Andre Cronje officially announced that his new DeFi project Flying Tulip will open its public sale on February 16 to all participants. The deposit cap is set at $1 billion, and token price is $0.10 per FT. This is not a direct raise — user deposits are allocated into low-risk yield strategies such as Aave and Lido. All protocol revenue, fees, and generated yield will be used to buy back FT tokens and distribute value back to participants. Users can redeem deposits at any time without restrictions.
$0.10 Floor and PUT Mechanism
Flying Tulip uses a “deposit with refund” model: funds are deployed into low-risk yield (currently 100% in Aave). Depositors receive FT tokens. If FT outperforms the initial price, users can sell for gains. If it drops, a $0.10 floor kicks in automatically via a perpetual put — when the token trades below that mark, refund collateral unlocks and repurchases tokens to stabilize the price. There are no refund conditions; users can withdraw anytime without interacting with the team.
The official dashboard shows $127.41 million already invested, cumulative yield of $87.63K, and total FT value of $128.31 million. Earnings are already generated before the full protocol launch.
Strong Institutional Backing
Flying Tulip secured multiple funding rounds: an initial $200 million from Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol. A follow-on $25 million came from Amber Group, Fasanara Digital, and Paper Ventures. It also recorded the highest raise on Impossible Finance ($55 million) and the third-largest on CoinList ($10 million).
Sale Terms and Tokenomics
Token price $0.10, total supply 10 billion FT, public sale allocation 2 billion FT (20%). 100% unlocked at TGE but initially wrapped in the perpetual put structure. Minimum purchase $100, accepted assets USDC and USDT (ERC-20).
First Products and Multi-Chain Deployment
Initial offerings include ftUSD, a native stablecoin settlement layer that wraps USDC into Aave at launch and later enables delta-neutral yield strategies targeting 4%–8% APY; and Margin Lending, an equity-based (not LTV-based) cross-exchange margin account supporting standard lending and on-chain leverage. Spot trading, leveraged spot, and total return swaps are on the roadmap. Deployment is live on Ethereum, Sonic, Binance Smart Chain, Avalanche, and Base, with reviews underway for Hyperliquid, MegaETH, and Monad. Token transferability is expected the week of February 23.