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Flying Tulip March Update
In March, ftUSD continued to grow across Ethereum and Sonic, FT buybacks and burns increased, and we made significant progress toward launching our next product, margin lending.
As of March 26, 2026, a total of $1.08M ftUSD had been minted, 10,848,045.06 FT had been bought from the market and burned, and $457.02K had been generated in PUT yield.
Read the full update: https://t.co/x6WR3wJyrd
Everything is technically possible in crypto! If #Sonic hits above $5, we'll run a massive 100K $S giveaway for our followers.
Just like, repost and drop a comment below so we can check who showed support for #Sonic right now. 🚀
I've been tweeting about the $S ecosystem over the years.
It's an interesting ecosystem, and that's why I think that $FT is going to do well.
As a Venture Capital, we've been deploying capital in a lot of protocols.
However, recent years haven't been a great year for most of the launches.
- Neither for VC investors
- Neither for retail investors
That needs to improve and develop in a way that it's going to be beneficial for everyone.
The concept behind Flying Tulip is new, and looks to be ready to be making everyone a winner.
Keypoints:
- It's the first token sale ever with a built-in perpetual put. In this way, you'll be able to get your money back on any moment.
- There's 100% principal protection via on-chain refunds.
- The same valuation for everyone, 100% unlock at TGE.
Through this strategy; valuations will be going back towards normal valuations + everyone becomes a winner straight from the start.
This makes investing into new protocols fun again.
What is $FT and who is the team?
Flying Tulip is a new protocol built by Andre Cronje and aims to become the on-chain exchange: trading, perps, lending, stablecoins and multiple markets.
Unified liquidity across the exchange to smoothen the trading in a more efficient manner.
Built by the Sonic & Yearn team, and, there won't be any team tokens unlocked at TGE. There won't be any pre-mine as well.
I've quoted the tweet where you can join. Again, there are risks involved into investing into new protocols, however, I think that this is a great approach going forward, hence why I'm interested.
Flying Tulip | FAQ
▫️ Why should I invest in Flying Tulip at a $1B valuation?
The FDV depends on the volume of investments raised. You're not investing at a $1B valuation, but at a fixed price of 1 FT = $0.1. The final FDV depends on the total amount raised.
→ For example, if the project raises $200M, the FDV will be $200M.
The project is capped at a hard cap of $1B = 10B FT.
▫️ How do I participate in the Public Sale?
→ Go to the platform: https://t.co/JpmQY2q84r
→ Complete KYC (takes about 5 minutes)
→ Invest any amount
Official support chat: https://t.co/66jx6ioV2s
▫️ When does the Public Sale end?
The sale on Impossible will run until February 16th inclusive.
▫️ How does the purchase work and what exactly do I receive?
After purchase, the FT received is issued in the form of a Perpetual PUT, represented on-chain through your FT NFT (ftPUT).
Perpetual PUT is a perpetual on-chain right attached to FT obtained during the initial placement, which gives the holder three options:
1. Hold - keep the PUT open (FT remains inside the NFT).
You do nothing. You preserve your right to exit at face value while remaining a participant in potential FT price growth.
2. Exit - exit at face value, return collateral.
This means you exchange FT back for the same asset and in the same volume that you initially deposited.
Example:
10,000 FT ↔ 1,000 USDT
3. Withdraw - unlock FT from PUT.
This means the PUT for this portion of the position is cancelled. The assets backing your position are released. The released capital is used by the protocol for FT buyback-and-burn from the open market.
After Withdraw, your FT becomes fully free: you can hold, trade, or transfer tokens anywhere.
▫️ Can you explain in simple terms and provide examples?
Step 1. What happens when you invest?
You invest 100 USDT → receive 1000 FT tokens.
Instead of receiving FT directly, you receive a special NFT called ftPUT.
The NFT contains your 1000 FT, the right to return the deposited stablecoins, and a record of your 100 USDT investment. In short, your FT and protection are inside one NFT.
Step 2. Now you have an NFT. What can you do?
There are several options, let's go through them in order.
Option 1: Lock in profit if the price rises.
