Andre Cronje’s Flying Tulip Completes $200M Round, Reveals Tokenomics for Public Phase

Core Insights - Flying Tulip, an on-chain financial marketplace led by Andre Cronje, has raised $200 million in a private funding round and plans a public sale of its $FT token at the same valuation [1] - The project aims to create a unified market structure for digital assets, featuring a native stablecoin, trading, lending, and on-chain insurance in a cross-margin system [1] Funding and Investor Participation - The funding round included participation from notable global investors such as Brevan Howard Digital, CoinFund, and Susquehanna Crypto, among others [2] - Flying Tulip is targeting a total funding of up to $1 billion from both private and public sources, indicating growing institutional confidence in the DeFi sector [3] Tokenomics and Redemption Rights - Participants in the primary sale will receive an on-chain redemption right, allowing them to redeem tokens for their original principal in contributed assets like ETH at any time [4] - Settlements will be managed through a segregated on-chain redemption reserve funded by the capital raised, designed to protect downside while preserving upside for users [5] - The team will not receive an initial allocation of tokens; instead, their exposure will be earned through open-market buybacks with protocol revenues, aligning their interests with the protocol's utility and user adoption [6] Public Sale and Security Measures - The upcoming public sale will occur across multiple blockchains, with details on supported assets and sale mechanics to be announced [7] - Official smart contract addresses will be published on the Flying Tulip website to ensure security and transparency for participants [7] Leadership and Market Response - Andre Cronje, known for founding Yearn Finance, is leading this initiative, which aims to provide institutional-grade and on-chain guarantees [8] - On the same day as the announcement, Sonic Labs appointed a new CEO and experienced a nearly 5% rally, reflecting positive market sentiment despite broader crypto market conditions [8]