Flying Tulip, a DeFi protocol developed by Andre Cronje, has recorded over $5 million in cumulative trading volume on its marketplace for ftPUT NFTs. These tokens represent perpetual put options that allow holders to redeem assets at a fixed price of $0.10, regardless of market conditions.
The protocol packages these positions as ERC-721 tokens, enabling their transferability. As of late June 2026, the marketplace had processed 279 sales totaling $1.6 million. Data indicates that these NFTs typically trade at a premium of 4–6% above their redemption value.
The broader Flying Tulip ecosystem reports a total value locked of approximately $20 million, with a similar amount in lending TVL. The supply of the protocol's stablecoin, ftUSD, is currently near $4.75 million. The platform supports operations across multiple chains, including Ethereum and BNB Chain.
The project previously secured over $200 million in a private funding round. Its token generation event took place on February 23, 2026, with a fully diluted valuation of $1 billion. The protocol utilizes revenue from trading and options to fund open-market buybacks and token burns.
