Andre Cronje

Systems architect. Founder @flyingtulip_

[Andre Cronje @AndreCronjeTech]

Not sustainable, but cool while it is nonetheless.

[DoctorDeFi @DoctorDeFi]

.@flyingtulip_ ftUSD yield on Sonic is now touching 40%. 🤯

Zero incentives.

Bids are also live on the updated Flying Tulip PUT dashboard. You can now select PUTs based on backing capital, collateral, and timeframe before placing your bid.

ftUSD: https://t.co/y8xrSQSmQy
Marketplace: https://t.co/pdAtBq07He

[Andre Cronje @AndreCronjeTech]

🤖

[0xHolder @OxHolder]

Most yield protocols need incentives to stay competitive.

ftUSD doesn't.

▪️ 38.81% APY on Sonic
▪️ 7.86% APY on Ethereum

No emissions. No rewards farming.

Returns are powered by @flyingtulip_ delta-neutral strategy, combined with additional yield generated from idle ftUSD liquidity.

Instant minting. Instant redemption. Pure yield.
https://t.co/CplqDGE7GW

[Andre Cronje @AndreCronjeTech]

Almost. https://t.co/Z6ldjOQgxs

[Udi Wertheimer @udiWertheimer]

@zkDragon it’s crazy how almost no crypto app has rate limits lmfao

[Andre Cronje @AndreCronjeTech]

looks pretty

[0xHolder @OxHolder]

Core protocol revenue buybacks are beautiful to watch as they scale on @flyingtulip_

Every buyback on this chart is funded by protocol-generated revenue.

And this is just one source among multiple value accrual mechanisms built into the ecosystem

Real revenue.
Real buybacks.
Real value accrual.

ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c 🌷👀

[Andre Cronje @AndreCronjeTech]

FT's first big drawdown event, equity account based lending only liquidated about ~$50k in liquidations, equity accounting meant far less liquidations (netted risk vs discounted collateral) and soft liquidations meant far smaller amounts (average liquidation sizes were $200-$2k), in LTV based system this number would have been 10x-20x higher.

Safer, less volatile, smaller haircuts.

https://t.co/Ux9p3maqCv

[Andre Cronje @AndreCronjeTech]

Still some appetite for defi innovation at least.

[flyingtulip.com @flyingtulip_]

Flying Tulip Weekly Update - June 5

This week: optimization and hardening of ftUSD and Lend across Sonic and Ethereum, ongoing work on the new version of the PUT Marketplace, and continued progress toward Spot, Leverage Trading, and TRS.

ftUSD supply remained stable at $2.15M, supported by rollout of on-chain delta-neutral strategies, with current staked ftUSD APY at 18.49% on Sonic, and 2.18% on Ethereum.

sftUSD redemptions are instant, with no unstaking periods and no exit queues.

More stats in reply 👇

[Andre Cronje @AndreCronjeTech]

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.

[Andre Cronje @AndreCronjeTech]

@0xMerp bruh

[Andre Cronje @AndreCronjeTech]

🧑‍🌾

[DoctorDeFi @DoctorDeFi]

Protocol revenue/fee buybacks on @flyingtulip_ just hit a new ATH.

12,344 ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c bought in the last 24h from protocol revenue / fee distribution alone. This excludes PUT withdrawal-funded buybacks.

Product revenue/fee/yield → ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c buybacks.

[Andre Cronje @AndreCronjeTech]

20% yield ptsd

[DoctorDeFi @DoctorDeFi]

ftUSD on @flyingtulip_ is now around 20% yield for stakers on Sonic.

The yield is not coming from points, emissions, or a short term farming campaign.

ftUSD is backed by stable collateral, and when users stake ftUSD into sftUSD, that collateral is put to work through Flying Tulip’s yield engine.

[Andre Cronje @AndreCronjeTech]

Month 3.

[flyingtulip.com @flyingtulip_]

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 — all without incentives or points.

Read the full update: https://t.co/g3B15fxmIH

[Andre Cronje @AndreCronjeTech]

It's smol, but being revenue positive since day 1 definitely helps alleviate a lot of the usual "crypto project sustainability" concerns. Very happy with the first 90 days.

