Flying Tulip is a DeFi protocol that unites spot trading, perpetuals, lending, options, and yield products in one on-chain ecosystem.
It uses a fixed-supply token (FT) capped at 10 billion, with 10 FT minted per $ 1 of collateral and no inflation. Profits from lending, borrowing, staking, and funding rates are used to buy back and burn FT, supporting token value.
At its core is ftUSD, a delta-neutral stablecoin pegged to $ 1, designed to reduce capital inefficiency and enable composable DeFi products.
The system combines an adaptive AMM with a CLOB for efficient pricing, uses dynamic LTV ratios and borrow caps for risk control, and settles perpetuals internally, redirecting all revenue toward FT buybacks.