Flying Tulip is an on-chain financial system that standardizes pricing, credit and risk across an integrated suite of products. ftUSD provides the liquidity and settlement layer, while Lend provides the account-based margin and capital-efficiency layer. Spot, leveraged trading and Total Return Swaps extend the same collateral and
FT just burned ~$900m of tokens, reducing FDV to ~$100m. txid This is a complete non-event. Tokenomics are not one size fits all. FT tokens could only become pseudo-supply via PUT options. There is no other way for tokens to exist. They are either backed by a PUT
Flying Tulip launched into a brutal market: the October crash hit during the raise, followed by dramatic repeated market-wide selloffs, including around launch. Unlucky timing, but an ideal stress test for the PUT model. Since launch, many participants have exited their positions or withdrawn their FT. Yet that did
Flying Tulip’s model is simple: build novel on-chain financial products by solving critical problems limiting capital efficiency, and by making advanced DeFi strategies easier to use with better UX. As outlined in the April Update, in May we focused on optimizing, hardening and scaling the products already live:
The end of April marks two months since Flying Tulip launched. Since then, the protocol has moved from launch into active rollout, introducing its on-chain PUT execution and AUM system, launching ftUSD as its stablecoin and settlement layer, deploying Margin Lending on Sonic, and enabling the first delta-neutral
After a successful raise, Flying Tulip launched on February 23, 2026. The first month post-launch validated the core model, with the PUT redemption mechanism working as designed, and the price of FT on the secondary market remained stable, supported by token buybacks. Community retention has remained strong, operating income
It has been 17 days since Flying Tulip launched. The early picture is straightforward: community retention has been strong, operating income is above current cash burn, and the first product is live and already generating revenue. Markets were weak across this window, which mostly showed up in earlier private commitments
As of February 20, the total amount raised stands at $183,897,578.66. The public sale was structured with a $1B maximum deposit cap (a cap, not a “we must raise this much” target). The capital already raised is sufficient to continue executing and delivering our product roadmap. The
We launched Flying Tulip’s Capital Allocation as a mechanism, not a fundraiser. The output wasn’t “a token buy”. It was a Perpetual PUT Option, represented onchain by an ERC‑721 NFT (“ftPUT”) that encodes a standing redemption right (collateral denomination + remaining backing + remaining wrapped FT + strike reference), and
If you participated in Flying Tulip’s Capital Allocation, you didn’t just buy a token, you minted a Perpetual PUT position. An on-chain, permanent redemption right attached to primary‑issued FT. That position is represented as an ERC‑721 (ftPUT). It encodes your capital protection by including information
A quick quiz isn't going to magically make any risks go away automatically, but it is a fun way to get our core principles and concepts across and understood. It also drew a lot of attention to our docs which was good scrutiny for us and hopefully helped
Announces $FT Public Sale at Same Valuation with onchain Redemption Right New York, NY - Sep, 2025 - Flying Tulip, a full‑stack onchain exchange, today announced it has raised $200 million in a private funding round and will open an onchain public sale of its $FT token at the same valuation.