Andre Cronje Launches Flying Tulip Token Sale at $0.10
Veteran developer Andre Cronje has unveiled Flying Tulip (FT), a new decentralized finance project, with a public token sale opening tomorrow. Priced at $0.10, the token carries a fully diluted valuation of approximately $1 billion. The sale is open to all users, with a deposit cap set at $1 billion, though Cronje emphasizes this is not a traditional fundraising effort. Deposits will be deployed into low-risk yield strategies, initially on Aave, with plans for diversification later.
The FT token introduces a unique redemption model. If the market price exceeds $0.10, holders can sell for profit. If it falls below, users can redeem tokens at the fixed floor price through the protocol, creating a structural price floor backed by deployed capital. Reserve collateral is programmatically used to buy back tokens if prices dip below the floor, aiming to stabilize the asset while preserving upside potential.
Even before full token transferability, Flying Tulip has attracted significant interest, with on-chain dashboards showing over $126 million in total value locked. The project's design reflects Cronje's signature approach—combining innovative mechanics with robust risk management.
