Flying Tulip: Project Update

Get Caught Up

Biggest Stories of 2025

• Accredited Investor Quiz Introduced: Flying Tulip launched an "Accredited Investor Quiz" to educate users on its core principles, granting whitelist access to those scoring 70% or higher, with passing users automatically receiving an Accredited Investor NFT at no mint or transfer fee. The team also signaled active hiring for front-end developers, Golang specialists, and a Head of Marketing. (November 7, 2025) 1112
• "Building The Real-Time DeFi Stack" Published: The project detailed its vision for a unified, real-time DeFi stack integrating trading, lending, derivatives, and insurance, emphasizing a shared risk engine, the ftUSD stablecoin, and adaptive parameters like dynamic LTVs and volatility-aware interest rates. (October 22, 2025) 10
• "A Realistic Look" Analysis Published: A critical analysis examined Flying Tulip as one of the most hyped DeFi innovations, noting its $200M raise at a $1B FDV, plans for an additional $800M public sale via Impossible Finance, and its oracle-free perpetual futures that use internal trade data for price discovery — reducing oracle risk but facing liquidity and manipulation challenges. (October 17, 2025) 13
• Featured in Market Roundup: Flying Tulip was highlighted alongside Sky's ecosystem as an innovative DeFi project exploring new capital and risk models, including deflationary token mechanics and risk-sharing structures, reflecting a maturing and more professionalized DeFi landscape. (October 3, 2025)
• "Cronje's New Flywheel Experiment" Analysis: A deep-dive explained how Flying Tulip aims to unify onchain markets on Sonic L1 using adaptive curve AMMs, dynamic LTV money markets, and native derivatives, with its $200M seed round and perpetual put option tokenomics designed to align incentives. (September 30, 2025) 7
• $200M Raise and $FT Public Sale Announced: Flying Tulip confirmed its $200 million private funding round and announced an onchain public sale of its $FT token at the same valuation, aiming for up to $1 billion in total funding, with all primary participants receiving an onchain redemption right. (September 29, 2025) 49
• Funding Backed by Brevan Howard Digital and Others: The $200M private round was confirmed to be backed by Brevan Howard Digital, CoinFund, FalconX, and others, with the project emphasizing transparency, onchain guarantees, and alignment between users, investors, and the team. (September 29, 2025) 2
• Tokenomics for Public Phase Revealed: Flying Tulip detailed its public-phase tokenomics, including the perpetual put option funded by an onchain reserve, no initial team tokens, and compliance features such as OFAC screening and tax reporting. (September 29, 2025) 6
• Launch Details and Team Composition Disclosed: The project outlined that its exchange was under development with a launch expected "sooner than people think, later than people hope," initially supporting Sonic, Ethereum, Avalanche, BNB Chain, and Solana, with revenue from trading, lending fees, liquidations, ftUSD yield, and insurance, and a team of about 15 employees across the U.S., Europe, and Asia. (September 29, 2025) 8
• $200M Raise Reported by The Block: Coverage confirmed the $200M private seed round at a $1B valuation, the plan to raise up to $800M via a public ICO on its own platform, and the initial rollout on Sonic with zero-fee trading. (September 29, 2025) 3
• ICO Preceded by $200M Raise: Reporting detailed the $200 million private seed round at a $1 billion FDV, the onchain redemption right offering downside protection, and the deployment of capital into onchain strategies targeting roughly 4% annual yield. (September 29, 2025) 5
• $200M Raise Announced: Flying Tulip announced its successful $200 million private funding round with participation from numerous global investors, alongside plans for an onchain public sale of its $FT token at the same valuation. (September 28, 2025) 1