The "self-sustaining financial order" on-chain experiment by DeFi guru Andre Cronje — FlyingTulip @flyingtulip_, a full-stack on-chain exchange dex founded by @AndreCronjeTech, features core innovations including: FT tokens with perpetual redemption rights, a revenue-driven buyback and burn mechanism, delta-neutral ftUSD stablecoin (8-12% APY), and a hybrid AMM+CLOB trading engine that does not require oracles. In September, it just completed a $200 million private placement (@$1 billion FDV, $ft price 0.1u), backed by top-tier capital such as @BHDigitalAssets, @coinfund_io, @DWFLabs, @FalconXGlobal, and @Lemniscap. It now plans to raise another $800 million through a public offering, with Impossible Finance able to access the early public fundraising whitelist, under the same terms as the institutional round, also at @1 billion fdv. Investment highlights are as follows: 1. Perpetual PUT: All primary investors (private and public) can redeem their original principal at any time before Withdraw, without governance approval or lock-up period. 2. Zero team pre-allocation: No pre-mining or initial team allocation. 3. Revenue-driven model: The raised funds generate about 4% APY (~$40-44 million/year), prioritizing operational costs (~$500,000/year), with the remainder used for FT buyback and burn. Investors initially receive not tokens, but a type of contract with redemption rights (investment contract), which can be understood as a hybrid of SAFT + PUT. The default state is Hold, after which they can choose one of two options: Exit: Redeem principal, corresponding FT is burned. Withdraw: Receive tradable FT, relinquishing redemption rights, with the protocol using equivalent funds to buy back and burn. Fundraising is managed in layers: - "Reserve Fund" for redemptions. - Funds placed in low-risk protocols like Aave, sUSDe to earn yields. - Allocation of staked assets like ETH, SOL, AVAX. This makes Flying Tulip more like a solvent, deflationary on-chain financial institution. When a large number of redemptions occur, the system will sequentially use reserve funds, reduce risk positions, and exit staked assets. Liquidity may slow down, but it will not break. Of course, risks do not disappear — they just migrate. If the underlying protocol experiences bad debts or market turmoil, the system may also become temporarily unbalanced. But this is precisely the real test of a "decentralized central bank." To add some background on @AndreCronjeTech, you know Yearn Finance, right? The ignition point of the DeFi summer, with a style similar to FT, no pre-mining, no team allocation, no VC priority, developed at AC's own expense of $51,000, with $YFI price once exceeding Bitcoin, market cap over $2 billion, inspiring countless projects to adopt a fair launch model, standardizing the "set it and forget it" passive income strategy, and also the pioneer of ve3,3. He is currently the CTO of Sonic Labs (formerly Fantom), single-handedly transforming Fantom from a dying ICO to a high-performance L1... However, AC is also a highly controversial figure, with multiple dramatic exits, numerous security incidents, and frequent clashes with the community... This new project is named flying tulip (the tulip, the first financial bubble in human history), such a uniquely visionary name indeed fits his eccentric image. In my view, he may not be a hero or a villain in the traditional sense, but he is undoubtedly the embodiment of the crypto spirit — radical, chaotic, flawed, yet undeniably transformative. In the crypto world, the greatest innovations often come from the most imperfect people. Whether you love him or hate him, you cannot ignore his profound impact on the history of DeFi. That once-fallen tulip, Perhaps this time, it can really fly~ // For the first time, I used AI to create an accompanying image, in tribute.