[Newton (🌷,🌷) @flyingNewton]

Revenue and fees generated by all @flyingtulip_ products flow back into buybacks.

Token supply is 100% unlocked. The team got no upfront token allocation, but instead is rewarded from revenue-driven open-market buybacks, so only if products work AND if users actually use them.

[Andre Cronje @AndreCronjeTech]

This is with DN at 1.515x which is 4.743 Equity / Maintenance, safe level is 2, so can still at least double.

Defi isn't dead, its just slow.

[DoctorDeFi @DoctorDeFi]

Flying Tulip on Sonic Network

🔹ftUSD - 7.15%
🔹USDC deposit on Lend: 10.87%

Mint ftUSD with USSD/USDC
https://t.co/W7UvkA4Fu8

Deposit USDC
https://t.co/CSaleBP5bq

[DoctorDeFi @DoctorDeFi]

.@flyingtulip_ is nearing double digit APY for USDC deposits on Sonic: 10%

🔹Staked ftUSD TVL just doubled on Ethereum with 3.8% yield.
🔹Staked ftUSD yield on Sonic reaching 6.5%

All this with zero incentives. The next phase is going to be exciting!

[Andre Cronje @AndreCronjeTech]

90 days. All brand new systems. Will take awhile till people realize why equity based accounts are better than LTV lending.

[flyingtulip.com @flyingtulip_]

Flying Tulip Weekly Update - May 29

This week: ftUSD became available as collateral on Lend, BTC borrow costs were reduced on Sonic and Ethereum, and Sonic Lend borrowing parameters were updated to make borrowing more accessible.

ftUSD supply and Margin Lending TVL continued to grow, with ftUSD APY on Sonic increasing to 4.57% — all without incentives, points, or leverage-driven farming, and with instant redemptions.

More stats in reply 👇

[Andre Cronje @AndreCronjeTech]

Including puts revenue, almost $1m in revenue in first 90 days. What ARR is that?

[DoctorDeFi @DoctorDeFi]

.@flyingtulip_ has a token-first model.

Revenue, fees, and yield from all products, including ftUSD, margin lending borrow interest, PUT Marketplace, RFQ, and more, flow back into ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c buybacks.

That buyback pressure just reached a new ATH.

[Andre Cronje @AndreCronjeTech]

👨‍🌾👨‍💼

[flyingtulip.com @flyingtulip_]

ftUSD is now available as collateral on Lend.

Also, BTC borrow costs were reduced on Sonic and Ethereum through interest rate model optimization.

Sonic Lend parameters were updated to make borrowing more accessible:
▸ minimum margin equity reduced: $250 → $10
▸ minimum repayment amount reduced: $10 → $2

[_discochuck_ (🔺doption arc ) @couchdicks]

I combined sonic/eth metrics and added @DefiLlama reconciliation panel to my @flyingtulip_ dash.

https://t.co/vPxJTsngbD

also updated the url and cleaned up the theme.

made with love, -discochuck

[_discochuck_ (🔺doption arc ) @couchdicks]

I combined sonic/eth metrics and added @DefiLlama reconciliation panel to my @flyingtulip_ dash.

https://t.co/vPxJTsngbD

also updated the url and cleaned up the theme.

made with love, -discochuck

[Andre Cronje @AndreCronjeTech]

↗️

[Newton (🌷,🌷) @flyingNewton]

May was the month Flying Tulip’s margin-based Lend expanded across Sonic and Ethereum.

Without token incentives or points, Lend TVL grew from $1.76M on April 30 to $6.44M on May 25.

▸ Lend lets users supply assets and earn yield, gives borrowers access to liquidity, enables delta-neutral strategies for ftUSD, and establishes the infrastructure for Spot, Leverage Trading, and TRS.

▸ Lend yield comes from two sources: borrower interest on used capital, and strategy yield on idle, not-borrowed capital.

▸ Spot will also be integrated with Lend. Limit orders are signed intents with a minimum price and expiry; while waiting to be filled, assets can remain deposited in Lend and continue earning yield in bought-back and distributed ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c.