Andre Cronje’s newest challenge, Flying Tulip, has raised $200M in a non-public spherical and is opening a public sale of its FT crypto token on the identical $1Bn valuation.
The trade startup, based mostly in New York, introduced the transfer on September 29, stating that it’s constructing a full-on-chain buying and selling platform.
The plan combines a local stablecoin, cash markets, spot, derivatives, choices, and insurance coverage into one system.
By linking the whole lot via cross-margin, the corporate says it may well make capital extra environment friendly for customers.
The general public sale might be run immediately on-chain throughout a number of networks. Particulars comparable to which belongings are supported, the quantity that may flow into at launch, and the official contract addresses might be printed solely on the challenge’s web site to reduce phishing dangers.
The corporate is concentrating on as a lot as $1Bn in funding between non-public and public phases. With $200M already secured, as much as $800M might be supplied to the general public.
Flying Tulip confirmed that official addresses will seem solely on its website earlier than the sale goes stay.
EXPLORE: The 12+ Hottest Crypto Presales to Purchase Proper Now
How Is the Flying Tulip Staff Incentivized With out Token Allocations?
A key function of the launch is what the crew calls a perpetual on-chain “redemption proper.”
Each non-public and public patrons will have the ability to burn FT tokens at any time and reclaim their authentic contribution in the identical asset, comparable to ETH.
That is designed to present buyers draw back safety and set the challenge other than typical token launches.
Flying Tulip said that redemptions might be dealt with immediately from a segregated on-chain reserve, funded with capital from the elevate. To take care of the system’s solvency and forestall abuse, contracts embody a queue and rate-limit mechanism.
The corporate additionally famous that the redemption proper just isn’t insured and is certain by the scale of the reserve and the protocol’s guidelines.
To cut back the danger of quick arbitrage trades, FT tokens will stay non-transferable till the general public sale closes. Patrons will be unable to commerce or switch them in the course of the subscription interval.
The crew behind Flying Tulip is not going to obtain any tokens at launch.
As a substitute, the challenge says its members will solely acquire publicity via open-market buybacks. These might be funded by a portion of protocol revenues and observe a printed schedule.
The concept is to tie crew incentives to platform adoption and long-term efficiency, fairly than allocating assets upfront.
DISCOVER: 9+ Greatest Excessive-Threat, Excessive-Reward Crypto to Purchase in 2025
What Does Andre Cronje Imply by “Institutional-Grade Market Construction”?
The $1Bn absolutely diluted valuation utilized within the non-public spherical now extends to the general public part.
The corporate listed a variety of backers, together with Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.
(Supply: Weblog, Flyingtulip)
“Our objective is to supply institutional-grade market construction with onchain ensures and clear alignment between customers, buyers, and the crew,” Cronje mentioned within the announcement.
Flying Tulip says it should disclose its chains, belongings, preliminary float, and the official sale contracts forward of the general public sale. Key open questions embody how the redemption reserve performs below stress and the way secondary-market liquidity develops as soon as switch restrictions are lifted.
DISCOVER: 15+ Upcoming Coinbase Listings to Watch in 2025
Why you’ll be able to belief 99Bitcoins
Established in 2013, 99Bitcoin’s crew members have been crypto specialists since Bitcoin’s Early days.
90hr+
Weekly Analysis
100k+
Month-to-month readers
50+
Skilled contributors
2000+
Crypto Initiatives Reviewed
Comply with 99Bitcoins in your Google Information Feed
Get the newest updates, tendencies, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now 
