Token

Product Overview

The FT Token is designed to align users, contributors, and the protocol around a simple idea: convert real activity into lasting value. FT achieves this through conservative capital stewardship, clear ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry rights for primary participants, and a token‑first model that returns yield and fees to FT.

This page explains what FT is, how it's issued, how the Perpetual PUTPerpetual 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 entryPerpetual 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 works (for primary allocations), and how dollars flow to FT across the ecosystem. For details of the on‑chain raise, see the Public Sale guide. For quantitative models, see the Technical Appendix for Capital Allocation. For platform‑wide risks, see Risks, Security & Audits.

What FT is and how it fits

FT is the native token of Flying Tulip. It exists to:

• Connect activity to cashflows: Products generate revenue and fees; those dollars are used to buy FT (and in many cases burn it), turning usage into scarcity for holders.
• Preserve and compound capital: Primary raise proceeds are not spent; they are deployed into conservative, liquid yield. That funds ecosystem development (infrastructure, operations) first; any surplussurplusBacking capital yield remaining after the ecosystem budget; the surplus is used for buyback-and-burn.View glossary entry is routed to ongoing buyback-and-burnbuyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry.
• Offer clear, on‑chain rights during the Capital AllocationCapital AllocationThe on‑chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is minted proportionally up to a maximum supply of 10B.View glossary entry: the Perpetual PUTPerpetual 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 for primary participants (explained below).

Across the product suite - ftUSDftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry, Spot, Lend, Futures, Insurance, the protocol takes a token‑first approach: where appropriate, fees and yield are converted into FT, creating direct demand for the token as usage grows.

Issuance & supply (high‑level)

FT has a maximum supply of 10,000,000,000 (10B). New FT enters circulation primarily through the Capital Allocation at a fixed mint rate of 10 FT per $1 contributed (implied $0.10). We mint only in proportion to capital actually allocated; there is no inflation beyond this minting and subsequent cross‑chain movements.

The Perpetual PUT (for primary allocations)

When a primary contribution settles during the Capital AllocationCapital AllocationThe on‑chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is minted proportionally up to a maximum supply of 10B.View glossary entry, the resulting FT is issued as a Perpetual PUTPerpetual 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, represented on-chain by your FT NFTFT 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 (ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry). While your FT remains in the PUT, you have three choices at all times:

1) Hold: keep the Perpetual PUTPerpetual 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 open
Do nothing; you keep your ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry right attached to your position while participating in any FT upside.

2) ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry: ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par
ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry any portion of your FT at par for the same asset and amount you originally contributed (e.g., 10,000 FT ↔ 1,000 USDCUSDCStablecoins accepted in PCA contributions and used across products; each has distinct risk/peg mechanics.View glossary entry).

3) Withdraw: unlock FT (PUT invalidated; backing capitalbacking capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry funds buyback-and-burnbuyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry)
If you prefer to hold or use FT without the PUT, withdraw your FT from the PUT. This invalidates the PUT on that portion, and the backing capitalbacking capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry that had been reserved for your ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry at par is released and used by the protocol to buy FT on the open market and burn it. What you do with your now‑unencumbered FT (hold, trade, transfer) is up to you.

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Note: Only primary FT allocated via the Private and Public Sale carries the Perpetual PUTPerpetual 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.

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Note: You can also sell the Perpetual PUTPerpetual 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 entryPerpetual 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 itself via the ftPUT Marketplace.

Where FT demand comes from

Flying Tulip routes multiple cashflow streams toward FT:

