BlockBeats News, February 17 — On this day, on-chain financial system Flying Tulip (FT), founded by DeFi architect Andre Cronje, officially launched its public token sale. Previously, the project completed a $200 million seed round and oversubscribed its presale on CoinList, raising nearly $10 million. The public fundraising cap is set at $1 billion, with a fully diluted valuation (FDV) also reaching $1 billion, making it one of the larger protocol issuances in the 2026 market cycle.
Flying Tulip is built as a native yield-generating ecosystem, integrating spot trading, margin lending, and its own stablecoin ftUSD. The protocol allocates 100% of deposited funds into low-risk, high-liquidity yield strategies (such as Aave and Lido), capturing only the excess yield spread for operations and token buybacks, distinguishing itself from traditional DeFi models that rely on inflation incentives.
The core innovation of this public offering is the “ftPUT” model, an on-chain “perpetual put option” mechanism. All FT tokens issued in the public sale carry the right to be redeemed at their original investment value (supporting BTC, ETH, SOL, and stablecoins), establishing an on-chain “floor price” of $0.10. When the secondary market price falls below this threshold, an automatic buyback mechanism is triggered. Cronje stated that this structure aims to emphasize the “refundable” property, primarily safeguarding users’ principal.
The project’s token generation event (TGE) is scheduled for February 23. Flying Tulip is currently deployed on Ethereum, Base, and Avalanche, with plans to expand to MegaETH and Hyperliquid, positioning itself as a low-latency, cross-chain liquidity infrastructure for the “Agentic Economy.” Market attention is focused on whether it can continue to deliver on its “principal protection” promise while expanding its TVI (Total Value Invested).
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