Flying Tulip

What Flying Tulip does

Flying Tulip is a unified onchain financial marketplace that consolidates spot trading, derivatives, credit, lending, insurance, and stable-asset functionality within a single Ethereum mainnet venue. Founded in 2025 by Andre Cronje (creator of Yearn.finance and key contributor to Sonic Labs), the platform is legally domiciled in the British Virgin Islands as Flying Tulip (BVI) Ltd and reports its operational headquarters in New York, while excluding users in the United States, Canada, and the British Virgin Islands on a privacy-first, non-custodial basis. Its product suite comprises the Marketplace (hosting Perpetual PUT options denominated in FT, USDT, and USDC), the ftUSD stable asset, a Lend module, and a Capital Allocation product intended to deploy up to $1 billion into on-chain strategies, with platform-level safety governed by a fail-open Withdrawal Circuit Breaker deployed across products.

The platform's revenue architecture is multi-stream but as-yet undisclosed in scale: marketplace transaction fees and PUT spreads, lending interest, ftUSD issuance and reserve economics, and managed-services-style returns from capital allocation. Token economics center on the FT token, which has been distributed via a $200M seed round (September 2025), a $25.5M private Series A sale (January 2026) at a $1B fully diluted valuation, and a Q1 2026 public sale totaling $206M through Impossible Finance's Curated launchpad and a $200M CoinList allocation, bringing cumulative institutional capital to roughly $431.5M against ~$1.36B in stated investment intentions. Institutional backers include Amber Group, Fasanara Digital, Paper Ventures, CoinFund, and FalconX.

Go-to-market is founder-led and community-driven, leveraging Andre Cronje's DeFi reputation, and is supplemented by token-launchpad distribution, organic content (Learning Hub, blog, docs), X-driven whitelist engagement, and earned crypto press. The company is privately held, has 1-10 employees, has not disclosed revenue or ARR, and is therefore best characterized as an early-stage, fully funded platform in the customer-acquisition phase rather than a revenue-validated business.

Name

Flying Tulip

Legal name

Flying Tulip (BVI) Ltd

Website

https://flyingtulip.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Flying Tulip is an Ethereum-based onchain financial marketplace founded by Andre Cronje that unifies spot trading, Perpetual PUT derivatives, the ftUSD stable asset, lending, and capital allocation within a single non-custodial venue, serving DeFi traders and institutional crypto investors globally (excluding the US, Canada, and BVI).

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Marketplace

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)

akta.pro secondary industries

Yield Aggregators & Strategy Vaults (FSADAMAF), Liquidity Management & Market-Making Protocols (FSADAMAH)

Keywords

• Onchain financial marketplace
• Decentralized derivatives
• Perpetual put options
• Defi lending protocol
• Stablecoin issuance

Headquarters

HQ city

Nyack

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Marketplace transaction fees: Spread and fees generated on the marketplace where PUT options are bought, sold, and listed against USDT/USDC backing.
2. Perpetual PUT spread and product revenue: Revenue from the Perpetual PUT derivatives product, including spreads, premiums, and risk-management economics tied to the onchain marketplace.
3. Lending interest: Interest revenue from the onchain Lend product, with dashboards for tracking and management.
4. ftUSD stable asset economics: Yield, reserve, and issuance economics on the ftUSD stable asset as part of the unified product suite.
5. Capital allocation strategies: Returns from deploying institutional capital (up to $1 billion) into on-chain strategies as part of the Capital Allocation product.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

Flying Tulip operates a unified onchain financial marketplace on Ethereum mainnet that consolidates spot trading, derivatives (Perpetual PUT options), credit (Lend), capital allocation strategies, and a USD-pegged stable asset (ftUSD) into a single non-custodial platform. Users connect a wallet to access the Marketplace, ftUSD, Lend, and Capital Allocation products, with the FT token used as the principal unit of account and pricing mechanism across the suite.

Product overview

Flying Tulip is a unified on-chain financial platform (not a single product) consisting of four core modules surfaced in the product navigation: Marketplace, ftUSD, Lend, and Capital Allocation. The Marketplace is the primary product and hosts Perpetual PUT options positions denominated in FT, USDT, and USDC. ftUSD is the platform's USD-pegged stable asset. Lend provides lending surfaces (Dashboard, Tracker), and Capital Allocation routes user capital into on-chain strategies. The whole platform is governed by platform-level features such as the Withdrawal Circuit Breaker, which delays or queues withdrawals across the Perpetual PUT and ftUSD products during abnormal outflows, and is intended to unify spot trading, derivatives, credit, and insurance with transparent risk management and capital efficiency.

