Announcing the Flying Tulip Sale on CoinList

The decentralized finance protocol Flying Tulip, founded by prominent DeFi developer Andre Cronje, has opened a $200 million token sale on CoinList. The sale, representing 20% of the FT token supply, starts on February 2 at 16:00 UTC and closes on February 6 at 21:00 UTC.

Flying Tulip bills itself as a unified onchain financial system that lets users deploy the same collateral across multiple DeFi primitives—including spot trading (AMM and CLOB), lending, perpetual futures, insurance, and its native stablecoin ftUSD. Protocol revenues are intended to support ongoing development and FT token buybacks, as governed by the protocol's design.

The token price is set at $0.10, implying a fully diluted valuation of $1 billion. While tokens are 100% unlocked at the token generation event (TGE), they are initially wrapped in what Flying Tulip calls a "Perpetual PUT" structure. This mechanism gives primary sale participants the ongoing option to redeem their original contribution at par by burning FT tokens. Alternatively, they can unlock their FT for free trading, forfeiting the redemption right. Tokens purchased on the open market do not carry this PUT feature.

Accepted assets are USDC and USDT on ERC-20, with a minimum purchase of $100. Funds raised may be deployed into conservative onchain lending strategies, historically yielding low single-digit percentages, to support protocol development before broader network activity begins.

Flying Tulip previously completed a $200 million private sale in 2025. Investors included Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.