Skip to main content

Public Sale

Prepare for Flying Tulip Public Sale​

Note: The Public Sale is currently closed.

The Public Sale has 4 rounds:

  1. Early access: available for Impossible1 and Coinlist2 communities.

  2. Supporter whitelist: available for whitelisted addresses based on published historical participation criteria across YFI, KP3R, and FTM/S.

  3. Intent whitelist: available for users who showed early interest in Flying Tulip.

  4. Public Sale: available for everyone to participate.

Note: All rounds have exactly the same terms: 1 FT = $0.10.

Withdrawals of FT from the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry will be enabled once all sale rounds (early access, supporter and intent whitelists, and the Public Sale) conclude.

The Public Sale has a $1B maximum cap, not a target. You can follow progress live on the Public Sale dashboard.

Capital raised in the Public Sale is not distributed to the team as sale proceeds. Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry backing capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry is deployed into conservative, liquid strategies.

Networks and Accepted Tokens​

Flying Tulip Public Sale commits are currently accepted only on Ethereum.

  • Ethereum: USDTStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDSStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDtbStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry, WETH

Note: It is not necessary to bridge tokens as long as they are held on the right network.

Network Caps​

Flying Tulip Public Sale is a challenge in itself. It can't be run concurrently since the token distribution is unknown, and those tokens should be moved to the relevant contracts.

Flying Tulip aims for the lowest risk and "available at any time for withdrawal" strategies. With this in mind, it occupies at most 5% of the strategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entrystrategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entry's Total Value LockedThe total value of assets deposited in a protocol, market, or strategy.View glossary entry (TVL), meaning max⁡allocation≤0.05×TVLstrategy\max_{\text{allocation}} \le 0.05 \times TVL_{\text{strategy}}. This, together with accepted tokens, translates to Public Sale limits for each network.

Table3 below lists the networks, accepted tokens, and strategies to which capital will be allocated, along with each strategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entry’s approximate Annual Percentage YieldAn annualized rate that includes compounding.View glossary entry (APY), Total Value LockedThe total value of assets deposited in a protocol, market, or strategy.View glossary entry (TVL), and maximum capital allocationThe on-chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is allocated from a fixed pre-minted total supply of 10B. totalSupply stays 10B while the split between circulating and non-circulating supply changes.View glossary entry. Networks other than Ethereum are shown as planned capacity.

NetworkTokenStrategyA yield venue tracked by the wrapper; strategies can be added/removed/reordered and capital moved between them by authorized roles.View glossary entryAPYTotal Value LockedThe total value of assets deposited in a protocol, market, or strategy.View glossary entry (TVL)Maximum Capital AllocationThe on-chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is allocated from a fixed pre-minted total supply of 10B. totalSupply stays 10B while the split between circulating and non-circulating supply changes.View glossary entry
EthereumUSDTStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry45.05%$6,410,000,000.00$320,500,000.00
USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry4.00%$5,780,000,000.00$289,000,000.00
USDSStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry4.24%$73,670,000.00$3,683,500.00
USDtbStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry7.29%$102,000,000.00$5,100,000.00
USDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry8.17%$1,440,000,000.00$72,000,000.00
WETHAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry1.59%$10,470,000,000.00$523,500,000.00
Network Max$80,783,500.00
AvalanchewAVAXAvalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry1.23%$462,340,000.00$23,117,000.00
BenQI5 Staking5.02%$499,268,767.00$24,963,438.35
USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry6.30%$203,450,000.00$10,172,500.00
USDTStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry5.65%$101,790,000.00$5,089,500.00
Network Max$63,342,438.35
SonicwSSonic chain’s token and its wrapped/staked variants referenced in certain strategies and accepted‑assets lists.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry1.25%$29,250,000.00$1,462,500.00
BeetsA venue referenced for staking Sonic (S → stS) in certain strategies.View glossary entry6 Staked S3.79%$67,919,046.00$3,395,952.30
USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry6.41%$24,780,000.00$1,239,000.00
Network Max$6,097,452.30
BaseUSDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry5.79%$357,150,000.00$17,857,500.00
WETHAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry1.78%$545,650,000.00$27,282,500.00
Network Max$45,140,000.00
BSCWBNBLista DAOAn on‑chain organization governed by members via smart‑contract rules.View glossary entryDAOAn on‑chain organization governed by members via smart‑contract rules.View glossary entry78.95%$1,070,849,518.29$53,542,475.91
Network Max$53,542,475.91
SolanaUSDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entryKamino84.50%$468,020,000.00$23,401,000.00
wSOLKamino5.11%$710,650,000.00$35,532,500.00
Jito9 Staked SOL6.57%$3,064,310,353.00$153,215,517.65
Jupiter10 Staked SOL7%$1,125,058,402.00$56,252,920.10
Marinade11 Staked SOL7.01%$907,032,877.00$45,351,643.85
Network Max$313,753,581.60
Total Max$562,659,448.16

