[AC Launches Flying Tulip Public Offering, Featuring 'Principal Protection' ftPUT Mechanism] BlockBeats News, February 17: The on-chain financial system Flying Tulip (FT), founded by DeFi architect Andre Cronje, has officially launched its public token sale. Previously, the project completed a $200 million seed round of financing and raised nearly $10 million in an oversubscribed presale on CoinList. The fundraising cap for this public offering is set at $1 billion, with the project's fully diluted valuation (FDV) also reaching $1 billion, making it one of the larger protocol launches in the 2026 market cycle. Flying Tulip is designed as a native yield-generating ecosystem, integrating spot trading, margin lending, and its proprietary stablecoin ftUSD. The protocol deploys 100% of deposited funds into low-risk, high-liquidity yield strategies (such as Aave and Lido), capturing only excess yield spreads for operations and token buybacks, distinguishing itself from traditional DeFi models reliant on inflationary incentives. The core innovation of this public offering is the 'ftPUT' model, an on-chain 'perpetual put option' mechanism. All FT tokens issued in the public offering come with the right to redeem at the original investment value (supporting subscriptions in BTC, ETH, SOL, and stablecoins), establishing an on-chain 'floor price' of $0.10. When secondary market prices fall below this threshold, an automatic buyback mechanism will be triggered. Cronje stated that this structure is designed to emphasize the 'refundable' attribute, prioritizing the protection of users' principal. The token generation event (TGE) is scheduled for February 23. Flying Tulip has already been deployed on Ethereum, Base, and Avalanche, with plans to expand to MegaETH and Hyperliquid. It is positioned as a low-latency, cross-chain liquidity infrastructure targeting the 'Agentic Economy.' The market is closely watching whether it can continue to deliver on its 'principal protection' promise while expanding TVI (Total Value Invested).