Flying Tulip
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anchored·37WTjS…f9eLSummary
Flying Tulip is a full-stack decentralized finance protocol founded by Andre Cronje, designed to integrate spot trading, perpetual futures, lending, a native stablecoin (ftUSD), and on-chain insurance into a single capital-efficient system. The project raised $200 million in a private seed round in 2025 and conducted a public token sale on CoinList in February 2026, targeting up to $1 billion in total fundraising at a $1 billion fully diluted valuation. The FT token launched on February 23, 2026 and briefly traded below its marketed $0.10 issuance floor, prompting criticism of the project's principal-protection claims, though the protocol subsequently reported operational revenue exceeding its cash burn and a Sherlock audit contest found no critical or high-severity vulnerabilities.
Connected Entities
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Timeline(10 events)
14 August 2025
Flying Tulip opens private seed round; closes within approximately one month, raising $200 million at a $1 billion FDV with no single lead investor.
blockhead.co30 September 2025
Flying Tulip publicly announces the $200 million seed round and plans for a public token sale at the same $1 billion FDV valuation via PR Newswire.
PR Newswire2 February 2026
Public token sale opens on CoinList at $0.10 per FT token, targeting up to $200 million at the same $1 billion FDV. Minimum purchase: $100.
CoinList Blog6 February 2026
CoinList public sale closes; Flying Tulip raises approximately $25.5 million from the public tranche.
NFTgators23 February 2026
FT token generation event (TGE); tokens become transferable and begin open-market trading at approximately $0.10.
KuCoin News23 February 2026
Shortly after TGE, FT trades below $0.10 (approximately $0.0989), contradicting the project's marketed principal-protection floor claims and prompting community criticism.
KuCoin News1 March 2026
Flying Tulip publishes a March update reporting that the core PUT redemption mechanism is validated, protocol operating income exceeds cash burn, and $1.08M in ftUSD has been minted.
Flying Tulip Blog18 April 2026
Kelp DAO suffers a $292 million bridge exploit attributed to North Korea's Lazarus Group. Flying Tulip states it has no direct exposure and implements additional circuit breakers.
CoinDesk1 June 2026
Andre Cronje resigns from the Sonic Labs board to focus full-time on Flying Tulip.
CoinMarketCap Academy21 September 2026
FT token price is approximately $0.098–$0.101, with a circulating market cap of approximately $2.3 million and a 24-hour trading volume of approximately $31,000.
CoinGeckoDecision Log
- hash: HJRzxxEXrDGQxkVS4ZFMpWYwmPvjZ8qvgLCHaC9cujp9
This investigation is cryptographically anchored to the Solana blockchain (1 event). 19 of 23 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/22/2026, 5:19:35 PM
last updated: 9/22/2026, 9:21:17 PM
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