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Public Capital Allocation

Prepare for Flying Tulip Public Capital Allocation​

Note: No leverage, no "looping", no high-risk collateral. Please, read about associated risks before participating in public sale.

Foremost, do not rush; there will be ample opportunity to participate. Public sale is not live and will not be "stealth released". All information will be published on Flying Tulip docs and shared on socials with sufficient time to review all relevant smart contracts and materials.

The public sale has 4 rounds:

  1. Early access: available for Impossible1 and Coinlist2 communities (limited by $200m3 each). Both teams have supported us since 2024, and we wish to give back to them and their communities.

  2. Supporter whitelist: available for whitelisted addresses based on metrics we will share in the coming weeks.

  3. Intent whitelist: available for users who showed interest in Flying Tulip webpage. It is necessary to provide wallet address, chain, asset, and amount in the form; and pass Flying Tulip Accredited Investor quiz.

Note: The quiz is live, and the form will go live soon.

  1. Public sale: available for everyone to participate.

All sale rounds are available on Ethereum, Avalanche, Sonic, Base, BSC, and Solana.

Note: To mitigate cross-code risk Solana round is planned only if EVM chains are not filled.

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

Withdrawals of FT from the Perpetual PUT Option will be enabled once all sale rounds (early access, supporter and intent whitelists, and public sale) conclude.

There is no need to participate in any given round, since there is no special treatment in any of them. However, both Impossible and Coinlist have their own requirements independent of our sale. Make sure to understand the pros and cons of each round.

  • Early access:
    • Impossible & Coinlist require KYC
  • Supporter whitelist:
    • does not require KYC
    • requires completion of the Flying Tulip Accredited Investor quiz
  • Intent whitelist:
    • does not require KYC
    • requires a filled-in interest form
    • requires completion of the Flying Tulip Accredited Investor quiz
  • Public sale:
    • does not require KYC

Networks and Accepted Tokens​

Flying Tulip public sale is available on the following networks: Ethereum, Avalanche, Sonic, Base, BSC, and Solana; with a list of accepted tokens:

  • Ethereum: USDT, USDC, USDS, USDtb, USDe, WETH
  • Avalanche: USDC, USDT, wAVAX
  • Sonic: USDC, wS
  • Base: USDC, WETH
  • BSC: WBNB
  • Solana: USDC, wSOL

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 strategy's total value locked, 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.

Table4 below lists the networks, accepted tokens, and strategies to which capital will be allocated, along with each strategy’s approximate APY, total value locked, and maximum capital allocation.

NetworkTokenStrategyAPYTotal Value LockedMaximum Capital Allocation
EthereumUSDTAave55.05%$6,410,000,000.00$320,500,000.00
USDCAave4.00%$5,780,000,000.00$289,000,000.00
USDSAave4.24%$73,670,000.00$3,683,500.00
USDtbAave7.29%$102,000,000.00$5,100,000.00
USDeAave8.17%$1,440,000,000.00$72,000,000.00
WETHAave1.59%$10,470,000,000.00$523,500,000.00
Network Max$80,783,500.00
AvalanchewAVAXAave1.23%$462,340,000.00$23,117,000.00
BenQI6 Staking5.02%$499,268,767.00$24,963,438.35
USDCAave6.30%$203,450,000.00$10,172,500.00
USDTAave5.65%$101,790,000.00$5,089,500.00
Network Max$63,342,438.35
SonicwSAave1.25%$29,250,000.00$1,462,500.00
Beets7 Staked S3.79%$67,919,046.00$3,395,952.30
USDCAave6.41%$24,780,000.00$1,239,000.00
Network Max$6,097,452.30
BaseUSDCAave5.79%$357,150,000.00$17,857,500.00
WETHAave1.78%$545,650,000.00$27,282,500.00
Network Max$45,140,000.00
BSCWBNBLista DAO88.95%$1,070,849,518.29$53,542,475.91
Network Max$53,542,475.91
SolanaUSDCKamino94.50%$468,020,000.00$23,401,000.00
wSOLKamino5.11%$710,650,000.00$35,532,500.00
Jito10 Staked SOL6.57%$3,064,310,353.00$153,215,517.65
Jupiter11 Staked SOL7%$1,125,058,402.00$56,252,920.10
Marinade12 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 public sale based on networks, tokens, caps, and yield priority from the table above. This approach, together with network caps, translates to the following sales structure:

  • Ethereum: USDe up to $72m, USDtb up to $5.1m, and USDS up to $4m.
  • Avalanche: wAVAX up to $25m, USDC up to $10m, USDT up to $5m.
  • Sonic: wS up to $4m, USDC up to $1m
  • Base: USDC up to $17m
  • BSC: WBNB up to $55m

Note: If any of the caps are not met, then the remainder is filled with USDT, USDC, and ETH on Ethereum and/or SOL, USDC on Solana.

FAQ​

How can I apply for the whitelist?
There will be two rounds: the supporter whitelist and the intent whitelist. The first round has predetermined criteria, and no further action can be taken. Details on the qualifying criteria will be published. The second simply requires a show of interest and will require registering interest on the Flying Tulip site once the form becomes available - it is currently not available.

How many tokens 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 round, no.

When will the FT token be launched?
It will already be launched before the public sale.

Will the FT token 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 a public sale?
No.

Do I need to pay any fees when withdrawing FT from the FT NFT (the Perpetual PUT Option) or submitting it for redemption of my initial capital?
No. Withdrawing or redeeming your Perpetual PUT Option does not incur protocol fees.

Does the public sale have the same terms as the private sale?
Yes, 1 FT = $0.10.

What is the longest redemption period for returning/burning FT for investment?
Indefinite.

If I deposit non-stablecoin as investment, how is it calculated?
Flying Tulip calculates the $ value of the deposited non-stablecoin at the time of deposit for the purpose of issuing FT at a ratio of 10FT per $1 deposited.

Assuming there is available Aave liquidity and I deposited USDC into the sale on Ethereum, how fast will I get my funds back if redeeming?
Instant.

Can I deposit my FT tokens back into the FT NFT (the Perpetual PUT Option) representing my position?
No. Once you withdraw FT, that portion of the Perpetual PUT Option is closed permanently.

Can I bridge my Perpetual PUT Option (FT NFT)?
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 PUT Option 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, no.

If I deposit USDC on Ethereum, can I redeem it for USDC on other chains?
No, we do not take any bridge risks; you can only redeem on the same network that you contributed to.

Do I need to KYC for the public sale?
No.

Footnotes​

  1. Impossible: website ↩

  2. Coinlist: website ↩

  3. Final limits might be lowered. ↩

  4. Data from 2025-10-06 ↩

  5. Aave: website ↩

  6. BenQI: website ↩

  7. Beets: website ↩

  8. Lista DAO: website ↩

  9. Kamino: website ↩

  10. Jito: website ↩

  11. Jupiter: website ↩

  12. Marinade: website ↩