Announcing the Flying Tulip Sale on CoinList
The wait is over. The Flying Tulip token sale is live on CoinList.
Flying Tulip is a unified onchain financial system founded by Andre Cronje.
The protocol is designed to allow users to deploy the same collateral across multiple financial primitives within a single system, including:
- Spot trading (AMM + CLOB)
- Lending
- Perpetual futures
- Insurance
- A native stablecoin (ftUSD)
Flying Tulip’s goal is to unify core DeFi primitives under one protocol architecture. Protocol revenues are intended to support the Flying Tulip ecosystem, including ongoing development and FT token buybacks, as governed by the protocol’s design.
Sale Overview
For the CoinList sale, Flying Tulip is raising $200M, representing 20% of the FT token supply, with 100% unlock at TGE, subject to the Perpetual PUT structure described below.
Funds contributed during the sale may be deployed into conservative onchain lending strategies. These strategies have historically generated low single-digit yields, which are intended to support protocol development prior to broader network activity.
Future protocol revenues from the stablecoin, lending, and trading products may be used to support the ecosystem, including FT token buybacks, according to protocol rules.
🗓️ The sale opens on Feb 2nd 16:00 UTC and closes on Feb 6th 21:00 UTC.
Sale Terms
- Token Price: $0.10
- FDV: $1,000,000,000
- Allocated Supply: 2,000,000,000 FT (20% of total supply)
- Unlock: 100% at TGE, with tokens initially wrapped in the Perpetual PUT structure
- Purchase Limits: Minimum $100
- Accepted Assets: USDC, USDT (ERC-20 only)
- Distribution: Non-custodial external wallets provided by participants at purchase
- Eligibility: Eligibility: Excludes residents of Afghanistan, Angola, Canada, Central African Republic, Congo, Congo (Dem. Rep.), Côte d'Ivoire, Cuba, Guinea-Bissau, Iran, Iraq, Korea (North), Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Somalia, South Sudan, Sudan, Syrian Arab Republic, United States, Venezuela, U.S. Virgin Island, Yemen, Zimbabwe
Funding History
Flying Tulip completed a $200M private sale in 2025, with participation from global investment firms including:
Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.
Perpetual PUT: How it works
When you contribute to the primary raise, you do not receive freely tradable FT tokens immediately. Instead, you mint an FT NFT that holds your FT tokens and embeds a standing redemption right (the “Perpetual PUT”) tied to your original contribution.
This NFT acts as a wrapper that combines your allocated FT tokens and the on-chain right to redeem your original capital at par.
There are 3 ways you can use it:
- Hold: Keep your FT tokens and retain the redemption right. You participate in FT’s upside while being able to redeem later if you choose.
- Divest / Redeem: At any time you may burn your FT tokens tied to your original contribution and redeem back your original asset at par. Once redeemed the corresponding FT is destroyed.
- Unlock & Trade: You can withdraw your FT tokens from the PUT-protected pool, after which you forfeit the redemption right and your original capital is released to the protocol. Then the FT tokens become freely tradable.
Participants retain the option to redeem under the protocol’s rules for as long as their tokens remain within the Perpetual PUT structure. Exit as little or as much as you want, whenever you want.
Important: FT tokens bought on the open market do not carry the redemption right. Only primary contributors do.
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