{"id":420565,"date":"2026-02-24T14:02:14","date_gmt":"2026-02-24T08:32:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/andre-cronjes-flying-tulip-token-trades-near-1b-fdv-floor-crypto-news\/"},"modified":"2026-02-24T14:06:40","modified_gmt":"2026-02-24T08:36:40","slug":"andre-cronjes-flying-tulip-token-trades-near-1b-fdv-floor-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/andre-cronjes-flying-tulip-token-trades-near-1b-fdv-floor-crypto-news\/","title":{"rendered":"Andre Cronje\u2019s Flying Tulip Token Trades Near $1B FDV Floor – Crypto News"},"content":{"rendered":"

The FT token arrives after the project raised close to $300 million in funding.<\/p>\n

\n

The Flying Tulip (FT) token became transferable and began trading today, Feb. 23, marking the token generation event (TGE) for the latest DeFi<\/a> project linked to Andre Cronje<\/a>, a systems architect best known for building early DeFi protocols Yearn Finance<\/a> and Fantom<\/a>.<\/p>\n

Data from CoinGecko shows<\/a> that despite an initial dip to around $0.08, FT has spent its first hours trading sideways around the $0.10 mark, implying a fully diluted valuation of around $1 billion. <\/p>\n

FT Public Sale, Explained<\/h2>\n

Flying Tulip\u2019s public sale price was set<\/a> at $0.10, but it wasn\u2019t a standard token sale. The project\u2019s tokenomics make $0.10 something like a floor price for the asset trading on the open market, as public sale participants have the right to break even on their investment at any time. <\/p>\n

Early buyers didn\u2019t just get regular tokens but received ftPUTs<\/a>, which are non-fungible tokens with a built-in perpetual put option, which gives holders the right<\/a>, under certain rules, to redeem their tokens at the public sale price of $0.10, instead of having to sell them on the open market. <\/p>\n

As Cronje explained earlier this month in an X post<\/a>, given the project\u2019s tokenomics, \u201cFlying Tulip FDV is not standard FDV.\u201d Typically, FDV is calculated by multiplying total token supply multiplied by current token price. <\/p>\n

But Flying Tulip departs from that model because each FT token is only created if it is backed by a corresponding put option, leaving no path for unbacked supply to enter circulation. When tokens are redeemed, they\u2019re also removed from circulating supply. <\/p>\n

That tokenomics design means every token is effectively collateralized by its own $0.10, making the system \u201ccloser to a NAV valuation than FDV,\u201d Cronje highlighted, adding, \u201cthis is something new, and aligns participation far more than any previous model.\u201d<\/p>\n

Flying Tulip is positioned as a DeFi \u201csuper app,\u201d aiming to bring spot trading, perpetual derivatives and lending into a single interface.<\/p>\n

Ahead of the launch, Flying Tulip wasn\u2019t short on cash. The project had already pulled in $200 million<\/a> in September last year from backers including Brevan Howard and DWF Labs, then added another tens of millions through later rounds and public sales on platforms such as Impossible Finance and CoinList.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The FT token arrives after the project raised close to $300 million in funding. The Flying Tulip (FT) token became transferable and began trading today, Feb. 23, marking the token generation event (TGE) for the latest DeFi project linked to Andre Cronje, a systems architect best known for building early DeFi protocols Yearn Finance and […]<\/p>\n","protected":false},"author":2,"featured_media":420567,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-420565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=420565"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420565\/revisions"}],"predecessor-version":[{"id":420568,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420565\/revisions\/420568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/420567"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=420565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=420565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=420565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}