Flying Tulip
ftWhat is Flying Tulip?
Flying Tulip is an on-chain financial protocol founded by Andre Cronje. It combines the dollar-targeting settlement and liquidity asset ftUSD, lending and trading infrastructure, and derivatives and insurance functions that remain planned or in staged rollout. FT is the protocol’s native LayerZero-based omnichain token. In the latest located official status report, dated August 3, 2026, ftUSD and Lend were live on Ethereum and Sonic, while Spot and Total Return Swaps were still in private beta.
What problem does Flying Tulip solve?
Flying Tulip says it is designed to reduce capital fragmentation across separate DeFi applications. Its goal is to let the same collateral continue earning yield while supporting borrowing, orders, margin positions, and settlement through shared pricing and risk infrastructure instead of isolated product pools. This is the protocol’s stated design objective, not evidence of guaranteed returns, adoption, or legal protection.
How does Flying Tulip work?
ftUSD provides the settlement and liquidity layer, while Lend supplies borrowing and margin infrastructure. The project says product fees, protocol revenue, and some surplus yield can be routed to FT market purchases and, where specified, burns; this is not a fixed return or a legal claim on revenue. FT allocated in primary private or public sales was issued within an NFT-represented Perpetual PUT position. A qualifying participant can retain the position, return the associated FT to receive the same asset and amount originally contributed, or withdraw FT and permanently invalidate the PUT for that portion, releasing the associated backing capital under the documented mechanism. FT bought on the open market does not automatically carry this right. The verified Ethereum contract implements LayerZero OFT functionality and includes owner- or configurator-controlled functions for pausing, token-name and symbol changes, cross-chain peer configuration, and configurator transfer.
Key facts
- CoinGecko’s candidate record identifies the asset as Flying Tulip, ticker FT, under the ID flying-tulip; the protocol was founded by Andre Cronje.
- An official March update says the protocol and transferable FT launched on February 23, 2026, and ftUSD launched the following day.
- Official token documentation says 10 billion FT were initially pre-minted and that no additional inflationary minting was intended. An official July update later reported that 8,788,534,107 unallocated FT were burned in one Ethereum transaction, so 10 billion is an historical initial figure, not a current outstanding-supply figure.
- Current total and circulating supply can change through cross-chain transfers and burns. They should be checked from current chain and cross-chain accounting rather than inferred from the initial pre-mint and July 2026 burn.
- Only FT allocated through qualifying primary private or public sales carried the NFT-represented Perpetual PUT. Ordinary secondary-market FT does not include that redemption position.
- Under the documented primary-sale mechanism, exercising the exit returns the associated FT in exchange for the same asset and amount originally contributed. Withdrawing FT instead permanently invalidates the PUT for that portion and releases the associated backing capital.
- The verified Ethereum FT contract is 0x5DD1A7A369e8273371d2DBf9d83356057088082c. Its verified code exposes owner and configurator powers, but the current role holders, multisig signers, timelocks, peer settings, and paused state were not established by the reviewed static sources.
- As of August 3, 2026, ftUSD and Lend were live on Ethereum and Sonic, while Spot and Total Return Swaps were in private beta. Their later availability should remain classified as beta or roadmap status unless separately verified.
- DeFiLlama independently tracks Flying Tulip on Ethereum and Sonic, including ftUSD, lending, fees, revenue, treasury, and active-loan metrics, supporting that it is an operating protocol rather than only a token-sale concept.
- The research did not establish every current FT address on Sonic, BNB Chain, Avalanche, or Base, an official GitHub repository, the project’s legal entity or governing jurisdiction, or off-chain enforceability of the Perpetual PUT. The project describes the PUT as programmatic, dependent on reserves and parameters, uninsured, and not guaranteed.
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Frequently asked questions
What is Flying Tulip?
Flying Tulip is an integrated on-chain financial protocol founded by Andre Cronje. Its public architecture centers on ftUSD for settlement and liquidity and Lend for borrowing and margin infrastructure, with additional trading, derivatives, and insurance functions being introduced in stages.
What is FT used for?
FT is the protocol’s native LayerZero-based omnichain token. Flying Tulip says fees, protocol revenue, and eligible surplus yield can create market-buying demand for FT, with burns where specified. These are project-described mechanisms, not a fixed return or a legal claim on protocol revenue.
Does every FT include a redemption right?
No. The documented Perpetual PUT applies to qualifying primary-sale positions and is represented separately through an NFT-based position. FT bought on the open market does not automatically carry that right, and withdrawing FT from a qualifying position permanently invalidates the PUT for the withdrawn portion.
Is the Perpetual PUT guaranteed, and is FT’s supply still 10 billion?
No. The PUT is a programmatic on-chain mechanism subject to contracts, collateral, parameters, liquidity, and possible settlement queues; the project says it is not a deposit, is uninsured, and is not guaranteed. Ten billion FT were initially pre-minted, but 8,788,534,107 unallocated FT were reportedly burned in July 2026, so current cross-chain supply must be checked rather than assumed.
What administrative and verification risks remain?
The verified Ethereum contract exposes owner and configurator controls, including pausing, metadata changes, peer configuration, and configurator transfer. Current role holders, multisig and timelock arrangements, peer settings, paused state, current non-Ethereum addresses, and precise cross-chain supply require fresh on-chain checks. The legal entity, jurisdiction, and off-chain enforceability of the PUT were not established.
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