Keynote
- The platform combines Stablecoin, trading, lending and insurance in one cross margin system for capital efficiency.
- The token holder will redeem the original principal via a permanent put option funded by a separate on-chain reserve.
- Teams earn tokens through protocol revenue repurchase rather than initial allocations to align incentives with platform use.
Flying Tulip, a new on-chain financial market led by Andre Cronje, has secured $200 million in its private funding round and announced the upcoming public sale of its $FT token at the same valuation.
This new initiative aims to provide a unified market structure for digital assets. It is a cross-margin system designed for capital efficiency, all-in-one financial capabilities, combining native stubcoin, spot, derivative trading, lending and on-chain insurance.
The funding round saw participation from several global investors, including Brevan Howard Digital, Coinfund, DWF, Falconx, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital and Virtuals Protocol.
– lemniscap (@lemniscap) September 29, 2025
The project seeks total funding of up to $1 billion from both private and public sources, reflecting increased institutional trust in the Defi sector, and renewed interest in projects led by Andre Cronje, as well as past successes in projects like Yearn Finance.
Unique redemption rights and toconemics
Flying Tulip Primary Sale Participants will receive on-chain redemption rights, both privately and publicly. This feature, known as a “permanent put,” allows holders to redeem the token for their original principal at any time with a contributing asset, such as ETH.
The settlement is processed through a red reserve of separated chains funded by the capital raised. According to the announcement, the model is designed for users to “protect the downsides while retaining unlimited upsides.”
A notable aspect of flying Tulip’s Tokenomics is that teams do not receive initial allocations of tokens. Instead, team exposure is gained through open market buybacks with protocol revenue. From day one, incentives have been linked to actual use and long-term performance, according to a press release. This approach aims to align the team’s interests closely with the actual utility of the protocol and user adoption.
Future public sales will be hosted on multiple blockchains, accompanied by details of supported assets, distribution supplies, and sales mechanics announced prior to launch.
Official smart contract addresses are only available on the Flying Tulip website to ensure security and transparency of participants. The project warns that participation may be subject to jurisdictional restrictions and that all chain repayment rights will be limited by reserve availability and program parameters.
Best known for the founding of Yearn Finance and Sonic, Andre Cronje is a recognized figure in decentralized finance. With Flying Tulip, Cronje pursues a model that offers both facility grade and chain warranty. According to TradingView, on the same day as the announcement, Sonic Labs appointed a new CEO and saw almost 5% of the rally despite the crypto market.
Price graph for trading pair S/USD on CoinMarketCap. Source: TradingView
In a press release, he said: “Our goal is to provide a clear alignment with chain guarantees between users, investors and teams in an institutional grade market structure.” The platform also highlights user-controlled assets and compliance features such as OFAC screening and tax reporting to meet regulatory expectations.
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José Rafael Peña Gholam is a cryptocurrency journalist and editor with nine years of experience in the industry. He writes for top outlets such as Criptonoticias, Beincrypto, and Coindesk. Specializing in Bitcoin, Blockchain and Web3, he creates news, analytics and educational content for global audiences in both Spanish and English.
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