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Flying Tulip Weekly Update: September 25
ssftUSD launched this week, bringing auto-compounding to ftUSD. Unlike sftUSD, which pays yield in FT bought back from the market, ssftUSD converts its share into more ftUSD and adds it to the vault. As rewards compound, each ssftUSD becomes redeemable for more ftUSD.
Also this week:
▸ Lots of activity on the Perpetual PUT Marketplace, with premiums now starting above 15%
▸ Total fees generated crossed $100K
▸ Ethereum Lend caps increased again: WETH borrow 500 → 600 WETH; wstETH supply 400 → 500 wstETH
Lend TVL reached a new ATH of $20.11M, with Sonic deposits up 40% over the week. ftUSD supply grew to $4.61M. Current APYs:
— Lend USDC: 3.72% on Ethereum / 5.68% on Sonic
— ftUSD: 7.6% on Ethereum / 10.91% on Sonic
Links and more stats in replies 👇
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▸ @AntonNellCrypto explains ftUSD yield:
nitter.net/AntonNellCrypto/status…
▸ Mint ftUSD, stake for sftUSD or ssftUSD:
flyingtulip.com/ftusd/stake
▸ Get a PUT of your own at the Flying Tulip Marketplace:
The Perpetual PUT Marketplace has been on fire recently, with premiums now starting above 15%.
▸ Get a ftPUT of your own: flyingtulip.com/marketplace
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The Perpetual PUT Marketplace has been on fire recently, with premiums now starting above 15%.
▸ Get a ftPUT of your own: flyingtulip.com/marketplace
With Flying Tulip’s Perpetual PUTs, holders retain exposure to FT’s upside and the option to redeem their backing capital if they don’t like the project’s direction or find another opportunity.
👇 @AndreCronjeTech explains in the new @LawofCodeFM podcast episode.
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flyingtulip.com retweeted
7 months since seed raise.
5 months since margin lending product launch.
$100k protocol revenue.
$1.44m put revenue.
$1.34m in FT buyback and burns.
FT has no vested tokens, no minting, no overhang, no token emissions. Just clean revenue.
Flying Tulip has now generated over $100K in fees.
▸ Track fees, ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c buybacks, TVL and more:
flyingtulip.com/statistics
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Flying Tulip has now generated over $100K in fees.
▸ Track fees, ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c buybacks, TVL and more:
flyingtulip.com/statistics
Flying Tulip protocol fees just crossed ONE HUNDRED THOUSAND AMERICAN DOLLARS.
$100.10K and counting.
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$ssftUSD by @flyingtulip_ could become a very interesting DeFi primitive.
Instead of distributing $FT rewards separately, ssftUSD converts that value into additional ftUSD backing, while the FT itself is not dumped on the market.
That makes ssftUSD much easier for DeFi protocols to integrate as yield bearing collateral.
Pair it with a good debt asset, and organic looping strategies can emerge around the yield itself.
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flyingtulip.com retweeted
.@AntonNellCrypto explains ftUSD: how to mint it, how to redeem it, and how it stays pegged to $1.
Part 3/3 👇
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ANDRE CRONJE'S FLYING TULIP TARGETS DEFI EXPLOITS WITH CIRCUIT BREAKER
Andre Cronje’s (@AndreCronjeTech) Flying Tulip (@flyingtulip_) has introduced a circuit breaker mechanism for DeFi lending.
The system rate limits fund outflows during abnormal withdrawal activity. It is designed to detect patterns linked to exploits or coordinated attacks.
By slowing withdrawals, it prevents rapid draining of protocol liquidity.
The mechanism gives teams time to respond while protecting user capital.
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flyingtulip.com retweeted
.@flyingtulip_ uses circuit breakers to continuously monitor funds leaving the protocol.
They are implemented for PUT withdrawals, ftUSD redemptions, and Lend withdrawals.
If outflows for a given asset spike beyond a threshold over a short period, a pattern often associated with exploits or liquidity attacks, circuit breakers automatically rate-limit or queue withdrawals.
Circuit Breaker (ftPUT): docs.flyingtulip.com/risks/c…
Circuit Breaker v2: docs.flyingtulip.com/guides/…
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That buy wall is part of Flying Tulip’s design.
Backing capital released from invalidated PUT Options is used to place ethereum:0x5dd1a7a369e8273371d2dbf9d83356057088082c limit buy orders at NAV. Tokens purchased this way are then burned.
Separately, protocol fees and revenue fund open-market FT buybacks at spot price, with purchased FT distributed through the protocol’s reward, fee and revenue mechanisms.
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Liquidity deep as the chain.
Flying Tulip uses RFQ (Request for Quote) to source execution across available onchain liquidity, comparing venues and filling the order at the best executable price.
How about liquidity if I wanted to trade?
As deep as the chain. Same as what you see on 1inch, Cowswap, Matcha. Because it uses liquidity of the entire chain.
For leverage, it’s limited by how much stables available for borrowing if you are longing. Currently $2.6M on Ethereum, $260k on Sonic.
@flyingtulip_ Lend is a margin account earning yield while used as collateral for trading and leverage.
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RT @flyingtulip_: User activity across the Flying Tulip product stack generates fees and revenue that feed FT buybacks and burns.
There is…
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Tulips are growing.
Lend caps increased on Ethereum again:
— WETH borrow cap 500 → 600 WETH
— wstETH supply cap 400 → 500 wstETH
Capital always finds a way. Earn more onchain.
Flying Tulip is bringing its full financial stack to Ethereum and Sonic, with BSC coming soon: ftUSD, Lend, Trade with spot and leverage, and TRS.
Deposit and earn:
— USDC on Lend APY: 3.55% Ethereum / 7.84% Sonic
— ftUSD APY: 8.48% Ethereum / 12.63% Sonic
All onchain. Fully transparent.
Links in reply 👇
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Sonic: Deposit USDC → mint and stake ftUSD → earn 10.87% APY → redeem anytime.
Ethereum: Deposit USDC or USDT → mint and stake ftUSD → earn 7.47% APY → redeem anytime.
Looking for the best place to earn on @SonicLabs?
Staked ftUSD is currently earning 11.64% APY. Mint ftUSD with USDC and redeem anytime, with no delay.
The yield comes from two sources:
▸ Base yield: the stablecoin collateral backing ftUSD is supplied to Sonic Lend, earning interest from borrowers.
▸ Delta-neutral yield: the strategy borrows wS against the collateral, exchanges it for stS and supplies the stS back to Lend. It earns the staking return on stS while paying the borrowing cost on wS.
Link below 👇
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RT @flyingtulip_: TRS (Total Return Swap) provides economic exposure of an underlying asset without needing to own it.
It is widely used b…
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