Let's say FT rises to $0.20 (2x).
Your 1000 FT = 200 USDT.
You can withdraw FT from the NFT and sell them on the market, locking in profit.
You don't have to sell everything - you can withdraw only part of the FT and preserve the Perpetual PUT on the remaining portion.
Option 2: Get your money back if the price falls.
Let's say FT falls to $0.05 (-50%).
Normally you would lose money. But here you can burn the NFT and get back your 100 USDT. As a result, you invested 100 USDT and received back 100 USDT.
Option 3: Wait and do nothing.
You can simply hold the NFT waiting for potential profit. The option is perpetual, and you retain your FT tokens and downside protection. You can make a decision later, without market pressure.
Option 4: Instead of selling FT, you can sell the NFT on the marketplace.
Why would someone buy it?
→ Because the NFT is FT with built-in Perpetual PUT protection, so it's more valuable than regular FT.
→ If the FT price rises, the NFT sells at a premium - the protection remains.
→ If the FT price falls, the NFT also sells well because the protection doesn't go anywhere.
▫️ How do I sell my NFT or get back my invested funds?
Selling, burning, withdrawing part of the position here:
https://t.co/nA4bvLToIQ
NFT marketplace here:
https://t.co/HQvQTkmfRW
▫️ How is the team reward model structured and what are their incentives?
The team earns their allocation only when the protocol generates real revenue from its products, not just earning yield from deploying others' capital.
Thus, the team is incentivized to build working products, not just keep investor capital in staking.
Let's now understand how the mechanics work:
Yield = income from deploying investor capital in DeFi (staking, lending strategies) → does not trigger token unlock for the team.
Part of this income goes to buying back tokens from the market for subsequent burning, and another part goes to operational expenses.
Revenue = income from Flying Tulip products (trading fees, protocol products: lending, ftUSD, etc.) → triggers unlock.
When buyback is funded specifically by protocol revenue, then unlock occurs in a 40:40:20 ratio.
40% → Foundation
40% → Team
20% → Incentives
How this works technically
When the protocol does a revenue-funded buyback, that is:
Buys FT from the market → burns them → unlocks the same amount in a 1:1 proportion.
The 1:1 proportion means that for every $1 of revenue from Flying Tulip products directed to buyback and burn, an equivalent of $1 in tokens is unlocked for three categories: Foundation, Team, Incentives.
Crucially, the protocol assigns the right to receive tokens through future buybacks, rather than unlocking them from some reserve.
▫️ Why isn't Flying Tulip planning to list on centralized exchanges?
The project isn't building a model around centralized exchange listings. The protocol creates its own trading infrastructure where primary liquidity is formed and price discovery occurs.
The FT token from the initial placement is tied to the Perpetual PUT mechanism, so its economics differ from classic tokens that immediately go to CEX listing.
Additionally, the FT price is formed through the internal market and buyback mechanics: the protocol directs revenue to token buyback and burn. Liquidity is created within the ecosystem, not through external market makers.
The project doesn't exclude listings in the future, but the current focus is on developing proprietary infrastructure and products.
▫️ When is the FT token TGE scheduled?
The TGE date hasn't been announced yet, but your funds are already working and forming a reserve fund for token buyback and burn.
Protocol TVL and revenue: https://t.co/2ZXTLsmPIa
Fundraising progress: https://t.co/UEmJxd6Df8
▫️ Disclaimer:
While this system is designed to protect your principal, it does not eliminate all risks. Your participation remains subject to various risks, including, without limitation, smart contract bugs, exploits, operational errors and other unforeseen technical or economic events that may result in partial or total loss of your assets. No guarantees or assurances of safety, performance, or returns are provided by CURATED. This FAQ is for informational purposes only and does not constitute financial, legal, or investment advice. You participate at your own risk and should always do your own research, obtain advice from a qualified professional and fully understand all risks before participating.
Sonic’s next phase is here.
Stronger fundamentals. Clear communication. Shared growth.
@MitchellDemeter shares what’s ahead for the Sonic ecosystem in his first CEO update.