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).
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Brazilian investment platform XP launches USDXP, a US dollar stablecoin, on the Rayls blockchain
Brazilian investment platform XP launches dollar stablecoin USDXP, backed 1:1 by U.S. dollars held in international financial institution accounts. The stablecoin has been listed on the Clear platform and supports 24/7 trading, with potential expansion to other currencies in the future.
GateNews1h ago
Centrifuge Offers Final Migration Opportunity for CFG and wCFG Holders Who Missed Migration Window
Gate News reports that on March 12, Centrifuge announced a final migration opportunity for CFG and wCFG holders who missed the original migration window last year. The team will review migration requests on a case-by-case basis, with a deadline of April 10. Holders must submit migration applications before the deadline.
GateNews2h ago
Pump.fun Cumulative Revenue Reaches $1.08 Billion, Becoming Solana's First Platform to Surpass $1 Billion
Since its launch in early 2024, Pump.fun has generated $1.08 billion in revenue, becoming the first platform on the Solana blockchain to surpass the $1 billion mark. In 2024, its revenue reached $321.3 million, and its buyback program has repurchased approximately $323.4 million worth of PUMP tokens. However, the PUMP token price remains below its initial issuance price, and the platform has expanded to other blockchain networks.
GateNews2h ago
Grvt Announces Token Economics Model with 1 Billion Total Supply, TGE Timeline Adjusted to End of June
Gate News reports that on March 12, decentralized contract exchange Grvt unveiled the complete tokenomics model for GRVT. The total supply of GRVT is 1 billion tokens, with the allocation plan as follows: investors account for 19.9%, team and core contributors account for 19%, community and airdrops account for 28%, and future allocation and rewards account for 33.1%. Additionally, Grvt announced that it will adjust the TGE (token generation event) for GRVT to the end of June 2026.
GateNews2h ago
Ripple Announces $750 Million XRP Buyback Plan; Can Token Price Break Out of Consolidation Range?
Ripple announces a $750 million XRP buyback program to boost market confidence in XRP price. On-chain data shows exchange XRP reserves have fallen to a 10-month low, suggesting long-term holding by investors. Technical analysis indicates XRP has modest upside potential, and the buyback program combined with supply tightening may serve as price support factors. Investors should pay attention to broader market changes.
GateNews4h ago
Sky stablecoin USDS issuance reaches a new all-time high, totaling $11.2 billion
Gate News Announcement: On March 12, the stablecoin USDS under the stablecoin protocol Sky reached a new all-time high, with a total issuance of approximately $11.2 billion.
GateNews4h ago