Differentiator

Problem solved

Functional benefit

Brands

• ftUSD: Flying Tulip's USD-denominated stable asset referenced as a distinct product on the company's website and brand kit.
• FT

Products and services

• Marketplace On-chain marketplace where users buy, bid on, and manage Perpetual PUT option positions. Listings are denominated in FT, USDT, and USDC with sale deadlines, backing capital, and listing price filters, plus a Manage and Dashboard view for holders. Targeted at DeFi-native retail and professional users on Ethereum mainnet.
• Perpetual PUT Perpetual put-style derivative offered through the Marketplace with a built-in delay/queuing mechanism under the withdrawal circuit breaker. Backed by stablecoin collateral (USDT/USDC) and settled in FT. Used for downside protection and capital allocation within the unified onchain marketplace.
• ftUSD USD-pegged onchain stable asset issued within the Flying Tulip product suite. Treated as a separate product for the purposes of the withdrawal circuit breaker and designed as a settlement and hedging primitive within the unified onchain financial system.
• Lend Lending module of the Flying Tulip platform with a Dashboard and Tracker surface for managing lending positions, integrated into the broader on-chain financial marketplace. Generates interest revenue for the platform and onchain lenders.
• Capital Allocation On-chain capital allocation strategy product that lets users allocate capital into Flying Tulip-managed strategies as part of the platform's up-to-$1B deployment plan across multiple blockchains.
• FT Token Flying Tulip's native ERC-20 utility token, used as the PUT balance unit and principal raise currency across private ($25.5M Series A), Impossible Finance Curated, and CoinList public sales. Includes a redemption mechanism that allows holders to burn tokens to reclaim their contributions.

Quantifiable outcome

• $225.5M in total institutional funding completed
• +4 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Two partnerships are on record, tiered core launch partner for public ft token distribution..

• CoinListcore launch partner for public ft token distribution.GTM or Marketing Partner · 2 February 2026CoinList is hosting a $200M FT token allocation in a public sale starting February 2, 2026, providing retail and institutional access to the token.
• Impossible Financecore launch partner for public ft token distribution.GTM or Marketing Partner · 1 January 2026Impossible Finance hosts Flying Tulip's public FT token sale through its Curated launchpad platform, with approximately $50M raised via this channel and deposits exceeding $50M during the sale.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hyperliquid: Decentralized perpetual futures exchange built on its own L1. Direct competitor to Flying Tulip's Perpetual PUT derivatives product and onchain marketplace, sharing a non-custodial, self-custody trader base.
• dYdX: Decentralized perpetual derivatives exchange. Competes directly with Flying Tulip's Perpetual PUT marketplace for onchain derivatives traders and shares a similar institutional and pro-trader audience.
• GMX: Decentralized perpetual exchange using a multi-asset pool model. Directly comparable to Flying Tulip's Perpetual PUT onchain product and capital allocation strategy model.
• MakerDAO (Sky): Issuer of DAI/USDS, a decentralized USD stablecoin. Direct comparable to Flying Tulip's ftUSD stable asset in terms of onchain stablecoin design and reserve/yield mechanics.
• Synthetix: Onchain derivatives and synthetic asset protocol. Direct peer in the perpetuals and derivatives segment of the unified marketplace vision, sharing a similar DeFi-native audience.

Broad incumbents

• Aave: Largest decentralized lending protocol. Comparable to Flying Tulip's Lend module within the broader unified marketplace, with established liquidity and institutional trust.
• Curve Finance: Leading DEX for stablecoins and similar assets. Comparable to the spot trading layer of Flying Tulip's marketplace and to its stablecoin (ftUSD) trading rails.
• Compound: Established decentralized lending protocol. Direct comparable to Flying Tulip's Lend module and a relevant benchmark for institutional-grade onchain credit.

Emerging players

• Pendle: DeFi protocol for tokenizing and trading yield. Comparable to Flying Tulip's Capital Allocation product and its approach to capital-efficient yield strategies onchain.
• Yearn.finance: DeFi yield aggregator also founded by Andre Cronje. Comparable because of shared founder DNA, similar yield/vault design philosophy, and overlapping user base across Cronje's protocols.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/flyingtulip

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flying Tulip