Updated: February 25, 2026 | Tapbit Crypto News & Updates
Andre Cronje’s new project, Flying Tulip (FT), has officially entered the market — and it is not a typical token launch.
Unlike most DeFi token sales that simply raise capital and release tokens, Flying Tulip introduces a structured launch model built around a “Perpetual PUT” mechanism, designed to give primary participants a redemption right at their original purchase price. The project is also positioned as a unified onchain financial system that combines trading, lending, derivatives, insurance, and a native stablecoin under one architecture.
For crypto traders, this is one of the more closely watched DeFi launches of 2026 — not just because of the $1B fully diluted valuation headline, but because it tests whether a “floor-protected” token design can hold up in real market conditions. You can track broader market moves anytime on Tapbit Price.
What Is Flying Tulip (FT)?
According to CoinList and project sale materials, Flying Tulip is a unified onchain financial system founded by Andre Cronje. Its design goal is to let users deploy the same collateral across multiple DeFi functions inside one system, including:
- Spot trading (AMM + CLOB)
- Lending
- Perpetual futures
- Insurance
- A native stablecoin (ftUSD)
This “single-collateral, multi-product” design is meant to improve capital efficiency and reduce the need to move funds between separate DeFi protocols. CoinList and MEXC both describe Flying Tulip as a DeFi “super app” built around unified collateral and protocol-level buyback logic. :contentReference[oaicite:1]{index=1}
FT Launch Terms: Why $0.10 and $1B FDV Became the Headline
The CoinList sale materials set the core token economics clearly:
- Token price: $0.10
- Fully diluted valuation (FDV): $1,000,000,000
- Allocated supply in sale: 2,000,000,000 FT (20% of total supply)
- Total supply: 10,000,000,000 FT
- Unlock: 100% at TGE (initially wrapped in the Perpetual PUT structure)
CoinList also notes that the sale accepted USDC and USDT (ERC-20), with a minimum purchase amount of $100. :contentReference[oaicite:2]{index=2}
The “Perpetual PUT” Mechanism: What Makes FT Different
The biggest innovation in Flying Tulip’s launch design is the Perpetual PUT.
Per CoinList’s sale blog, primary sale participants do not receive immediately free-tradable FT. Instead, they receive an NFT wrapper that includes:
- their allocated FT tokens, and
- a standing redemption right tied to their original contributed asset
Participants can then choose one of three paths:
- Hold and keep the redemption right
- Redeem (burn the FT tied to their original contribution and get original capital back at par)
- Unlock & Trade (remove tokens from the protected wrapper and give up the redemption right)
CoinList also explicitly states that open-market FT does not carry the redemption right — only primary contributors have it. This is an important detail many traders may miss when comparing secondary market price to the $0.10 sale price. :contentReference[oaicite:3]{index=3}
What Products Are Live at Launch?
MEXC’s launch coverage says the first products going live are:
- ftUSD (the protocol’s yield-bearing stablecoin)
- Margin lending
The same report says spot trading, leverage, and total return swaps are expected to roll out in the following weeks. MEXC also notes Flying Tulip is launching with support for multiple chains including Ethereum, Base, Avalanche, BNB Chain, and Sonic. :contentReference[oaicite:4]{index=4}
Why Traders Are Watching FT Closely
FT is getting attention for three reasons:
1) It tests a new token launch model
Most token launches rely on vesting, market makers, and narrative support. Flying Tulip adds a structured redemption feature for primary participants, which changes how downside is framed for early buyers. :contentReference[oaicite:5]{index=5}
2) It combines multiple DeFi primitives in one protocol
Instead of launching a single product first, Flying Tulip is aiming for a broader “full-stack” DeFi system (trading + lending + stablecoin + derivatives), which is a bigger execution challenge but also a bigger potential upside if adoption follows. :contentReference[oaicite:6]{index=6}
3) It is tied to Andre Cronje’s market reputation
Cronje remains one of the most recognized DeFi builders, and market participants are watching whether this launch can avoid the typical post-TGE volatility problems seen in many large FDV token debuts.
Early Market Reality: Why “Protected” Doesn’t Mean Zero Volatility
Post-launch market commentary on Binance Square reported that FT briefly traded below the initial $0.10 offering level, despite the project’s “principal protection” narrative. The same summary notes a key distinction: the redemption mechanism applies to primary participants through the ftPUT structure, while secondary market price can still fluctuate based on trading conditions. :contentReference[oaicite:7]{index=7}
This is a critical point for new users: a protocol-level redemption floor for one participant group does not automatically guarantee a permanent secondary market price floor for all tokens trading on exchanges.
What This Means for DeFi in 2026
Flying Tulip’s launch matters even beyond FT price action. It highlights a broader trend in DeFi token design:
- More emphasis on capital efficiency
- More structured fundraising mechanics
- More focus on protocol revenue and buyback loops
- More attempts to reduce the “dump after TGE” problem
If Flying Tulip proves the model can work at scale, it may influence how future DeFi projects design token sales and investor protections.
How Tapbit Users Can Approach FT-Style DeFi Narratives
Even if FT is not listed on your preferred venue, the launch is still useful for understanding DeFi market structure in 2026. A practical approach:
- Follow token design, not just price
Mechanisms like redemption rights and buybacks can matter more than headline FDV. - Separate primary-sale economics from secondary-market trading
They are often not the same thing. - Track broader market liquidity and risk sentiment
Major DeFi launches are highly sensitive to macro market conditions. - Use reliable market tools to stay disciplined
Monitor crypto volatility on Tapbit Price.
Get started on Tapbit:
Final Thoughts
Flying Tulip (FT) is one of the most interesting DeFi launches of 2026 because it is experimenting with token sale structure, not just token branding. The project’s combination of a unified DeFi stack and a Perpetual PUT redemption model gives the market something new to evaluate: whether better fundraising mechanics can improve long-term trust in token launches.
As always, traders should look beyond headlines like “$1B FDV” or “principal protection” and focus on the fine print: who gets the protection, under what conditions, and how the protocol performs once real users arrive.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always do your own research before participating in token sales or trading digital assets.
