Talked about soft liquidations for the first time ~2022, finally live in @flyingtulip_ 's margin / equity lending system. Small tiny trades to chip away and get you back to healthy status, no big collateral swaps.
The first 200 MILLION are in
@SonicLabs just crossed 200M transactions on mainnet
Growth looks different when performance isn't the bottleneck
๐ https://t.co/nO4Yj0TxG0
PUT sales are flying.
As spot ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c moves closer to the PUT strike price, activity is picking up on the @flyingtulip_ PUT NFT marketplace.
Over $55k worth of sales in the past 24 hours.
https://t.co/D4wxBxuDMi
@flyingNewton Clearly a bad actor purposely loosing money just to dump FT.
Or he is just retarded and doesnt know he can exit put for same collateral (this is unlikely)
Update on PUT #1450.
Flying Tulip will be blocking further FT withdrawals from this PUT. The holder retains the ability to exit the position and redeem the remaining backing capital. This action only restricts additional FT withdrawals.
The decision is intended to protect the long-term success of the ecosystem and its long-term supporters. PUT #1450 has repeatedly withdrawn and sold FT into very thin secondary liquidity, creating outsized volatility and negatively affecting other holders.
Perpetual PUTs are designed to preserve downside protection and allow exits. They are not intended to be used to repeatedly drain available secondary liquidity at the expense of the broader ecosystem.
To be clear: the holder of PUT #1450 retains their guaranteed redemption right and can still exit their remaining backing capital. Only further FT withdrawals from this PUT will be blocked.
Flying Tulip May Update
In May, we focused on optimizing, hardening, and scaling ftUSD, margin-based Lend, and the infrastructure needed for Spot, Leverage Trading, and TRS.
ftUSD supply grew from $1.49M to $2.07M, with activity-based APY of 29.36% on Sonic and 8.02% on Ethereum. Margin-based Lend expanded to Ethereum, and total Lend TVL reached $4.90M โ all without incentives or points.
Read the full update: https://t.co/g3B15fxmIH
ftUSD is Flying Tulipโs dollar-pegged stablecoin and the core liquidity and settlement asset across the protocol.
โธ It is designed to remain stable while giving users optional access to yield: unstaked ftUSD can be held or used as a stable asset across the ecosystem, while users who stake into sftUSD accrue yield from underlying strategies.
โธ Its growth is supported by the continued rollout of on-chain delta-neutral strategies, which move ftUSD beyond passive borrow-dependent wrapper yield toward a scalable yield generation while minimizing directional exposure.
Current APY on Sonic (mint it with USDC or USSD): 29.36%.