1) Backing capital yieldBacking capital yieldYield generated by deploying backing capital into low‑risk venues. Priority is to fund ecosystem development first (salaries/marketing/infra/ops); surplus funds buyback-and-burn of FT.View glossary entry (carry)
Primary contributions (while the Perpetual PUTPerpetual 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 open) are deployed to conservative, liquid strategies. For example, major stables on AaveAaveA decentralized lending protocol used for conservative yield and collateralization in several Flying Tulip flows.View glossary entry, staked assets like stETHstETHA liquid‑staking representation of ETH used for conservative staking yield.View glossary entry/jupSOLjupSOLA liquid‑staking representation of SOL used for staking yield in conservative allocations.View glossary entry/AVAXAVAXAvalanche’s native token and its wrapped ERC‑20 representation used for staking and liquidity.View glossary entry, or sUSDesUSDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry for USDeUSDeA yield‑bearing form (sUSDe) and its base asset (USDe) used in certain strategies and as accepted assets in the PCA.View glossary entry. The first call on this carry is the ecosystem budgetecosystem budgetThe first call on backing capital yield to fund the organization: salaries, marketing, infrastructure, and operations.View glossary entry (salaries, marketing, infrastructure, operations). Any surplussurplusBacking capital yield remaining after the ecosystem budget; the surplus is used for buyback-and-burn.View glossary entry carry is used for continuous buyback-and-burnbuyback-and-burnA mechanism that buys FT on the open market and sends it to an irrecoverable address, permanently reducing supply. May be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals.View glossary entry of FT.

2) Protocol revenue & feesrevenue & feesCashflows generated by Flying Tulip products (e.g., ftUSD/settlement rails, Spot, Lend, Futures, Insurance) routed to buyback-and-burn and used to govern unlocks.View glossary entry
As products like ftUSDftUSDA delta‑neutral, yield‑bearing stable asset designed to target $1 while minimizing liquidation risk by balancing long/short exposures (e.g., supply/stake/borrow loops).View glossary entry, Spot, Lend, Futures, and Insurance are used, revenue and fees are used to buy FT (and, in many cases, burn it). This is the core of the token‑first integration: user activity translates into programmatic FT demand.

3) PUT invalidation releases (Withdrawals)
When a primary holder withdraws FT from the PUT Option, the PUT is invalidated, and the previously reserved backing capitalbacking capitalThe contributed assets that back each primary FT position while the Perpetual PUT remains open.View glossary entry becomes buyback ammo to purchase and burn FT on the market.

4) Exits recycle supply in-contract
When a holder Exits at par, the original collateralcollateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry goes back to the holder.

Together, these flows tie usage and prudently managed capital to per‑token scarcity.

Unlock mechanics (alignment)

FT's unlocks are governed by revenue‑funded buybacks. When protocol revenue funds buybacks, Foundation / Team / Incentives unlock 1:1 in a 40:40:20 split.

Key facts

• Ticker: FT
• Supply cap: 10,000,000,000 (10B)
• Primary issuance: via Capital AllocationCapital AllocationThe on‑chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is minted proportionally up to a maximum supply of 10B.View glossary entry at 10 FT per $1 contributed (implied $0.10)
• Unlock policy: revenue‑funded buybacks unlock 40:40:20 (Foundation / Team / Incentives)
• Cross‑chain: FT supports omnichain transfers (OFTOFTCross‑chain messaging and token standard that allows FT to move natively across chains.View glossary entry)

What this is not

FT is not a promise of fixed yield or principal outside the conditions of the Perpetual PUTPerpetual 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 for primary allocations. Market prices vary; yields fluctuate; burns depend on realized activity and budgets. Nothing in this page is investment advice.

Related pages

• Capital Allocation: mechanics, accepted assetsaccepted assetsTokens that can be contributed in the Capital Allocation (PCA) or used in products (e.g., USDC, USDT, USDS, USDe, USDtb, WETH, WBTC, cbBTC, SOL/jupSOL, AVAX/wAVAX).View glossary entry, Perpetual PUTPerpetual 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 lifecycle
• Technical Appendix: backtests, formulas (yield/revenue → buybacks), scenario tables
• ftPUT Marketplace: secondary market for Perpetual PUTPerpetual 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 Options
• Risks, Security & Audits: general DeFiDeFiFinancial services built on public blockchains using smart contracts rather than centralized intermediaries.View glossary entry risks and Capital AllocationCapital AllocationThe on‑chain Public Sale event where contributors exchange accepted assets for FT at a fixed rate (10 FT per $1). FT is minted proportionally up to a maximum supply of 10B.View glossary entry considerations
• Smart Contracts → FT: token interfaces, roles, and implementation details