Waterfall Approach​

Flying Tulip follows a "waterfall approach" for the Public Sale based on networks, tokens, caps, and yield priority from the table above.

  • Ethereum: USDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry up to $72m, USDtbStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry up to $5.1m, and USDSStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry up to $4m.

Note: If Ethereum caps are not met, then the remainder is filled with other eligible Ethereum assets (e.g. USDTStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry, and WETH), subject to policy and available liquidity.

FAQ​

How can I apply for the whitelist?
The supporter round is fixed by a completed snapshotA point‑in‑time capture of on‑chain state used to determine whitelist eligibility.View glossary entry using published criteria. The intent whitelist requires showing interest when the form is open.

How much FT will be available in the public sale after the whitelist round?
The remainder after the early access & whitelist rounds. Minimum 0 FT, maximum 8,000,000,000 FT.

Is there a limit per address?
In the supporter whitelist and intent whitelist rounds, yes; in the public sale round, no.

When will FT be launched?
It will already be launched before the Public Sale.

Will FT be listed on exchanges?
No exchange listings are planned. The Flying Tulip exchange will be the dominant trading venue.

Are there any fees associated with the Public Sale?
No.

Do I need to pay any fees when withdrawing FT from the FT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entry (the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry) or submitting it to ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par for my initial capital?
No. Withdrawing or Exiting at par from your Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry does not incur protocol fees.

Does the Public Sale have the same terms as the private sale?
Yes. All rounds have the same terms: 1 FT = $0.10 (no round-based discounts or premiums).

What is the longest ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry period for returning FT for investment?
Indefinite.

If I deposit non-stablecoinA token pegged to a reference value (e.g., USD). ftUSD is a stable, delta‑neutral, yield‑bearing variant.View glossary entry as investment, how is it calculated?
Flying Tulip calculates the $ value of the deposited non-stablecoinA token pegged to a reference value (e.g., USD). ftUSD is a stable, delta‑neutral, yield‑bearing variant.View glossary entry at the time of deposit for the purpose of issuing FT at a ratio of 10FT per $1 deposited.

Assuming there is available AaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry liquidity and I deposited USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry into the sale on Ethereum, how fast will I get my funds back if I ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par?
Instant.

Can I deposit my FT back into the FT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entry (the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry) representing my position?
No. Once you withdraw FT, the portion of the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry is permanently closed.

Can I bridge my Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry (FT NFTThe ERC‑721 token that represents a holder’s Perpetual PUT. Each FT NFT (ftPUT) tracks the collateral, strike asset, and FT amount tied to a primary allocation position.View glossary entry)?
We did not plan any bridges, but there are no technical limits to bridges, so while we did not specifically build bridging support, it is not technically disallowed.

Will there be a secondary market for the Perpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry NFTs?
Yes, we will be launching on the same day.

Is there a minimum/maximum investment amount?
For Impossible & Coinlist, this is up to their discretion. In our two whitelist rounds, yes, there is a maximum; for the public sale, no.

If I deposit USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry on Ethereum, can I ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par for USDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry on other chains?
No, we do not take any bridge risks; you can only ExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par on the same network that you contributed to.

Do I need to KYCIdentity verification required by some platforms or jurisdictions.View glossary entry for the public sale?
No.

Footnotes​

  1. Impossible: website ↩

  2. Coinlist: website ↩

  3. Data from 2025-10-06 ↩

  4. AaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry: website ↩

  5. BenQI: website ↩

  6. BeetsA venue referenced for staking Sonic (S → stS) in certain strategies.View glossary entry: website ↩

  7. Lista DAOAn on‑chain organization governed by members via smart‑contract rules.View glossary entryDAOAn on‑chain organization governed by members via smart‑contract rules.View glossary entry: website ↩

  8. Kamino: website ↩

  9. Jito: website ↩

  10. Jupiter: website ↩

  11. Marinade: website ↩