The DeFi super application space is facing headwinds following the Infinex token<\/a> generation event (TGE) in January, but despite the adverse market conditions, Yearn Finance founder Andre Cronje is launching Flying Tulip\u2019s (FT) public sale next week.<\/p>\n Flying Tulip confirmed the sale date on Saturday, and prediction markets are giving the platform a 50-50 chance of trading above a $400 million fully diluted valuation (FDV), albeit on low volumes.<\/p>\n For comparison, Infinex\u2019s INX token is trading at a $121 million FDV, leaving ICO participants<\/a> at a 60% loss from its $300 million ICO valuation. <\/p>\n Flying Tulip looks to fill a similar niche as Infinex, offering users a single platform that allows them to leverage some of DeFi\u2019s most popular applications, including perpetual derivatives trading, spot trading, and lending.<\/p>\n However, Cronje has highlighted<\/a> that the \u201cFlying Tulip FDV is not standard FDV.\u201d In a traditional model, FDV equates to the total supply multiplied by the token price, whereas the FT token includes an underlying put option, making it \u201ccloser to a NAV valuation than FDV.\u201d <\/p>\n The protocol raised $200 million<\/a> from the likes of Brevan Howard and DWF Labs in September, followed by a $25 million raise at a $1 billion valuation in January, $55 million via Impossible Finance, and $10 million via CoinList last week<\/a>.<\/p>\n
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