The "Never Bust" AC project Flying Tulip has experienced a bust, with the current price at $0.0989

BlockBeats News, February 24th, according to market data, DeFi architect Andre Cronje's self-proclaimed "No-Rug Guarantee" new project Flying Tulip conducted its TGE last night and shortly after going live, FT plummeted below the issuance price of 0.1 USD on-chain, breaking its "No-Rug Guarantee, Principal Protection" marketing slogan. FT is currently trading at around 0.0989 USD, with a circulating market cap of around 200 million USD, while the FDV is still around 1 billion USD.

Flying Tulip is positioned as an on-chain financial system that integrates spot trading, lending, perpetual contracts, and its native stablecoin ftUSD, adopting a "native revenue-sharing" model. It deploys 100% of the funds raised into low-risk strategies such as Aave and Lido, using only excess revenue to support operations and token buybacks, with no team pre-mine or inflation. Its core selling point is the ftPUT mechanism: FT received by public sale participants comes with a permanent, unconditional 100% principal redemption right, allowing them to burn FT at any time and redeem BTC/ETH/SOL/stablecoins at the original investment value, theoretically setting the on-chain floor price at 0.1 USD.

Prior to this, the project had completed a 200 million USD seed round of financing and saw oversubscription in the presale conducted on CoinList, raising nearly 10 million USD. The maximum cap for this public fundraising is set at 1 billion USD, with the project's fully diluted valuation (FDV) also reaching 10 billion USD, making it one of the larger protocol launches in the 2026 market cycle.