More details about the Flying Tulip sale by Andre Cronje

Let’s start with a quick intro to Andre Cronje — maybe you haven’t heard of him yet.

He’s one of the most famous devs in crypto, who contributed to protocols like Yearn Finance (TVL peaked at $5B), Fantom (Sonic), Keep3r Network, Sushi Swap.

Some of these projects he launched with zero marketing, which only boosted the hype around them.

His new project is called Flying Tulip (https://t.co/LJdbd0v1YV) - a DEX that combines the features of several well-known protocols.

Main functionality:

⚫ Spot and futures trading without oracles (quotes will come from their own exchange — this speeds up transactions and removes exploit risks).

⚫ Lending with the option to borrow the same asset you deposited (for delta-neutral strategies).

⚫ Options.

⚫ On-chain insurance.

⚫ AMM/CLOB: trading both through liquidity pools and bid/ask.

⚫ Native delta-neutral stablecoin ftUSD with 8–12% APY.

To back this up, the project already raised $200M from Coinfund, DWF Labs, Hypersphere Ventures and others in a Seed round at a $1B valuation.

On top of that, they plan to raise another $800M via a public sale of the FT token — at the same valuation as the funds.

Token details:

⚫ Supply — 10B.

⚫ Token will launch with no unlocks or cliffs.

⚫ Protocol integration + buybacks for burning (if they raise $1B, $44.2M will be burned immediately).

⚫ Investors will have the option to refund the money they spent on FT.

We’re now waiting for more details on the sale format, but it’s already clear this project will attract massive attention.

More about functionality can be found on their site and in the document: