Andre Cronje’s latest project, Flying Tulip, raised $ 200 million in a private round and opens a public sale of his Crypto FT token with the same evaluation of $ 1 billion.
The exchange startup, based in New York, announcement This decision on September 29, declaring that it is building a complete trading platform.
The plan combines a native stable, money markets, a spot, derivatives, options and insurance in a single system.
By linking everything through transversal margin, the company claims that it can make capital more effective for users.
The public sale will be executed directly on the chain on several networks. Details such as the assets are supported, the amount that will circulate at the launch and the official addresses of the contract will be published exclusively on the project website to minimize the risks of phishing.
The company aims up to $ 1 billion in funding between private and public phases. With $ 200 million already secure, up to $ 800 million could be offered to the public.
Flying Tulip has confirmed that official addresses will only appear on its site before the sale online.
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How is the Flying Tulip team encouraged without token allowed?
A key characteristic of the launch is what the team calls a perpetual “redemption” in chain.
Private and public buyers will be able to burn FT tokens at any time and recover their initial contribution in the same asset, as ETH.
This is designed to offer investors protection against decline and distinguish the project from typical tokens launches.
Flying Tulip said that the buyouts will be treated directly from a separate chain reserve, funded by the capital of the increase. To maintain the solvency of the system and prevent abuse, contracts include a queue and rate limit mechanism.
The company also noted that the right of buyout is not ensured and is linked by the size of the reserve and the rules of the protocol.
To reduce the risk of rapid arbitration transactions, FT tokens will remain non -transferable until the public sale is closed. Buyers cannot exchange or transfer them during the subscription period.
The team behind Flying Tulip will not receive any jet at the launch.
Instead, the project indicates that its members will only gain open market buyouts. These will be funded by part of the protocol income and will follow a published schedule.
The idea is to link the team incentives to the adoption of the platform and long-term performance, rather than allocation of resources in advance.
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What does Andre Cronje mean by “structure of the institutional quality market”?
The fully diluted evaluation of $ 1 billion applied in the private tour now extends to the public phase.
The company has listed a wide range of donors, notably Brevan Howard Digital, Coinfund, DWF, Falconx, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital and Virtuals Protocol.
(Source: Blog, flyingtulip))
“Our objective is to provide an institutional quality market structure with onchain guarantees and a clear alignment between users, investors and the team,” said Cronje in the ad.
Flying Tulip says that he will disclose his channels, his assets, his initial float and official sales contracts before the public sale. Key -open questions include how the buyout reserve works under stress and how the liquidity of the secondary market is developing once the transfer restrictions have been raised.
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The post-tft crypto? Andre Cronje launches Flying Tulip with a support of $ 200 million appeared first on 99Bitcoins.
