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Andre Cronje’s new project Flying Tulip raised $200M at a $1B valuation.
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Plans to raise another $800M through a public sale of its FT token.
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Investors get an “onchain redemption right” to protect downside risk.
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Project aims to build a full-stack onchain exchange combining multiple DeFi services.
A New DeFi Venture
Andre Cronje, best known for launching Yearn Finance and other DeFi projects, is back with a new venture: Flying Tulip. The project raised $200 million in private funding, valuing its FT token at $1 billion. Investors include Brevan Howard Digital, CoinFund, FalconX, DWF Labs, and others.
Flying Tulip now plans to raise up to $800 million more in a public sale, hosted on its own platform rather than an existing launchpad.
Investor Protection with Redemption Rights
A unique feature of the raise is the “onchain redemption right.” This mechanism lets investors redeem their FT tokens at any time for up to the original amount they invested, protecting against losses while leaving unlimited upside potential. Cronje described this as a “perpetual put,” aiming to reduce pressure on founders and align long-term incentives.
The Vision: A Full-Stack Exchange
Flying Tulip wants to unify spot trading, derivatives, lending, stablecoins, and insurance under one onchain system. Cronje emphasized that this is not just a DEX but a rebuild of all major financial primitives, designed to integrate seamlessly. At launch, it will support Ethereum, Solana, Avalanche, BNB Chain, and Sonic.
Funding and Growth Plans
The capital raised will be deployed into onchain strategies with protocols like Aave, Ethena, and Spark, targeting around 4% annual yield. Revenues will go toward buybacks, ecosystem incentives, and growth. Team compensation will come from buybacks rather than upfront token allocations, directly linking performance to project success.
Industry Context
Cronje framed Flying Tulip as a competitor to both centralized exchanges like Binance and Coinbase and DeFi protocols like Aave and Uniswap. With its integrated approach and downside protection for investors, the project could reshape how DeFi raises capital and delivers services.
