Flying Tulip
FTThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Flying Tulip
Analysis of 5 Jul 2026Flying Tulip (FT) is Andre Cronje's full-stack DeFi protocol aiming to combine ftUSD, lending, spot trading, leverage, total return swaps, insurance, and a Perpetual PUT-backed token model under one cross-margin system. As of July 5, 2026, the live stack includes ftUSD, Lend on Ethereum and Sonic, delta-neutral strategies, and the PUT marketplace, while Spot, leverage, and TRS remain in final pre-launch work.
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CoinGecko shows FT near $0.096, about $116M market cap, $958M FDV, and roughly $299K daily volume. June metrics improved from a low base, but protocol revenue and token holder revenue remain tiny versus the scale implied by the FDV.