DeFi veteran Andre Cronje has launched a new project, Flying Tulip, raising $200 million in a seed round at a $1 billion token FDV with no lead investor. The project plans to raise up to an additional $800 million through a public FT token sale, offering all investors an on-chain redemption right to reclaim their principal (e.g., in ETH) at any time. https://t.co/vMExbuc8fV ...

Overview - Flying Tulip aims to build an "all-in-one on-chain exchange," functioning as a decentralized "Binance on-chain" [1] - The platform seeks to combine DeFi flexibility with the user experience and depth of centralized exchanges (CEXs) [3] Key Features - Unified Liquidity Pool (LP) powers spot, perps, lending, options, and structured yield, enhancing capital efficiency [1] - Volatility-aware Automated Market Maker (AMM) adapts pricing curve to reduce slippage [2] - Central Limit Order Book (CLOB) enables on-chain limit orders similar to CEXs [2] - Lending is price-impact based, calculating liquidation slippage to lower default risk [2] - Native stablecoin ($ftUSD) is delta-neutral and backed by the protocol, designed for stability and internal revenue generation [2] - Perps operate without oracles, reducing attack vectors [3]

RT Nimesh (@NimeshOnchain)1/@AndreCronjeTech announced he is raising capital for Flying Tulip, a fully on-chain DEX (Built on $S/@SonicLabs) with a synthetic delta-neutral liquidity pool backed by staking yield, + perpetual put.So many tech terms?Let’s break down main features of FT.Thread! 🧵 ...

Andre Cronje’s Flying Tulip, a fully on-chain trading platform, has launched fundraising targeting U.S. funds. Backed by yield-based synthetic pools, it offers perpetual token buyback rights at original exchange rates in major assets like BTC, ETH, and USDC. https://t.co/EGJUyrNgEL ...