Project Overview - Flying Tulip is developing a DeFi exchange/financial marketplace integrating spot trading, derivatives, lending, options, structured yield, and risk transfer within a cross-margin framework [1] - The platform employs a hybrid/volatility-aware AMM + CLOB architecture to optimize price execution and liquidity efficiency [1] - Andre CronjeTech implements a dynamic Loan-to-Value (LTV) model, adjusting borrowing limits based on volatility, slippage, collateral size, and market depth to reduce liquidation risk and enhance capital efficiency [2] Key Innovations - Adaptive curve AMM model reduces slippage in calm markets, handles price swings in volatile markets, and decreases impermanent loss by adjusting its "curve exponent" based on volatility [3] - Dynamic LTV adjusts borrower's limits dynamically per asset and market conditions, allowing more borrowing during stable periods and tightening limits in volatile times [4] - Cross-margin & unified pools features aim to reduce friction, increase capital efficiency, and improve user experience [4][5] Tokenomics and Funding - The team has no initial token allocation, with earnings accruing via open-market buybacks funded by protocol revenue [5] - The project raised $200 million in private funding at a $1 billion valuation [7] - A public sale of the native token $FT is planned at the same $1 billion valuation, with 100% unlock on TGE for investors [7]

Technology & Innovation - ZK (Zero-Knowledge) technology is a primary enabler for performant Central Limit Order Books (CLOBs) [1] - A new class of applications is emerging, characterized by sub-100ms blocktimes and nearly unlimited throughput, enabled by ZK technology [1] Market Trends & Adoption - Several "CLOB-specific L2" solutions utilize ZK technology, including @bulletxyz_, @hibachi_xyz, and @Lighter_xyz [1]

Decentralized Exchange (DEX) Landscape - The onchain Central Limit Order Book (CLOB) wars are just beginning, indicating increasing competition among decentralized exchanges [1] - Dominant DEXs often don't last, suggesting a dynamic and potentially volatile market [1] - The report analyzes over 10 alternative CLOBs, examining their tradeoffs and potential winners [1] Competitive Analysis - Hyperliquid may currently lead the CLOB market [1] - The report identifies potential winners in the CLOB wars [1][2] Report Focus - The report covers a new generation of order book DEXs that form the basis of the "CLOB Wars" [1] - The report provides a deep-dive into CLOBs [1]

Industry Focus - The report discusses "CLOB Wars," likely referring to competition among Central Limit Order Book (CLOB) based exchanges or trading platforms [1] - The analysis focuses on identifying potential "winners" within this competitive landscape [1] Competitive Analysis - The report aims to "Picking Winners," suggesting an evaluation of different platforms or companies involved in CLOB trading [1]

Market Dynamics - The CLOB (Central Limit Order Book) wars are intensifying [1] - Hyperliquid possesses initial advantages, but historical trends suggest that early dominance is not guaranteed [1] DEX Trading - The report offers an in-depth analysis of emerging alternative CLOBs (alt-CLOBs) [1] - Design choices within these alt-CLOBs could significantly influence the future of decentralized exchange (DEX) trading [1]