FT raise mental model. FT has had some big headlines; - $200m seed - $25m follow-on - $55m Impossible - $10m CoinList But, this isn't actually money raised. In traditional finance terms, this is the equivalent of raising money, putting that all in tbills, and using only the interest to cover opex. The capital remains untouched. And this is what allows investors their anytime "refund" option. The beauty of decentralized finance and smart contracts, is that we can do this within smart contract guarantees, onchain, non custodial, and always online. In the above tradfi example there are still trust assumptions, and you would need to put in a refund request and won't have access atomically. With blockchains, we can. So what actually happens if you participate in USDC for example; USDC is invested and deposited into Aave. You receive a PUT contract, this contract is receipt of both the USDC and FT token, at any point in time, you can either claim FT (forfeiting your portion of USDC), or forfeit FT (reclaiming your portion of USDC). Only that specific PUT, has those specific rights (PUTs are transferable). So then, what have we actually raised? The dashboard below shows the "Total Investment Value" (current assets sitting in PUT contracts (a mix of USDC, USDT, USDe, USDS, and ETH), and "All-time Yield Generated", the funds we actually raised. So to date, FT has raised ~$85k. The model is designed for incentive alignment and optionality. Markets aren't binary, events outside of our control happen all the time, you never know when you might need liquidity. The usual option is only to sell your investment (if it is even liquid, vested, and unlocked). This model allows for no vesting, always liquid, and always accessible. Any teams interested in following something similar, please reach out, we are more than happy to help guide others with similar mechanism. https://flyingtulip.com/allocation/dashboard(Andre Cronje)