Flying Tulip, an on-chain exchange founded by Andre Cronje, has announced a $200 million private funding round and plans to raise an additional $800 million through a public offering, targeting a $10 billion valuation. The project introduces a novel 'reverse financing' mechanism via a permanent put option, enabling investors to redeem their initial assets anytime by burning FT tokens. The total supply of FT tokens is capped at 10 billion, with no inflation, and investors receive 10 FT per $1 invested. Tokens are minted only based on actual fundraising, and funds will be allocated to low-risk on-chain yield strategies to support redemption needs. The project supports five blockchains and multiple stablecoins for participation.