flyingtulip.com

by Amber Group, CoinFund, FalconX, Fasanara Digital, Lemniscap, Nascent, Sigil Fund, Susquehanna Crypto, Tioga Capital, and more.

[Andre Cronje @AndreCronjeTech]

RFQ based liquidations needs to be the future. All liquidations reviewed in the last week on @flyingtulip_ either closed the position at dollar for dollar parity or in some cases, the RFQ filled with positive price, meaning less debt seized.

The standard liquidation flow is;

Position becomes liquidatable
Repay x amount of debt
Claim collateral

Because the above is not market aware it has to make some assumption around liquidation bonus to make it potentially attractive in high friction markets.

FT's flow is;

Position becomes liquidation.
Engine creates an RFQ offer to sell collateral for minOut debt.
Best quote fills

This means almost no haircut / liquidation penalty for the user, $ for $ repayment, and only the minimum amount to return to healthy.

If this was a normal trade and not RFQ, MEV Would likely fill at exactly minOut (which would have the same impact as liquidation bonus), however since RFQ can have multiple offer submissions, the protocol will always give the user the best fill. With this design your liquidation price is closer to a stoploss than position wipeout.

[Security Alliance @_SEAL_Org]

🌷 @flyingtulip_ is now part of SEAL Safe Harbor, so authorized whitehats can help rescue funds during active exploits.

That brings us to 31 protocols that have chosen to give whitehats a legal path to act when it matters most! 🎉

[Andre Cronje @AndreCronjeTech]

ftUSD holding steady at ~13% on USDC&USDT on Ethereum. All onchain. No external exposure. No queues, no timelock, instant liquidity.

All risk criteria cleared, will move to removing caps and expanding to new networks.

Earn 13% on USDC&USDT on @flyingtulip_

[flyingtulip.com @flyingtulip_]

Flying Tulip June Update

In June, we expanded ftUSD’s fully on-chain delta-neutral architecture to Ethereum, launched a new version of the Flying Tulip PUT Marketplace, and continued pre-launch work on Spot, leverage, and TRS.

Lend TVL grew to $9.55M, doubling over the past 30 days, with no points or active incentives. ftUSD supply increased from $2.07M to $3.94M, with current APYs of 13.27% on Ethereum and 5.53% on Sonic — stake with no lockups and instant liquidity.

Read the full update: https://t.co/3I2rTDvs2O

[Andre Cronje @AndreCronjeTech]

1 week away from first $1m in revenue. $1m in 125 days since launch.

ftUSD holding stable earning ~13.27% on USDC/USDT on Ethereum, ~6% on USDC/USSD on Sonic.

Pure onchain yield.

Only @flyingtulip_

[flyingtulip.com @flyingtulip_]

Flying Tulip Weekly Update: June 26

This week, Lend processed 30+ stressed liquidations. RFQ-based soft liquidations sold collateral required to restore account health, with an average haircut below 1% and near dollar-for-dollar debt repayment.

Broader market turbulence not bothering ftPUT holders who retain the option to redeem original capital. Secondary-market impact also remained limited, with token buybacks trending higher.

Lend TVL held at $9.13M, while total ftUSD supply increased to $3.76M — On Ethereum, mint ftUSD with USDC or USDT, stake and earn 13.94% APY. On Sonic, mint with USDC or USSD, stake and earn 7.08% APY.

No lockups — mint, stake, and unstake at any time.

More stats in reply 👇

[flyingtulip.com @flyingtulip_]

Stats as of June 26, 2026

PUTs
▸Total backing value: $50.82M
▸PUT yield: $968.17K
🔗https://t.co/ZTMWw7eFpo

ftUSD
▸Total supply: $3.76M
▸$3.39M Ethereum, $376.27K Sonic
▸APY: 13.94% Ethereum, 7.08% Sonic
🔗https://t.co/eqgt20DBvz

Margin Lending
▸Total TVL: $9.13M
▸$8.34M Ethereum, $790.93K Sonic
▸Borrows: $247.48K Ethereum, $244.49K Sonic
▸Earnings: $6.4K Ethereum, $6.6K Sonic
▸USDC APY: 3.56% Ethereum, 3.66% Sonic
🔗https://t.co/H4zVgPyAZh

FT
▸Bought & burned: 12.26M FT (~$1.19M)
▸Collateral NAV: $0.095
▸Secondary NAV: $0.093
🔗https://t.co/Tx7JEPT5ZO

[Newton (🌷,🌷) @flyingNewton]

.@flyingtulip_ launched into a brutal market: the October crash hit during the raise, followed by repeated dramatic selloffs, including around launch.

Unlucky timing, but an ideal stress test for the PUT model. Since launch, many participants have exited their positions or withdrawn their ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c. Yet that did not translate into proportional secondary-market sell pressure, with the token price remaining around primary-sale price.

As more products go live and user activity grows, the impact of fee- and revenue-funded buybacks should be increasingly reflected on the secondary-market.

The past four months have also shown what aligned incentives can produce, even with weak DeFi yields, market stress, and the Mythos scare.

