Flying Tulip vaults

Flying Tulip is an onchain financial platform founded by Andre Cronje. It offers dollar-focused saving, lending and trading products centred around ftUSD. Holders can stake ftUSD for sftUSD to receive variable yield and FT rewards.

Flying Tulip attracted attention for the size and unusual structure of its launch funding. In September 2025, the project announced a $200 million private round involving investors including Brevan Howard Digital, CoinFund, FalconX and Susquehanna Crypto. A February 2026 update later reported approximately $183.9 million held across its private, institutional, community and public sale rounds after withdrawals and refunds.

Instead of using a conventional token sale, Flying Tulip gave primary participants FT positions with a continuing redemption right. Participants can return their position and reclaim the same asset and amount they originally contributed, while withdrawing the FT permanently gives up that right. The contributed capital is used in yield-producing strategies, with the proceeds helping to fund the project, and the team received no initial token allocation. The redemption mechanism depends on available reserves and protocol parameters; it is not insured or guaranteed.