Flying Tulip

Flying Tulip is a decentralized finance project that aims to combine services such as spot swaps, perpetual futures and lending in a single on-chain system. FT is the project's token, with contract addresses on Ethereum, Sonic, BNB Chain, Base and Avalanche. The design includes a hybrid trading model that combines an automated market maker with an order book, and a stablecoin called ftUSD backed by delta-neutral liquidity positions.

What sets the project apart from ordinary token sales is the on-chain redemption right granted to participants in the initial sale. These participants' FT is held inside an NFT; as long as the tokens remain in this NFT, the holder can burn FT to reclaim the asset originally deposited. Once the tokens are taken out of the NFT, this right ends permanently. The capital raised is expected to be deployed in on-chain yield strategies, with both this yield and protocol income used for FT buybacks.

For a newly launched token, the price may be shaped by how quickly the platform's products are rolled out, burns that may result from use of the redemption right, the size of buybacks, token unlocks and smart contract risks. The Flying Tulip page on Lzzo.com shows DefiLlama's dollar-based reference price; the chart is also drawn from the same source's historical data.