Flying Tulip FDV is not standard FDV. Standard FDV = total supply * price. FT token can only be introduced into the system if it is backed by a PUT (there is no other mechanism. So each FT token is backed by its corresponding PUT option. This means that each token is backed by its own 10c. This is closer to a NAV valuation than FDV. We are simply capping participation at 10bn tokens. However viewing this in terms of FDV is a faulty metric, since that's not what the project is being valued at, the valuation of the project is amount_raised * yield %, so in the absolute extreme (and unlikely case) of $1bn raised @ 4% yield, that's $40m. Let's look at a practical model; We raise $100m, which means 1bn tokens "circulating". FDV is still 10bn * 10c = $1bn, the 9bn outstanding tokens can only become circulating via PUT offering. Now the PUT option gives users a redemption right, so where under normal circumstances, a user might sell (since its their only path to recoup their investment, often at a loss), now instead they would simply refund, removing the token from circulating. If for some reason they do sell for a loss, they forfeit their collateral backing, which is used to buy back those tokens back to 10c. This is something new, and aligns participation far more than any previous model. Can read more on this new kind of tokenomics here; https://docs.flyingtulip.com/product-suite/ft-token/(Andre Cronje)