With a budget below $1M and no free token allocation, the Flying Tulip team has:

— launched ftUSD, its stablecoin and settlement layer, currently yielding 12.40% on Ethereum
— deployed the first fully on-chain delta-neutral architecture for ftUSD
— built and deployed a novel circuit-breaker safety system
— grew Margin Lending TVL to $9M, doubling over the past 30 days, without incentives (yet!)
— finishing hybrid CLOB/AMM Spot, leverage, and TRS (some screenshots already shared on Discord)

Four months of building against the market. What happens when it turns green again?

[Andre Cronje @AndreCronjeTech]

Over 30 stressed liquidations in last week on @flyingtulip_ Margin accounts. Average haircut was less than 1%. Almost $ for $ debt repayments. Maintenance margin (instead of LTV) soft rfq based liquidations work, they cause less overall pressure, and they keep your position healthier.

[flyingtulip.com @flyingtulip_]

PUT sale participants in profit, Margin Lending TVL doubled in a month, ftUSD stakers earning 11.9% on Ethereum and 7.44% on Sonic, the first on-chain delta-neutral architecture live, circuit breakers working, and hybrid CLOB/AMM Spot, leverage, and TRS moving toward launch.

Feels good, man.

[Andre Cronje @AndreCronjeTech]

14.56% on USDC & USDT on Ethereum.
9.65% on USDC & USSD on Sonic.

Made possible by FT margin lending.

No curators. All onchain.
No subsidies. Instant liquidity.

Circuit Breaker, timelock, extensive audits, high threshold multisigs with geo distributed signers.

Defi still exists.

[0xHolder @OxHolder]

Protocol revenue-funded ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c buybacks on @flyingtulip_ are increasing at an impressive pace.

Just two months ago, the protocol was buying back around ~1,500 per day.

One month ago, that number had climbed to ~3,000 tokens daily.

Over the last 3 weeks, daily buybacks have consistently ranged between 5,000 and nearly 8,500 on the secondary market.

and this is only the beginning ! 👀

The trend is clear: as protocol activity grows, buyback pressure keeps increasing.

More revenue → More buybacks → More scarcity

🌷

[Andre Cronje @AndreCronjeTech]

14.56% on USDC & USDT on Ethereum.
9.65% on USDC & USSD on Sonic.

Made possible by FT margin lending.

No curators. All onchain.
No subsidies. Instant liquidity.

Circuit Breaker, timelock, extensive audits, high threshold multisigs with geo distributed signers.

Defi still exists.

[Andre Cronje @AndreCronjeTech]

USDC & USDT earning 13.74% APY on Ethereum via ftUSD. Room for another ~$2m at this APY.

USDC & USSD earning 7.44% on Sonic via ftUSD. Room for another ~$500k at this APY.

No subsidies. No points. Real yield.
No lockups. Instant liquidity. All onchain.

Only on FT @flyingtulip_

[DoctorDeFi @DoctorDeFi]

Great week for @flyingtulip_ 🌷

▪️Onchain DN strategy activated on ETH
▪️ftUSD/USDC pool now live on @CurveFinance
▪️ftUSD yield on ETH via USDC/USDT : 14.5%
▪️ftUSD yield on Sonic via USSD/USDC: 8.03%
▪️Total deposits now >$12M
▪️Total Borrow: >$600K

[flyingtulip.com @flyingtulip_]

Flying Tulip Weekly Update: June 19

This week: The ftUSD/USDC Curve pool and the new, improved PUT Marketplace are live.

Total deposits crossed $12M, with Lend TVL increasing to $9.1M (from $5.04M last week), and ftUSD total supply reaching $3.38M (from $2.27M last week).

Delta-neutral strategies are now active for ftUSD on Ethereum. ftUSD minted with USDC or USDT on Ethereum is currently earning 13.74% APY, while ftUSD minted with USDC or USSD on Sonic is earning 7.44% APY.

Still capped. Still no incentives. Instant liquidity.

More stats in reply 👇

[flyingtulip.com @flyingtulip_]

Stats as of June 19, 2026

PUTs
▸Total backing value: $51.76M
▸PUT yield: $945.21K
🔗https://t.co/rgm7nEJhne

ftUSD
▸Total supply: $3.38M (last week $2.27M)
▸$2.98M Ethereum, $399.72K Sonic
▸APY: 13.74% Ethereum, 7.44% Sonic
🔗https://t.co/eqgt20DBvz

Margin Lending
▸Total TVL: $9.1M (last week $5.04M)
▸$8.02M Ethereum, $1.08M Sonic
▸Borrows: $238.01K Ethereum, $380.61K Sonic
▸Earnings: $3.84K Ethereum, $6.17K Sonic
▸USDC APY: 3.56% Ethereum, 6.72% Sonic
🔗https://t.co/H4zVgPyAZh

FT
▸Bought & burned: 12.185M FT (~$1.22M) ▸Collateral NAV: $0.0963
▸Secondary NAV: $0.0928
🔗https://t.co/Tx7JEPT5ZO

[flyingtulip.com @flyingtulip_]

The ftUSD / USDC pool is now live on @CurveFinance.

Provide liquidity on Ethereum and earn pool rewards: https://t.co/EwS2ruscS6

[DoctorDeFi @DoctorDeFi]

.@flyingtulip_ deposits just crossed $10m

Protocol is still capped and zero incentives. This during worst onchain market conditions.

All yield/revenue/fee goes to buyback ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c from spot.
Spot clob, TRS, leverage still to come