FlyingTulip Prepares for TGE After Successful CoinList Sale

FlyingTulip, the full-stack onchain exchange built by Yearn Finance creator Andre Cronje, is gearing up for its Token Generation Event during the week of February 23, 2026. This comes after a CoinList sale that closed on February 6, pulling in nearly $10 million in commitments. That figure makes it the third-highest raise in CoinList's history. With over $250 million in confirmed funding from heavyweight backers like Brevan Howard Digital, Susquehanna International Group, and DWF Labs, this is shaping up to be one of the most heavily capitalized DeFi launches in recent memory.

What Is FlyingTulip Building?

FlyingTulip aims to merge spot trading, derivatives, lending, money markets, and a native stablecoin (ftUSD) into a single onchain ecosystem. Think of it as an attempt to consolidate what Coinbase, Aave, Uniswap, and Hyperliquid do separately, all under one roof.

The platform's rollout will happen in phases. After TGE, ftUSD (a delta-neutral stablecoin) and margin lending launch first. Spot trading, leverage, and total return swaps follow after that.

A key differentiator is the cross-collateral lending system. A single deposit can simultaneously earn money-market yield, back a limit order on the order book, and collateralize a futures position. There is no idle capital sitting on the sidelines. That kind of capital efficiency is rare in DeFi, where most protocols silo collateral by product.

How Does the Perpetual PUT Option Work?

The standout feature is the Perpetual PUT Option baked into every primary FT allocation. This is not a simple refund mechanism. It gives holders three distinct choices, and they can mix them in any proportion over time:

Hold: keep the PUT active and ride FT's upside while maintaining the right to exit at par. There are no cliffs, no trigger dates. The right is evergreen.

Divest: return your FT and receive the exact asset and amount you originally contributed. If you put in 1,000 USDC and received 10,000 FT, you get 1,000 USDC back. Par return, no questions asked.

Withdraw: unlock your FT tokens to trade freely, but the PUT is permanently invalidated for that portion. The backing capital that was reserved for your position is released and used to buy back and burn FT from the open market.

That third option is where it gets interesting. Every withdrawal directly reduces the circulating supply through market buybacks. It turns exits into a deflationary force rather than sell pressure.

One important note: only FT issued through the Private and Public Capital Allocation carries the Perpetual PUT. Tokens bought on the secondary market do not include this protection.

Who Is Backing FlyingTulip?

The funding history speaks for itself. The project has raised over $250 million in confirmed capital across multiple rounds:

• Seed Round (September 2025): $200 million at a $1 billion fully diluted valuation. Investors included Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere Ventures, Lemniscap, Nascent, Republic, Selini Capital, Sigil Fund, Susquehanna International Group, Tioga Capital Partners, and Virtuals Protocol.
• Series A (January 2026): $25.5 million from Amber Group, Fasanara Digital, and Paper Ventures.
• Impossible Finance IDO (October – November 2025): $15 million with 150 million tokens at $0.10.
• CURATED IDO (January – February 2026): Amount not disclosed. 100% unlock at TGE.
• CoinList Sale (February 2026): Nearly $10 million in commitments against a $200 million allocation cap (2 billion tokens). Oversubscribed despite broader market headwinds in DeFi.

That's serious institutional confidence, especially considering the seed round alone pulled a $1 billion FDV before a single product went live.

How Do the Tokenomics Work?

The total supply is capped at 10 billion FT tokens with no inflation built in. New FT is only minted through the Capital Allocation at a fixed rate of 10 FT per $1 contributed. Beyond that, the model is purely deflationary.

Multiple cashflow streams feed the burn: surplus yield from backing capital, protocol revenue from products (ftUSD, spot, lending, futures, insurance), and backing released from PUT withdrawals. According to the project's technical appendix, conservative estimates at roughly $1 billion in TVL project around $81 million in annual protocol revenue. At the $0.10 token price, that would retire approximately 814 million FT per year through buybacks alone, not counting yield surplus or withdrawal-triggered burns. Those numbers are illustrative and depend on adoption, but they give a sense of the deflationary scale baked into the design.

For the public sale, up to 2 billion FT (20% of total supply) were allocated at $0.10 per token. Every token unlocks 100% at TGE with no vesting schedule. Sales were available across Ethereum, Avalanche, Sonic, Base, BNB Chain, and Solana, accepting various stablecoins and native tokens.

There are no team allocations in the traditional sense. Team compensation comes solely from revenue-funded open-market buybacks, which unlock Foundation, Team, Ecosystem, and Incentives tokens at a 40:20:20:20 split. Buybacks funded by backing yield alone do not trigger any unlocks. All raised funds are deployed into conservative, liquid strategies (no leverage, no bridging) and are visible onchain.

What About the CoinList Sale Specifically?

Participants in the CoinList round received FT NFTs representing their Perpetual PUT position and full redemption rights, distributed directly to non-custodial wallets. Purchase options included USDC and USDT (ERC-20), with minimum investments starting at $100.

The sale was oversubscribed, and a final public sale round is still scheduled for February 16, 2026, ahead of the TGE.

Where Does Community Sentiment Stand?

FlyingTulip's official X account (@flyingtulip_) has 49,200 followers as of February 11, 2026. The community remains active, with ongoing participation in intent and supporter rounds. Allocations are guaranteed until February 13.

Pre-market trading on platforms like Whales Market currently shows FT trading at around $0.15, a 50% premium over the $0.10 sale price. Prediction markets estimate roughly a 50% chance of FlyingTulip trading above a $400 million FDV after TGE, though volumes on those markets remain low.

The risk-mitigated approach, particularly the Perpetual PUT Option for principal protection, has generated attention in a DeFi landscape still dealing with trust issues from past cycles.

For more information, visit the official website at flyingtulip.com or follow @flyingtulip_ on X.

Sources:

• CoinList — FlyingTulip token sale page with terms, pricing, and allocation details
• The Defiant — Coverage of FlyingTulip funding rounds, TGE timeline, and community sentiment
• FlyingTulip Docs — Official documentation on tokenomics, capital allocation mechanics, and technical appendix
• FlyingTulip Docs: Technical Appendix — Backtested buyback projections, yield models, and supply scenario analysis
• CryptoRank — Funding rounds and fundraising data