Flying Tulip

CoinGecko maps Ethereum, Sonic, BSC, Base and Avalanche to the same FT address. That symmetry comes from deterministic deployment; it does not mean each chain holds a fresh 10-billion allocation.

A LayerZero OFT transfer burns units on the source and delivers a mintable representation on the destination, preserving an intended omnichain economy.

Ethereum alone showed about 1.1966B FT at review. That is one chain-local totalSupply, not the global figure. Because the default OFT burns before it mints the same amount on the destination, time-aligned local supplies can be added without double counting; messages still in flight can make the sum temporarily low, and public or buyback burns reduce it permanently below the initial 10B.

The repeated address is an identity aid, not a supply proof; the canonical mint rule and cross-chain events carry more evidentiary weight than an explorer badge.

Primary participants received 10 FT per contributed dollar inside an ERC-721 ftPUT rather than as a freely spendable balance. The February 20, 2026 update put net funded capital still held across private, community and public rounds at $183,897,578.66; this was not an additional public-only raise. The public deposit cap was $1B.

Each NFT stores its collateral token, original and remaining amount, FT bought and remaining, strike and conversion reference. The right follows this stateful position, not the letters “FT.”

There was no vesting schedule for participants; liquidity is a choice. Keeping the NFT preserves the put, while withdrawing FT trades protection for a freely transferable asset.

Keeping the NFT leaves FT and backing paired. Divest consumes the FT portion exercised and returns the same deposited asset and amount in proportion; those FT no longer belong to the holder through that position.

Withdrawing releases FT and irrevocably erases the exit right on that portion. The corresponding backing moves from reserved capital into a protocol-controlled buyback-and-burn path.

Buying FT on a DEX therefore buys price exposure without redemption. Buying an ftPUT NFT can transfer the remaining claim, but its value depends on current collateral, remaining FT and marketplace fees.

Docs say principal backing is never spent and stays on its source chain without leverage by default. It can still enter Aave, liquid staking or other venues to earn yield, exposing it to their contracts and exit liquidity.

Yield first pays salaries, marketing, infrastructure and operations; only surplus goes to buybacks. Product fees also buy and burn FT and can unlock Foundation, Team and Incentives allocations in a 40:40:20 ratio.

This means a protected position depends on the backing ledger and unwind capacity, while secondary FT depends on buyback execution and product revenue. They are related but not identical risk pools.

The phrase “backing is never spent” still permits deployment into external protocols. Returning principal on demand requires those positions to unwind at the needed time and denomination.

FT is non-proxy and burnable: holders can burn their own balance, while burnFrom requires sufficient allowance from the affected account. Owner or configurator can pause or resume ordinary transfers and replace the configurator; only the owner manages LayerZero peers/delegate and changes the token name/symbol.

A pause is selective. The LayerZero endpoint, configurator, and transfers from or to the configurator remain allowed; approvals and permits can still be created. This is operational recovery power, not a uniform freeze. A configurator transferFrom still requires sufficient allowance from the affected account.

OFT configuration makes bridge correctness depend on trusted peer wiring and LayerZero delivery. Identical addresses reduce user confusion but do not remove messaging or admin risk.

The March update dates Flying Tulip’s launch to February 23, 2026. The project subsequently reported live PUT execution, ftUSD and Sonic margin lending. On September 1 it announced Trade on Sonic for spot and leveraged spot trading; the same announcement still described the central limit order book as being hardened. Product delivery therefore has to be read feature by feature.

ftUSD targets a dollar through delta-neutral strategies and Lend supplies margin accounts. Their yield and “no liquidation” marketing do not transfer into a legal guarantee for FT or ftPUT holders.

Ordinary FT conveys token functions and implemented product access; a valid ftPUT retains an exit backed by its remaining assets. Reviewed documents do not establish company equity, insurance coverage or binding token votes over administrators. That documentary limit does not determine every legal remedy a holder might have.