thoughts
Overall, Turtle presents an innovative DeFi model that fosters a positive-sum game and ensures every participant benefits. It is achieved through liquidity repurposing strategies.
By introducing the concept of the 'phantom protocol,' Turtle offers users collective security and bargaining power without liquidity pooling or exposing them to additional counterparty risks.
As a neutral liquidity protocol, Turtle prioritizes optimal risk-adjusted yields for its users, irrespective of protocol allegiance. This flexibility ensures that Turtle remains agile in navigating evolving market conditions, ultimately redefining liquidity provision in Web3 to be more accessible, secure, and profitable for all stakeholders.