AC Launches Flying Tulip Public Offering, Featuring a "Principal Protection" ftPUT Mechanism

BlockBeats News, February 17, Flying Tulip (FT), an on-chain financial system founded by DeFi architect Andre Cronje, officially launched its public token sale. Previously, the project completed a $200 million seed round of financing, oversubscribed in a presale on CoinList, raising nearly $10 million. The public fundraising cap for this round is set at $1 billion, and the fully diluted valuation (FDV) of the project has also reached $1 billion, making it one of the larger protocol launches in the 2026 market cycle.

Flying Tulip is designed as a native yield-bearing ecosystem, integrating spot trading, margin borrowing, and its native stablecoin ftUSD. The protocol will deploy 100% of deposited funds to low-risk, high-liquidity yield strategies (such as Aave, Lido), only capturing excess yield spread for operations and token buybacks, distinguishing it from the traditional DeFi model relying on inflation incentives.

The core innovation of this public offering is the "ftPUT" model, a mechanism for on-chain "perpetual put options." All FT tokens issued in the public sale come with the right to redemption at the original investment value (supporting BTC, ETH, SOL, and stablecoin subscriptions), forming a $0.10 on-chain "floor" protection. When the secondary market price falls below this threshold, the automatic buyback mechanism will be triggered. Cronje stated that this structure aims to emphasize the "refundable" attribute, prioritizing the safety of users' principal.

The Token Generation Event (TGE) is scheduled to take place on February 23. Flying Tulip is currently deployed on Ethereum, Base, and Avalanche, with plans to expand to MegaETH and Hyperliquid, positioning itself as a low-latency, cross-chain liquidity infrastructure for the "Agentic Economy." The market is watching to see if it can continue to deliver on its "principal protection" promise while expanding Total Value Invested (TVI).