Flying Tulip, a unified DeFi platform developed by Andre Cronje, has announced that its marketplace for ftPUT NFTs has exceeded $5 million in cumulative trading volume. The ftPUT tokens represent an unusual financial product: they bundle FT tokens with built-in redemption rights that allow holders to sell their assets at a fixed price of $0.10, regardless of market conditions.
The perpetual put options are packaged as ERC-721 NFTs on Ethereum, making them transferable between buyers and sellers. When someone purchases an ftPUT NFT, they receive the FT tokens contained within it along with the attached redemption rights. In contrast, buyers purchasing FT on the spot market receive only the tokens without any protective floor.
Marketplace Activity and Pricing
By late June 2026, the ftPUT marketplace had recorded $1.6 million in trading volume across 279 sales, with average deal sizes in the low thousands of dollars. The ftPUT NFTs were reported trading at premiums of 4-6% above their redemption value, indicating that buyers are willing to pay extra for the downside protection the options provide.
Flying Tulip Protocol Metrics
Beyond the options marketplace, Flying Tulip's broader ecosystem shows significant activity. The protocol reported approximately $20 million in total value locked, with lending TVL described as nearly $20 million. The supply of ftUSD, Flying Tulip's native stablecoin, stands close to $4.75 million.
Platform Overview
Flying Tulip operates as a full-stack DeFi platform combining spot trading, lending, perpetual futures, and the ftUSD stablecoin. The project completed a private funding round exceeding $200 million and held its token generation event on February 23, 2026, at a $1 billion fully diluted valuation.
The FT token employs a fixed supply model with no emissions or team vesting schedules. Revenue generated from trading and options activity is directed toward open-market token buybacks and burns. The protocol is expanding across multiple blockchains, including Ethereum and BNB Chain.
