Andre Cronje’s DeFi protocol Flying Tulip has exceeded $5 million in cumulative trading volume on its ftPUT NFT options market. The ftPUT NFTs are paired with primary capital allocations into the FT token, offering perpetual downside protection at a $0.10 strike price. By late June 2026, the marketplace had recorded $1.6 million in volume across 279 sales, with NFTs trading at 4-6% premiums above redemption value. The protocol manages approximately $20 million in total value locked and a circulating supply of roughly $4.75 million in ftUSD stablecoin. Flying Tulip operates as a unified DeFi platform combining spot trading, lending, perpetual futures, and a stablecoin, expanding across Ethereum and BNB Chain.
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