The Flying Tulip (FT) token, associated with DeFi pioneer Andre Cronje, launched today, achieving a fully diluted valuation (FDV) of approximately $1 billion. Despite an initial dip to $0.08, FT stabilized around $0.10, its public sale price, which serves as a floor due to its unique tokenomics. Participants in the sale received ftPUTs, NFTs with a perpetual put option allowing redemption at the sale price, ensuring a collateralized system. Flying Tulip aims to integrate spot trading, perpetual derivatives, and lending into a single DeFi "super app." The project secured $200 million in funding last September from investors like Brevan Howard and DWF Labs, with additional capital raised through platforms such as Impossible Finance and CoinList.