BlockBeats news: On February 24, according to market data, DeFi architect Andre Cronje’s new project, Flying Tulip, which was promoted as “never breaking below issuance price,” launched its TGE last evening. Shortly after launch, FT dropped below its issuance price of $0.10 on-chain, breaking its “never break below issuance price, principal protection” claim. FT is currently trading at approximately $0.0989, with a circulating market cap of around $200 million and an FDV still near $1 billion.
Flying Tulip is positioned as an on-chain financial system integrating spot trading, lending, perpetual contracts, and its native stablecoin ftUSD, with a flagship "native yield" model. All fundraising is deployed 100% into low-risk strategies such as Aave and Lido, with operations and token buybacks funded solely by excess yields—no team pre-mining or inflation. Its core feature is the ftPUT mechanism: participants in the public sale receive FT tokens with a permanent, unconditional 100% principal redemption right, allowing them to burn FT at any time and redeem BTC, ETH, SOL, or stablecoins at their original investment value—theoretically establishing an on-chain floor price of $0.10.
Previously, the project completed a $200 million seed round and oversubscribed its presale on CoinList, raising nearly $10 million. This public offering has a funding cap of $1 billion, with a fully diluted valuation (FDV) of $1 billion, making it one of the larger protocol launches of the 2026 market cycle.