Listing Information - Coinbase will list Irys (IRYS) for spot trading later today [1] - The trading pair will be IRYS-USD [1] - Trading will be available on coinbase․com, the Coinbase app, and Coinbase Advanced [1] - Institutions can access IRYS via Coinbase Exchange [1] Availability - Trading will commence in supported regions once liquidity conditions are met [1]

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]

Market Trends & Potential Risks - Spot Bitcoin trading at a discount to perpetual swaps is a concern [1] - This situation typically marks local tops for Bitcoin [1]