Skip to main content

Token

Flying Tulip 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 redemption rights for primary participants, and a token‑first model that returns yield and fees to the token.

This page explains what FT is, how it's issued, how the Perpetual PUT Option works (for primary allocations), and how value flows to FT across the ecosystem. For details of the on‑chain raise, see Public Capital Allocation (PCA). For quantitative models, see the Technical Appendix for the PCA. 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 value: 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 surplus is routed to ongoing buyback‑and‑burn.
  • Offer clear, on‑chain rights during the public allocation: the Perpetual PUT Option for primary participants (explained below).

Across the product suite - ftUSD, 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 Public 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 Option (for primary allocations)​

When a primary contribution settles during the PCA, the resulting FT is issued as a Perpetual PUT Option, represented on-chain by your FT NFT (pFT). While your FT remains in the Option, you have three choices at all times:

1) Hold: keep the Perpetual PUT Option open
Do nothing; you keep your redemption right attached to your position while participating in any FT upside.

2) Divest: par return
Divest any portion of your FT for the same asset and amount you originally contributed (e.g., 10,000 FT ↔ 1,000 USDC).

3) Withdraw: unlock FT (PUT invalidated; backing buys & burns)
If you prefer to hold or use FT without the PUT, withdraw your FT from the Option. This invalidates the PUT on that portion, and the backing that had been reserved for your redemption 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.

Note: Only primary FT allocated via the Private and Public Capital Allocation carries the Perpetual PUT Option.

Where FT's value comes from (and where dollars go)​

Flying Tulip routes multiple cashflow streams toward FT:

1) Backing yield (carry)
Primary contributions (while the Perpetual PUT Option is open) are deployed to conservative, liquid strategies. For example, major stables on Aave, staked assets like stETH/jupSOL/AVAX, or sUSDe for USDe. The first call on this carry is the ecosystem budget (salaries, marketing, infrastructure, operations). Any surplus carry is used for continuous buyback‑and‑burn of FT.

2) Protocol revenue & fees
As products like ftUSD, 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 Option, the PUT is invalidated, and the previously reserved backing becomes buyback ammo to purchase and burn FT on the market.

4) Divests recycle supply in-contract
When a holder Divests at par, the original collateral 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 PCA 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 (OFT)

What this is not​

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