Why can the new AC product Flying Tulip raise $1 billion?

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Original title: Flying Tulip: Bootstrapping a full-stack exchange, rethinking fundraising
 Original author: Lemniscap
 Original compilation: Ismay, BlockBeats

Editor's note: Flying Tulip's $1 billion fundraising target may seem daunting at first glance, and it may even raise concerns about "sky-high financing and project cash-out". However, according to Lao Bai (@Wuhuoqiu), its unique mechanism design is precisely to circumvent the pitfalls of traditional token financing. This huge amount of money is not directly at the disposal of the team, but serves as a project treasury, generating stable operating funds by investing in low-risk U.S. Treasuries and on-chain yield protocols such as Ethena.

For investors, their principal is protected by a "perpetual put option". This means that any time an investor believes that the project has poor prospects, or if the token price falls below the issue price, they can choose to redeem...

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