Flying Tulip, the on-chain financial system and DeFi protocol founded by Andre Cronje known for Yearn.finance and other projects, has announced that its Intent and Supporter participation (whitelist rounds) for the public token sale is now live.
This comes ahead of the broader public sale phase starting on February 16, 2026, with tokens becoming transferable during the week of February 23, 2026 aligning with the Token Generation Event or TGE timeline.
Allocations submitted during the intent phase are guaranteed until February 13, 2026. Refunds are available anytime (principal protection via Perpetual PUT option). Secondary trading of PUT options is possible. On-chain fund allocation is viewable publicly. Initial products launching first: ftUSD (likely a stable asset) and margin lending, followed by spot trading, leverage, and total return swaps.
Flying Tulip’s sale mechanics stand out in the current market:Token price fixed at $0.1 per FT. Total supply: 10 billion FT (deflationary; refunded tokens burn supply). FDV starts based on total raised targeted around $1B max, but scales down if less raised — no inflation or manipulation via market makers.
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100% unlock at TGE, but wrapped in a Perpetual PUT structure allowing holders to hold for upside, redeem principal anytime, or trade the position. Raised funds deploy into on-chain strategies, with yields funding buybacks and burns for sustainable value.
Prior phases performed strongly: Highest raise ever on Impossible Finance/Curated (~$55M). 3rd highest on CoinList (~$10M, concluded recently). Institutional backing includes Brevan Howard Digital, CoinFund, FalconX, Lemniscap, Nascent, Susquehanna Crypto, Amber Group, and more.
This setup emphasizes capital preservation, principal protection, and deflationary tokenomics while building a unified DeFi platform. This marks a critical phase for one of the most innovative—and debated—DeFi launches in recent cycles.
Flying Tulip, positions itself as a unified on-chain financial system combining spot trading, margin lending, perpetuals, leverage, total return swaps, and a native delta-neutral stablecoin (ftUSD).
The standout feature is its Perpetual PUT mechanism (embedded as an NFT wrapper for primary-sale participants), which provides principal protection: holders can hold for upside, redeem their original contribution at any time by burning tokens (pro-rata from reserves), or unwrap for free trading (forfeiting protection permanently).
Redeemed funds trigger open-market buybacks and burns, creating deflationary pressure. This flips traditional crypto risk: principal is safeguarded on-chain via segregated reserves deployed conservatively into yields like Aave/Ethena/Spark, targeting low-single-digit to mid yields.
It reduces “rug” fears, aligns incentives for long-term holding, and could attract institutional/retail wary of volatility. Fixed 10B total supply (no inflation/team allocation); tokens minted only proportional to raised capital (FDV scales with actual raise, e.g., $400M raised ? $400M starting FDV at $0.1/token).
Yield from reserves + protocol fees funds perpetual buybacks/burns, creating a self-reinforcing flywheel if adoption grows. $225M+ already raised privately (Brevan Howard Digital, CoinFund, FalconX, Lemniscap, Amber Group, etc.). Highest raise on Impossible Finance ($55M), solid CoinList performance ($10M).
ftUSD and margin lending launch first, with more products following—potentially capturing fragmented DeFi liquidity. 100% unlock at TGE (no vesting cliffs), secondary trading of PUT options possible, transparent on-chain fund views. Some see it as “risk-managed” or even “near risk-free” for primary buyers due to redemption rights.
Hyped for $1B target, but current sentiment (depressed market, some skepticism around Andre Cronje’s past projects) shows slower fill rates in public phases. Lower raise = lower starting FDV, but also less capital for yields and buybacks—potentially muting upside flywheel.
Smart contract relies on third-party protocols for yields; vulnerabilities, black swans, or low DeFi activity could impair returns/redemptions. No explicit insurance mentioned beyond the PUT structure. Full-stack DeFi is competitive; success hinges on real usage (TVL, trading volume) to generate meaningful revenue for buybacks.
Some view it as overhyped or question if protection truly eliminates downside. In a bearish/feared market, “protected” doesn’t mean profitable—some participants see better asymmetric bets elsewhere.
This is a bold experiment in “reversible” fundraising that prioritizes preservation over pure speculation, potentially setting a new standard for DeFi launches if it delivers sustainable yields and adoption. However, it’s still high-risk: redemption mechanics add complexity, and success depends on execution amid volatile conditions.
The structure offers strong guarantees for primary participants, but post-unwrap trading carries full market risk. This is not financial advice; crypto/DeFi remains speculative.