Andre Cronje’s Flying Tulip (FT) Token Begins Trading – Near‑$1 Billion FDV Floor
February 23, 2026 – The DeFi ecosystem witnessed the token‑generation event (TGE) of Flying Tulip, the newest protocol championed by veteran systems architect Andre Cronje. Within hours of launch the token settled around the $0.10 price level that served as the public‑sale floor, implying a fully‑diluted valuation (FDV) close to $1 billion.
What happened
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TGE and first market data – The FT token became transferable on Ethereum on Feb 23, 2026. Early block‑explorer data (CoinGecko/GeckoTerminal) shows the price briefly dipped to $0.08 before finding a narrow range near $0.10. At that price the 10‑million‑token supply translates to an FDV of roughly $1 bn.
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Funding background – Flying Tulip closed its seed and private rounds with about $300 million in capital. A $200 million tranche was secured in September 2025 from backers such as Brevan Howard, DWF Labs, and other institutional investors. Subsequent public‑sale rounds on platforms including Impossible Finance and CoinList added tens of millions of dollars in additional liquidity.
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Tokenomics twist – Unlike a conventional token sale, the public‑sale price of $0.10 functions as a guaranteed floor. Participants received “ftPUT” NFTs, each embedding a perpetual put option. The option gives holders the right—subject to protocol‑defined rules—to redeem the underlying FT tokens at the $0.10 sale price, effectively allowing a break‑even exit without needing to sell on the open market.
- Strategic positioning – Cronje describes Flying Tulip as a “DeFi super‑app” that merges spot trading, perpetual derivatives, and lending under a single UI. The built‑in protection mechanisms (ftPUTs) are intended to address the volatility and liquidity‑risk concerns that have plagued earlier DeFi launches.
Market analysis
| Metric | Observation | Interpretation |
|---|---|---|
| Initial price | $0.08 → $0.10 range within minutes | Strong demand backed by pre‑sale participants; floor mechanism prevents deep dive. |
| FDV | ≈ $1 bn (10 M tokens × $0.10) | Places FT among the handful of DeFi projects with sub‑billion valuations at launch – a signal of investor confidence. |
| Liquidity | Limited to early swaps on DEXs; modest depth | As the token is newly minted, order‑book depth is thin. Expect a gradual deepening as ftPUT holders and new investors add capital. |
| Risk | Redemption right contingent on protocol health; “perpetual put” may be exercised if market falls below floor | The safety net is only as solid as the smart‑contract code and treasury backing. |
| Competitive landscape | Competes with established derivatives platforms (GMX, dYdX, dYdX Lend) | FT’s hybrid approach could attract users seeking on‑ramp access to both spot and perpetual markets, but must prove execution efficiency and low slippage. |
Why the price held – The ftPUT design forces a ceiling on downside: any holder can trigger a redemption at $0.10, creating a natural arbitrage barrier. Traders with short exposure are therefore disincentivized, allowing the market to settle near the floor rather than spiral lower.
Potential upside – Should the protocol launch its lending and perpetual‑swap modules and attract volume, the token could benefit from utility‑driven demand. Moreover, the $200 M+ treasury provides a cushion for future incentives, liquidity mining, or backing of the ftPUT redemption pool.
Risks to watch –
- Smart‑contract audit – Any vulnerability in the ftPUT redemption logic could undermine the floor guarantee.
- Regulatory outlook – Perpetual derivatives with embedded redemption rights may attract scrutiny in jurisdictions tightening DeFi regulations.
- Market perception – If early trading volume remains thin, price could drift away from the $0.10 level once the initial redemption window expires.
Key takeaways
- Floor‑price tokenomics – FT’s public‑sale price acts as a hard floor thanks to the ftPUT NFTs, a novel twist that anchored the token near $0.10 in its opening minutes.
- Valuation milestone – At the current price the fully‑diluted valuation approaches $1 billion, marking one of the largest debut valuations for a DeFi protocol.
- Strong capital backing – Over $300 million raised, including a $200 million injection in September 2025, gives the project a deep treasury to fund development, liquidity incentives, and potential redemption pools.
- Strategic vision – Andre Cronje positions Flying Tulip as a “super‑app” that unifies spot, perpetual derivatives and lending, aiming to simplify user experience and capture cross‑product network effects.
- Risks remain – The floor guarantee relies on flawless smart‑contract execution and sufficient treasury reserves; any breach or regulatory pressure could erode confidence.
Outlook
Flying Tulip’s debut illustrates a new token‑sale paradigm that couples investor protection with a bold $1 bn‑scale valuation. If the protocol delivers on its promised multi‑product suite and maintains the integrity of its ftPUT redemption engine, FT could set a precedent for future DeFi launches. Conversely, the market will be watching closely for any technical or compliance hiccups that could test the durability of the floor‑price model.
The Defiant continues to monitor price action, liquidity development, and protocol roll‑outs as they unfold.
Source: https://thedefiant.io/news/markets/andre-cronje-flying-tulip-token-trades-near-usd1b-fdv-floor
