Why I filled out the form to get WL allocation for @flyingtulip_ - Andre Cronje's latest venture, Tulip is a yield protocol featuring + stablecoin and perps product - Target raise is $1B, $200M from VCs, remaining 800M is fully public Bull points: - All funds go straight to TVL for the protocol, Andre's not taking a cut - Sale has "100% downside protection" = if the price dips below $1B FDV, you can get a refund through a "perpetual put option" - Yield TVL "is deposited on conservative low yield apps like Aave through a pretty simple contract that is highly audited" according to a Tulip Dev Bear points: Selling/distributing 800M allo seems very ambitious, and it's unclear how they'll fill out this much Likely many will receive a portion to "committed" amount, and then there's possibly some left for the public? Argument that possible upside/ +EV is low due to massive public raise + recent liquidation/crash event Counterpoint to this is they don’t actually need to fill it all, the max supply will be 10B $FT tokens, but the total amount raised = amount minted Ex. Raise $500M = Mint 5B FT tokens "no vesting, no future inflation, and no additional minting later " - from Tulip docs Tail risk includes protocol hack (always a tail risk in defi though) + refund mechanism not working as smoothly as degens want/expect Overall more creative sale design than usual tbh